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United Natural Foods reports Q4 2021 sales and earnings decline

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September 28, 2021

United Natural Foods Inc. reported net sales fell 0.5% from $6.77 billion in Q4 2020 to $6.74 billion in the quarter ending July 31, 2021, according to a fourth quarter and full year 2021 earnings report.

Net sales in the fourth quarter of fiscal 2020 benefited from strong customer demand driven by early consumer responses to the pandemic.

Net income fell 18.9% from $53 million to $43 million in the comparative quarters.

Net income per diluted share fell 22.5% from 89 cents to 69 cents in the comparative quarters, while adjusted EPS rose 11.3% from $1.06 to $1.18.

For the fiscal year, net sales rose 1.5% from $26.56 billion in 2020 to $26.9 billion in 2021.

The company's net income jumped from a $274 million loss in fiscal 2020 to a $149 million gain in 2021.

EPS rose from a $5.10 loss in fiscal 2020 to a $2.48 gain in 2021, while adjusted EPS rose from $2.72 to $3.88.

"I see significant opportunity to accelerate the value we create with and for our customers as well as the opportunity to make our operations more effective and efficient, both leading to continued profitable growth within our estimated $140 billion addressable market," CEO Sandy Douglas said in the press release.

The $6.74 billion in quarterly revenue missed analyst predictions by $100 million while the non-GAAP EPS of $1.18 beat projections by 38 cents and the GAAP EPS of 69 cents missed predictions by 13 cents, according to Seeking Alpha.

Shares traded at $45.45 today against a 52-week range of $14.23-$46.75.

The company projects net sales for the fiscal year ending July 30, 2022 at between $27.8 billion and $28.3 billion, a 4% gain over fiscal 2021 at midpoint.

The company projects net income for FY 2022 at $221 million to $243 million, a 56% gain over fiscal 2021 at midpoint.

EPS is projected between $3.60 and $3.90 for FY 2022, a 51% gain over fiscal 2021 at midpoint, while adjusted EPS is projected at between $3.90 and $4.20, a 4% gain over fiscal 2021 at midpoint.