United Natural Foods reports net sales below analyst estimates despite beating adjusted EPS expectations for the quarter.
United Natural Foods (NASDAQ:UNFI) shares declined over 12% after reporting quarterly net sales of $7.72 billion, missing the $7.8 billion forecast. Adjusted earnings per share reached $0.77, slightly above the $0.76 estimate, while adjusted EBITDA matched expectations at $183 million.
The company narrowed its full-year guidance, raising the lower end of its adjusted EPS outlook to $2.40-$2.60 from $2.30-$2.70 previously. Net sales guidance was tightened to $31.1 billion-$31.3 billion, down from $31 billion-$31.4 billion, and adjusted EBITDA guidance was adjusted to $685 million-$705 million from $680 million-$710 million.
The revenue miss overshadowed the earnings beat, driving the stock lower in early trading.