Vending

United Natural Foods lifts Q1 2023 sales, earnings slide

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December 7, 2022

United Natural Foods Inc. lifted its Q1 2023 sales over the prior year period while suffering an earnings decline, according to an earnings release. Highlights include:

• Net sales increased 7.6% from $6.99 billion in Q1 2022 to $7.5 billion in the quarter ending Oct. 29, 2022, primarily driven by inflation and new business.
• Net income decreased 13.2% from $76 million to $66 million in the comparative quarters.
• Earnings per diluted share decreased 14.4% from $1.25 to $1.07.
• Adjusted EPS increased 2.7% from $1.10 to $1.13.

Shares traded today at $40.54 against a 52-week range of $32.90 to $57.89.

The $7.5 billion in quarterly revenue beat analyst expectations by $30 million, while the non-GAAP EPS of $1.13 missed expectations by 3 cents, according to Seeking Alpha.

"Our performance this quarter reflects continued execution of our strategy in a dynamic operating environment as we improved fill rates and operating performance and saw more customers buying more categories from us than ever before," Sandy Douglas, CEO, said in the press release.

For the full year, the company expects revenue to range between $29.8 billion and $30.4 billion compared to a consensus of $30.17 billion, while adjusted EPS is expected to be between $4.85 and $5.15 compared to a consensus of $5.04.