PROVIDENCE – United Natural Foods Inc. reported a $51.9 million income in the third quarter of fiscal 2018, a $15.3 million increase year over year, the company reported Wednesday.
Earnings per diluted share totaled $1.02 for the quarter, compared with 72 cents at this time last year. Third-quarter revenue totaled $2.6 billion, an 11.8 percent increase year over year from $2.4 billion in the third quarter of fiscal 2017.
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The company noted it is still reaping benefits from its lowered effective tax rate due to the federal tax overhaul passed in 2017.
“We delivered strong results for the quarter underscoring the strength of our market position, as we continue to grow amid continuous change in the retail landscape. UNFI continues to be an important connector between manufacturers, brick-and-mortar retailers as well as e-commerce customers. We are pleased with the continued momentum in our business and we continue to work to balance and improve upon the challenges associated with this higher-than-expected growth. Our outlook for the remainder of fiscal 2018 has improved, as reflected in the revised guidance,” Steven L. Spinner, chairman and CEO of UNFI, said in a statement.
The company said its sales in conventional supermarkets increased 3.7 percent year over year to $718 million, while sales at independently owned natural products retailers rose 6.1 percent in that time, accounting for $664 million in sales. Supernatural chains sales increased 24.3 percent year over year, increasing sales to $992 million.
Chris Bergenheim is the PBN web editor.
