United Natural Posts 21 Pct Growth In 4Q Income

DAYVILLE, Conn. (AP) — United Natural Foods Inc. said Wednesday its fiscal fourth-quarter income climbed 21 percent as the food distributor slashed costs to offset falling sales.

Earnings for the quarter ended Aug. 1 rose to $15.5 million, or 36 cents per share, beating Wall Street estimates. The company earned $12.8 million, or 30 cents per share, in the same quarter last year.

Revenue fell 6 percent to $853.5 million.

Analysts polled by Thomson Reuters called for 35 cents per share on $873.3 million in sales, on average.

The company attributed the increase in quarterly profit to better cost control programs across all of its divisions, along with lower diesel fuel prices and operational improvements at the company's distribution centers.

For the fiscal year, United Natural said earnings rose 22 percent to $59.2 million, or $1.38 per share. The company earned $48.5 million, or $1.13 per share, last year.

Sales rose 2.6 percent to $3.45 billion. Analysts expected $1.37 per share on $3.47 billion in sales.

The company also issued a fiscal 2010 earnings guidance that meets Wall Street expectations.

Shares of United Natural fell $1.24, or 4.4 percent, to $26.70 in premarket trading.