United Natural Foods' income up 11% in quarter
May 22, 2007
by FoodBusinessNews.net Staff
DAYVILLE, CONN. — United Natural Foods Inc. posted net income of $13,705,000, equal to 32c per share on the common stock, for the quarter ended April 28, up 11% increase compared with net income of $12,300,000, or 29c per share, during the same quarter of the previous year.
Net sales were $732,516,000, which was a 15% increase compared with sales of $637,068,000 during the same quarter of 2006.
"Our sales growth during the third quarter improved as we had expected, driven by solid growth of over 23% in our supermarket channel," said Michael Funk, president and chief executive officer. "Also, growth in the supermarket channel exceeded 20% for the quarter due to continued strong consumer demand for natural and organic products, aided by new store openings and our increased market share in the West."
For the nine months ended April 28, United Natural Foods had net income of $37,029,000, a 21% increase compared with $30,601,000 during the same period of the previous year. Net sales for the nine months were $2,047,494,000, up 13% compared with $1,813,790,000 during the same period of 2006.
For fiscal year 2007, the company is changing its expected revenue to $2.75 billion to $2.8 billion — a 13% to 15% increase compared with fiscal year 2006.