United Natural Foods Q3 Net Income Widens
For the third quarter of 2011, net sales were $1.2 billion, compared to $985.69m for the same period in 2010. Gross profit was $218.54m, compared to $182.4m for the same period in 2010.
Operating expenses as a percentage of net sales decreased to 14.9 percent for the fiscal 2011 third quarter, a decrease of approximately 15 basis points compared to the fiscal 2010 third quarter.
Gross margin was 18.2 percent for the third quarter of fiscal 2011, which represents a 33 basis point improvement from the gross margin of 17.8 percent for the second quarter of fiscal 2011.
For the first nine months of fiscal 2011, net sales totaled $3.37 billion, a 21.8% increase over the prior fiscal year comparable period. Net income was $59.5m, compared to $50.58m for the same period in 2010.
For the fiscal year ending July 31, 2011, the company expects net sales to be in the range of $4.48 billion to $4.52 billion.
Steven Spinner, president and CEO of the company, said: â€œDuring the quarter we continued to see strong demand for UNFI's products across our customer channels and delivered strong earnings growth despite tough comparisons versus the prior year and increasing fuel costs. In particular, the Independent channel had sales growth of 14 percent, reflecting our continued commitment to our largest group of customers. Excluding our acquisitions, the Independent channel increased by 8 percent."
Will the company post better results in Q4?
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