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United Natural Foods Q3 net sales increased 4.2% to $2.08 billion

Staff writer |
United Natural Foods (UNFI) reported results for the first quarter of fiscal 2016 ended October 31, 2015. Net sales increased 4.2% to $2.08 billion compared to $1.99 billion for the same period last fiscal year.

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Excluding the year-over-year impact of the previously disclosed termination of a customer distribution contract, adjusted net sales increased 6.8% compared to the first quarter of fiscal 2015.

Operating income decreased 7.7% to $53.9 million compared to $58.4 million for the same period last fiscal year; adjusted for $2.8 million of restructuring costs in the first quarter of fiscal 2016, adjusted operating income decreased $1.7 million, or 2.9%, from the same period last fiscal year.

Operating income for the first quarter of fiscal 2016 was negatively impacted by $1.8 million of bad debt expense related to a customer bankruptcy.

Diluted EPS was $0.60 compared to $0.66 for the same period last fiscal year; adjusted for $2.8 million of restructuring costs in the first quarter of fiscal 2016, adjusted diluted EPS was $0.63.

Based on UNFI's performance to date and the current outlook for the remainder of fiscal 2016, UNFI updated its previous guidance for fiscal 2016 provided on September 15, 2015.

For fiscal 2016, ending July 30, 2016, the company estimates net sales in the range of approximately $8.43 billion to $8.59 billion, an increase of approximately 3.0% to 5.0% over fiscal 2015.

The company estimates GAAP earnings per diluted share for fiscal 2016 in the range of approximately $2.73 to $2.84 compared to fiscal 2015 GAAP earnings per diluted share of $2.76.

Adjusting for estimated severance and other transition costs related to the restructuring plan of approximately $4.0 million to $5.0 million, including $2.8 million incurred in the first quarter of fiscal 2016 related to the previously disclosed termination of a customer distribution agreement, earnings per diluted share for fiscal 2016 is estimated to be in the range of $2.79 to $2.89, compared to fiscal 2015 adjusted earnings per diluted share of $2.85.

Fiscal 2015 earnings per diluted share was adjusted for the $7.7 million second quarter fiscal 2015 impact of the previously disclosed $9.3 million non-recurring reduction in net sales the company recognized in fiscal 2015.

Capital expenditures for fiscal 2016 are expected to be approximately $47.2 million to $58.4 million, or approximately 0.6% to 0.7% of estimated fiscal 2016 net sales. Finally, the company expects its fiscal 2016 tax rate to be in the range of 39.7% to 40.1%.

What to read next

United Natural Foods earnings drop 3% in Q1
United Natural Foods Q3 increased 0.8% to $2.13 billion
United Natural Foods Q1 2015 sales increased 24.4%

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