United Natural Foods profit rises 19% in FY2012

UNITED NATURAL FOODS INC. saw its profits rise 19 percent to $91.3 million during fiscal year 2012.
Posted 9/12/12

PROVIDENCE – United Natural Foods Inc.’ profit rose 19 percent to $91.3 million, or $1.86 cents per diluted share, during the fiscal year ended July 28, 2012, from $76.7 million, or $1.60 per diluted share, during the fiscal year ended July 30, 2011.

The food distributor’s sales rose 15.6 percent to $5.2 billion during fiscal year 2012 from $4.5 billion during fiscal year 2011.

“Fiscal 2012 was another record year for us as we continued to achieve substantial sales and earnings growth,” Steven L. Spinner, president and CEO of UNFI, said in prepared remarks.

“Demand for our products and services continued to accelerate as our teams executed quite well against our ongoing strategies for growth,” added Spinner. “We look forward to building on these trends in fiscal year 2013.”

During the fourth quarter alone, the company’s net income increased by $8 million, or 46.4 percent, to $25.1 million, or 51 cents per diluted share, from $17.2 million, or 35 cents per diluted share during the fourth quarter of 2011.

In the three months ended July 28, UNFI’s sales increased 16 percent to $1.34 billion.

The company also announced plans to consolidate its four existing Denver-based distribution facilities into a new facility located in Aurora, Colo.’s Gateway Park.

According to the company, the new facility will serve as a distribution hub for retailers in the Rocky Mountain region of the United States as well as in Kansas, Nebraska, New Mexico, Utah and Wyoming.

“With new and efficient operations, and all our associates located together, this new facility should enable us to continue to expand our operations while reducing operating costs,” said Spinner in a statement. “Denver and Aurora are great communities with a strong and receptive workforce. We are very excited about continuing our long-standing relationship in the area with a single, centrally-located facility at Gateway Park.”

UNFI does not expect any jobs to be impacted by the transition. The 535,000-square-foot facility is expected to open in the summer of 2013 with 475 associates, increasing up to 550 during the its first three years of operation.

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