United Natural Foods Inc. (NASDAQ: UNFI) reported its fourth quarter earnings for the 2017 fiscal year and beating earnings estimates, but fell short of revenue estimates.
For the fourth quarter, the company reported net sales increased by 5.7 percent to $2.34 billion from $2.21 billion year over year, but falling short of estimates by $20 million. The company reported an EPS of $0.72, a 12.1 percent increase from $0.69 year over year, and beating estimates by $0.02.
UNFI says that net sales are strongly impacted by its acquisitions of Haddon House Food Products and Gourmet Guru.
For the entire fiscal year, net sales for fiscal 2017 totaled $9.27 billion, a 9.5% increase year over year. Net income for fiscal 2017 increased 3.5 percent, or $4.4 million, to $130.2 million, or $2.56 per diluted share, from $125.8 million, or $2.50 per diluted share, year over year.
“I am proud of UNFI’s accomplishments in fiscal 2017, including the integration of four acquisitions and growth with our united sales force and differentiated service offerings. As we enter fiscal 2018, we are well positioned to drive efficiencies and grow with new and existing customers this year and beyond,” concluded Steven L. Spinner, Chairman and Chief Executive Officer of UNFI.
“Our performance in fiscal 2017 demonstrated our steadfast focus on serving our customers and managing our business in a challenging and deflationary operating environment,” said Spinner.
For the 2018 fiscal year, the UNFI expect net sales to be in the range of $9.63 billion to $9.81 billion, a 3.8 percent to 5.8 percent increase over the 2017 fiscal year. The company expects an EPS of $2.67 to $2.77, an increase of 4.3 percent to 8.2 percent over the 2017 fiscal year.
“We are optimistic about growth and the opportunities ahead of us, given the strength of our national supply chain as well as the breadth of our unique, better for you, fresh, organic and specialty product offerings.”
Shares closed on Wednesday at $37.21 and opened on Thursday at $39.65, trading 10 percent higher.