Also see: United Natural Foods Q3 profit rises 10%
“As we begin the new fiscal year, I see tremendous focus and enthusiasm across the organization as we execute our strategy. This passion will be a tailwind as we drive to accelerate cross-selling efforts, realize new cost efficiencies, aggressively pay down debt and deliver results in the quarters to come,” said Steven Spinner, chief executive officer.
Sales Surge
Meanwhile, net sales more than doubled to $6.41 billion during the three-month period, aided by solid contributions from Supervalu which joined the United Natural fold last year. The top-line, meanwhile, fell short of expectations. Sales at the Supernatural segment advanced 19% and those at Independents grew by 27%, while Supermarkets sales quadrupled.
Outlook
For fiscal 2020, the
management expects earnings to be in the range of $0.35 per share to
$0.89 per share. Earnings, on an adjusted basis, are estimated to be
in the $1.22-$1.76 per share range. The forecast for full-year net
sales is between $23.5 billion and $24.3 billion.
Related: United Natural Q3 2019 Earnings Conference Call Transcript
The company’s stock has lost steadily since the beginning of the year and hit a multi-year low a few weeks ago. The stock closed Tuesday regular session sharply lower and continued to lose during the after-hours session.