Benzinga -
- United Natural Foods Inc (NYSE: UNFI) reported first-quarter FY23 sales growth of 7.6% year-on-year to $7.53 billion, beating the consensus of $7.48 billion.
- Gross margin for the quarter was 14.6% versus 14.9% last year. The gross profit rose 5.2% to $1.1 billion.
- Operating margin was 1.3%, and operating income for the quarter fell 7.5% to $99 million.
- Adjusted EBITDA of $207 million increased 3.5% Y/Y. Adjusted EPS of $1.13 missed the analyst consensus of $1.15.
- The company held $39 million in cash and equivalents as of October 29, 2022.
- During Q1, the company repurchased approximately 339,000 shares at an average price of $35.85 for an aggregate cost of $12 million.
- Early in Q2 of FY23, the company entered into a monetization program with an initial sale of qualified accounts receivable of $253 million and used the proceeds to pay down debt.
- Outlook, reaffirmed: United Natural Foods sees FY23 sales of $29.8 billion - $30.4 billion, against the consensus of $30.17 billion.
- It expects FY23 adjusted EPS of $4.85 - $5.15 versus the consensus of $5.04.
- Price Action: UNFI shares are trading lower by 11.3% at $40.42 on the last check Wednesday.
- Photo Via Company