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United Natural Foods, Inc. Announces First Quarter Fiscal 2014 Results

Stocks in this article: UNFI

United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today reported financial results for the first quarter of fiscal 2014 ended November 2, 2013.

First Quarter Fiscal 2014 Highlights

  • Net sales increased 13.6%, or $192.0 million, to $1.6 billion compared to $1.4 billion in the same period last fiscal year
  • Diluted EPS was $0.56 for the first quarter of fiscal 2014, an increase of 30.2% from $0.43 for the same period last fiscal year. When adjusting the prior year diluted EPS for certain items as detailed below, diluted EPS increased 21.7% from $0.46 for the same period last fiscal year.

"Continued demand and UNFI's focus on its core strategies delivered strong results during the first quarter of fiscal 2014," said Steven Spinner, President and Chief Executive Officer.

Net sales for the first quarter of fiscal 2014 increased 13.6% to $1.6 billion from $1.4 billion in the first quarter of fiscal 2013. Gross margin was 16.9% for the first quarter of fiscal 2014, a 20 basis point increase from gross margin of 16.7% for the first quarter of fiscal 2013. Compared to the fourth quarter of fiscal 2013, gross margin decreased 39 basis points primarily due to the continued shift in customer mix to the conventional supermarket and supernatural channels.

Total operating expenses were 13.9% as a percentage of net sales for the first quarter of fiscal 2014, a decrease of 21 basis points compared with the first quarter of fiscal 2013. Total operating expenses increased $23.8 million, or 11.9%, to $223.2 million in the first quarter of fiscal 2014 as compared to $199.4 million in the first quarter of fiscal 2013, primarily due to higher sales volume. Total operating expenses for the first quarter of fiscal 2013 included $1.6 million of expenses related to the termination of a licensing agreement and the write-off of the associated intangible asset. Excluding these expenses from the first quarter of fiscal 2013, total operating expenses for the first quarter of fiscal 2014 increased 12.8%, or $25.4 million, compared to the first quarter of fiscal 2013. Total operating expenses in the first quarter of fiscal 2013 also included $1.0 million of expenses related to the labor action at the Company's Auburn, Washington facility.

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