United Natural Foods 1Q Income Rises 29 Percent

United Natural Foods said Tuesday its net income rose 29 percent in the fiscal first quarter as sales improved and it was free of a one-time charge that weighed its year-ago results. The Providence, R.I., company distributes natural and organic and specialty foods.

NEWS: United Natural Foods said Tuesday its net income rose 29 percent in the fiscal first quarter as sales improved and it was free of a one-time charge that weighed its year-ago results.

DETAILS: The Providence, R.I., company distributes natural and organic and specialty foods. A year ago it took a charge of $4.9 million to settle an unclaimed property audit.

NUMBERS: United Natural Foods said its net income rose to $27.8 million, or 56 cents per share, from $21.5 million, or 43 cents per share. Revenue grew 14 percent, to $1.6 billion from $1.41 billion.

Analysts expected net income of 54 cents per share and $1.61 billion in revenue, according to FactSet. The company's fiscal first quarter ended on Nov. 2.

FUTURE: United Natural Foods Inc. backed its guidance for the fiscal year, saying it expects to earn between $2.40 and $2.50 per share on $6.65 billion to $6.78 billion in revenue.

On average, analysts are forecasting net income of $2.50 per share and revenue of $6.74 billion.

STOCK: Shares of United Natural Foods lost 16 cents to $68.67 Tuesday and fell 20 cents to $68.47 in aftermarket trading following the release of the earnings report.

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