Shares in US distributor United Natural Foods fell by more than 7% today (2 March) despite double-digit growth in quarterly profits.
UNFI’s second-quarter net income jumped 15% to US$15.7m in the three months to 30 January, while sales climbed 6% to $898m.
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First-half net income rose 16.1% to $31.2m; turnover was up 4.2% at $1.78bn.
However, UNFI’s shares had fallen 7.7% to $27.53 at 11:48 EST.
Nevertheless, president and CEO Steven Spinner said UNFI had enjoyed a “solid” second quarter.
“Improving sales trends have provided us with a solid level of top-line growth as we continue to work to gain market share and incremental business. UNFI has been awarded around $100m in annual new business during the last six months, which is expected to phase in throughout fiscal 2010,” Spinner said.
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