UNFI reports increases in profit, sales in FY ’15

PROVIDENCE – United Natural Foods Inc. said on Tuesday that net income for the fiscal year that ended Aug. 1 increased 10.5 percent to $138.7 million, or $2.76 per diluted share, from $125.5 million, or $2.52 per diluted share, during the prior fiscal year.

UNFI said fourth-quarter net income was $36.1 million, or 72 cents per diluted share, compared with $33.4 million, or 67 cents per diluted share, in the year-ago quarter, an increase of 8.2 percent.

The company, which carries and distributes more than 80,000 natural, organic and specialty food products to more than 40,000 customers throughout the United States and Canada, said in the earnings release that net income for fiscal 2015 included a gain of $4.2 million associated with a transfer of land at its Prescott, Wis., facility. Net income for fiscal 2014 also included a gain of $4.8 million associated with a non-cash transfer of land at that facility.

Sales also improved fiscal year over fiscal year, increasing 20.5 percent to $8.2 billion compared with $6.8 billion during the prior period. Fiscal 2015 sales included approximately $882.8 million from UNFI’s acquisition of Tony’s Fine Foods, compared with $45.3 million in the same period last fiscal year. In the fourth quarter, sales climbed nearly 17 percent to $2.1 billion compared with $1.8 billion from fourth quarter of 2014.

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“During fiscal 2015 we completed the build out of our distribution network, preparing us for a new phase of growth. With this additional capacity, particularly within perishables, we are poised to capitalize on increasing demand for fresh and distinctive products,” Steven Spinner, president and CEO, said in a statement.

“The UNFI team continues to demonstrate its commitment to growth and resilience as our industry changes. UNFI is well positioned to use its scale and differentiated product offering to add significant value for its customers across North America,” he added.

UNFI said that for the fiscal year that will end July 30, net sales are expected to be between $8.5 billion and $8.7 billion, an increase of approximately 4-6 percent compared with fiscal 2015. Earnings per diluted share are expected to be between $2.80 and $2.93.

Capital expenditures for fiscal 2016 are expected to be approximately $49 million to $59 million.

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