PROVIDENCE, R.I. (AP) — United Natural Foods Inc.'s fiscal third-quarter profit jumped nearly 24 percent on stronger sales of natural and organic foods to grocers and other retailers.
The company reported Tuesday that it earned $29 million, or 59 cents per share, for the quarter that ended April 28. That's up from $23.4 million, or 48 cents per share, a year earlier.
United's total revenue increased more than 15 percent to $1.39 billion.
"Our results demonstrate (the company's) continued commitment to growing at a rate that exceeds the industry, while delivering exemplary customer service to the organic and specialty foods retailer," CEO Steven Spinner said in a statement.
The results beat market expectations. Analysts had anticipated the company to earn 56 cents per share on revenue of $1.35 billion, according to data from FactSet.
United Natural Foods narrowed and raised its earnings forecast for the year. It now expects to earn $1.84 to $1.88 per share, up from $1.79 to $1.86 per share. It anticipates earning $1.92 to $1.96 per share on an adjusted basis; analysts are expecting adjusted earnings of $1.91 per share.
The company also raised its full-year revenue forecast and now expects $5.18 billion to $5.22 billion, up from $5.11 billion to $5.17 billion. Analysts expect revenue of $5.16 billion.
United Natural Foods, based in Providence, R.I., distributes more than 60,000 products to more than 23,000 customers across North America.
The company's shares were up 62 cents to $50.84 by early afternoon. Early in the day, they topped the high end of their range for the past year of $32.83 to $51.92.
