UNFI profits surge 42% in 1Q

PROFITS FOR UNITED Natural Foods Inc. surged 42 percent during the first quarter of 2012.
Posted 11/30/12

PROVIDENCE - United Natural Foods Inc.’ profit surged 42 percent to $21.6 million, or 43 cents per diluted share, during the quarter ended Oct. 27, from $15.2 million, or 31 cents per diluted share, during the first quarter of 2011.

“Despite moderated inflation and higher than anticipated product shortages, strong consumer demand continued to drive steady growth for our products and services during the quarter,” Steven L. Spinner, president and CEO of UNFI, said in prepared remarks. “We anticipate growth for the holiday season should remain strong as consumers continue to move towards a healthier lifestyle.”

The company posted sales of $1.4 billion during the three months ended Oct. 27, a 15.8 percent increase from the $1.2 billion posted during the same quarter in 2011.

UNFI’s total operating expenses rose slightly by 4.4 percent to $199.4 million during the first quarter of 2012, compared to a reported $191.1 during the first quarter of 2011.

“I’m proud of our continued drive towards operational excellence during this very important holiday season,” said Spinner. “We are currently in the process of integrating our recent acquisitions into our existing operations, and expect all integration tasks to be completed by the end of our third quarter of fiscal 2013.”

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