Vending

United Natural Foods boosts Q1 2022 sales, earnings

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December 8, 2021

United Natural Foods Inc. improved both sales and earnings for Q1 2022, boosted by inflation and new business, according to an earnings release.

Net sales increased 4.7% from $6.68 billion in Q1 2021 to $7 billion in the first quarter of fiscal 2022 ending Oct. 30, 2021, primarily driven by inflation and new business from both existing and new customers, including the benefit of cross selling, partially offset by supply chain challenges and modest market contraction. Retail sales declined slightly as a result of cycling strong sales in last year's first quarter.

Net income improved from a $1 million loss in Q1 2021 to $76 million in Q1 2022, which included $3 million of pre-tax restructuring, acquisition and integration related expenses.

Net income per diluted share improved from a 2-cent loss in Q1 2021 to $1.25 for the first quarter of fiscal 2022. Adjusted EPS improved from 51 cents to 97 cents in the comparative quarters.

The $7 billion in quarterly revenue beat analyst expectations by $220 million, while the non-GAAP EPS of 97 cents beat expectations by 37 cents and the EPS of $1.25 beat expectations by 77 cents, according to Seeking Alpha.

Shares traded at $55.26 today against a 52-week range of $14.55-$55.91.

"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 the press release. "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."