Shares of United Natural Foods Inc.
plunged 20.8% toward a 19-month low in premarket trading Wednesday after the grocery wholesaler reported fiscal second-quarter profit that missed by a wide margin, as “rapidly accelerating inflation” took a bite out of results. Net income for the quarter to Jan. 29 fell to $19 million, 31 cents a share, from $66 million, or $1.08 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 78 cents was well below the FactSet consensus of $1.45. Sales grew 5.
plunged 20.8% toward a 19-month low in premarket trading Wednesday after the grocery wholesaler reported fiscal second-quarter profit that missed by a wide margin, as “rapidly accelerating inflation” took a bite out of results. Net income for the quarter to Jan. 29 fell to $19 million, 31 cents a share, from $66 million, or $1.08 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 78 cents was well below the FactSet consensus of $1.45. Sales grew 5.