PROVIDENCE – United Natural Foods Inc. reported an $88 million profit in its fiscal third quarter ended May 2, a 54.4% increase year over year, the company said on Wednesday.
The food wholesaler attributed the increase to a boost in consumer demand due to the COVID-019 pandemic.
Earnings per diluted share were $1.60, compared with $1.12 one year prior.
Quarterly revenue increased 11.8% year over year to $6.7 billion.
“UNFI’s ability to successfully manage the strong increase in customer demand driven by the COVID-19 pandemic is a testament to the dedication of our associates, our strong industry position and the critical role we play in the North American food supply chain,” said Steven L. Spinner, chairman and CEO. “We expect elevated consumer demand for our wide variety of natural, conventional and fresh perimeter products, along with our ongoing synergy and integration initiatives, to result in a strong finish to the fiscal year.”
Revenue breakdown in the third quarter:
- The company’s supermarkets channel had net sales of $4.3 billion, a 15.3% increase year over year.
- The company’s supernatural channel sales totaled $1.3 billion, a 16.1% increase from one year prior.
- The company’s independents channel sales totaled $684 million, a 3.3% decline year over year. The decline was attributed to customer bankruptcies in the second quarter.
