United Natural Foods falls on swing to loss in Q4

United Natural Foods

26/09/2023 13:38

** Shares of United Natural Foods  UNFI.N  plummet 13.2% to
$16.4 premarket after co swings to loss in Q4 FY23
    ** Stock to hit lowest in over two years if losses hold
until market open
    ** Reports Q4 adj. loss of 25 cents/shr, compared to
year-ago profit of $1.27/shr
    ** Co posts sales of $7.42 bln, missing analysts' estimates
of $7.47 bln - LSEG data
    ** Profits declined due to fall in inflation-driven
procurement gains and loss in inventory; expect headwinds in
first half of FY24 - CEO Sandy Douglas
    ** UNFI forecasts FY24 sales between $30.9 bln - $31.5 bln,
adj. earnings between loss of $0.88/share to profit of $0.38/shr
 
    ** Analysts expect FY average revenue of $31 bln, earnings
of $2.56/shr - LSEG data
    ** Expects to drive FY24 operating margin benefits of about
$150 mln - co
    ** UNFI down 51.1% YTD, until last close

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))