United Natural Foods Inc (NYSE:UNFI) reported financial results for the third quarter ended May 2.
The company, based in Providence, Rhode Island revealed net sales increased 12% to $6.67 billion compared to $5.96 billion in last year's fiscal third quarter
Net income increased 54% to $88 million; Adjusted EBITDA increased 32% to $222 million. Earnings per diluted share (EPS) of $1.60; Adjusted EPS increased 130% to $1.40
UNFI’s net debt reduced by $302 million compared to the second quarter of fiscal 2020.
On May 12, UNFI withdrew its previous fiscal 2020 full-year guidance based on the strength of its fiscal 2020 year-to-date financial performance. The following table presents the Company's updated outlook for fiscal 2020.
The Company now expects to continue to operate its Cub Foods banner and certain of its Shoppers Food Warehouse stores for up to 24 months.
CEO Steven Spinner was quoted in Wednesday’s news release as saying, “We expect elevated consumer demand for our wide variety of natural,
conventional and fresh perimeter products, along with our ongoing synergy and integration initiatives, to result in a strong finish to the fiscal year.
“I am so proud of our team of front line associates who continue to amaze us with their commitment to excellence. Our first priority will continue to be their safety."
UNFI shares lost $3.52, or 15.7%, to 18.92.
