United Natural Foods sales come down from COVID highs, driving sales miss

United Natural Foods Inc.
UNFI,
1.80%

stock fell 4.5% in Wednesday premarket trading after the food wholesaler reported fiscal third-quarter sales that missed expectations. Net income totaled $48.6 million, or 80 cents per share, down from $88.1 million, or $1.60 per share, last year. Adjusted EPS of 94 cents was down 29.3% from last year but ahead of the Factset consensus for 88 cents. Sales of $6.62 billion were down from $7.03 billion last year and below the FactSet consensus for $6.79 billion. Chief Executive Steven Spinner said the company “cycled the highest spikes of sales revenue from pantry loading in the prior-year quarter.” For fiscal 2021, UNFI expects sales of $27.0 billion to $27.8 billion, EPS of $2.15 to $2.65 and adjusted EPS of $3.05 to $3.55. The FactSet consensus is for sales of $27.2 billion and EPS of $3.42. “Due to the extended timing of onboarding new business wins, we now expect to finish at the low end of the current range for net sales, which we expect will result in a second consecutive record sales year for UNFI,” said John Howard, chief financial officer, in a statement. UNFI has soared 154.4% for the year to date while the S&P 500 index
SPX,
0.02%

has gained 12.5% for the period.