United Natural Foods, Inc. (Nasdaq: UNFI) reported modest increases in income for the quarter ended October 27, 2007.
The company reported net income of $13.6 million, or $0.32 per diluted share, for the quarter. Net income for the same quarter last year was $12.4 million, or $0.29 per diluted share.
Net sales for the quarter increased $90.0 million to $736.4 million, or 13.9%, from the $646.4 million in net sales recorded in the same quarter a year ago.
Gross margin for the quarter was 18.4%, which represents a 72 basis point decline from the gross margin of 19.1% a year ago.
The company’s results for the quarter do not reflect the company’s recent acquisition of Millbrook Distribution Services, Inc. (“Millbrook”), which closed on November 2, 2007.
The company is raising its net sales guidance for fiscal 2008, ending August 2, 2008, to reflect the recent acquisition of Millbrook. Fiscal 2008 projected revenues are expected to increase to $3.27 to $3.35 billion, representing an increase of 19% to 22% over net sales in fiscal 2007. Previously, the Company had announced net sales guidance from $3.05 to $3.13 billion, reflecting net sales growth of 11% to 14%.
About United Natural Foods
United Natural Foods, Inc. carries and distributes more than 40,000 products to more than 17,000 customers nationwide. The company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores, independent retail operators and the food service channel. United Natural Foods, Inc. was ranked by Forbes in 2005 as one of the “Best Managed Companies in America,” ranked by Fortune in 2006 and 2007 as one of its “Most Admired Companies,” and ranked by Business Ethics as one of its “100 Best Corporate Citizens for 2006.”
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