PROVIDENCE – United Natural Foods Inc.’s net income rose to $27.8 million, or 56 cents per diluted share, during the first quarter of its fiscal 2014 year, a 28.9 percent increase over the $21.5 million, or 43 cents per diluted share, reported for the same period last year.
UNFI also saw net sales increase 13.6 percent during the three months ended Nov. 2, rising to $1.6 billion from $1.4 billion in the first quarter of fiscal 2013.
Total operating expenses as a percentage of net sales were 13.9 percent for the quarter, a decline of 21 basis points compared with the same period last year. UNFI’s total operating expenses for the first quarter of fiscal 2013 included $1.6 million related to the termination of a licensing agreement and associated asset write-off, the company said.
“Continued demand and UNFI’s focus on its core strategies delivered strong results during the first quarter of fiscal 2014,” said Steven Spinner, president and CEO of UNFI. “As we grow into new facilities, channels and geographies, UNFI is well positioned to continue its growth.”
In the earnings report, released Tuesday, UNFI affirmed its previous guidance for fiscal 2014 earnings per share of approximately $2.40 to $2.50. The company expects net sales in the range of $6.65 billion to $6.78 billion, an increase of between 9.7 percent and 11.8 percent compared with fiscal 2013.