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United Natural Foods plunges after earnings guidance misses by wide margin

EditorHari G
Published 09/26/2023, 10:57 AM
Updated 09/26/2023, 10:57 AM
© Reuters.  United Natural Foods (UNFI) plunges after earnings guidance misses by wide margin

United Natural Foods (NYSE:UNFI) shares plunged more than 22% Tuesday after the company reported earnings before the open, with guidance coming in significantly below consensus estimates.

The natural and organic food company reported a fourth quarter loss of $0.25 per share, $0.14 better than the analyst estimate of a $0.39 loss per share. Revenue for the quarter came in at $7.4 billion, below the consensus estimate of $7.47B.

The company said its fourth quarter concluded a challenging year. They noted that "profitability declined primarily due to a decrease in inflation-driven procurement gains and elevated shrink."

Furthermore, UNFI expects further headwinds as the company continues to cycle elevated inflationary benefits during the first half of fiscal 2024.

United Natural Foods revealed it sees its FY2024 loss per share between $0.88 and $0.38, versus the consensus of $2.56 profit per share. Revenue for the period is seen from $30.9 to $31.5B, versus the consensus of $31B.

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