PROVIDENCE – United Natural Foods Inc. kicked off its new fiscal year with a bang, reporting a $76 million profit for its first quarter, the company announced on Wednesday.
That bottom-line number for the three-month period ending Oct. 30 represented a 7,770% increase over the profits a year ago, in which the company ended with a $1 million loss.
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Quarterly earnings per diluted share also rose to $1.25 per share from a loss of 2 cents per share a year ago.
The food wholesaler attributed its increasing profits in part to inflation pressures which, in addition to new business, boosted quarterly revenue to $7 billion, a 4.7% year-over-year increase.
At the same time, the company shaved off $13 million in restructuring, acquisition and integration expenses compared with a year ago – a 433% decline year-over-year – when it consolidated several distribution centers.
Segment revenue:
- Sales to chain retailers totaled $7 billion, a 4.7% increase from $6.7 billion one year prior.
- Sales to independent retailers totaled $3.1 billion, a 4.7% increase from $1.7 billion one year prior.
- Sales to “supernatural” retailers such as Whole Foods totaled $1.4 billion, a 13.5% increase from $1.2 billion one year prior.
- Retail segment revenue totaled $602 million, down 0.7% from $606 million one year prior.
- Sales classified as “other” totaled $580 million, a decline of 0.2% from $581 million one year prior.
“As consumers continue to seek at-home food solutions, UNFI remains dedicated to providing our customers with the products and services they need to compete effectively in today’s marketplace,” CEO Sandy Douglas said in a statement. “I’m pleased with our start to fiscal 2022 and how UNFI is navigating a challenging operating environment while simultaneously investing for the future, including improved distribution capabilities and new facilities, to better serve our customers.”
