US natural and organic food distributor United Natural Foods has posted a 45.8% increase in first-quarter net income and raised its earnings guidance for the full fiscal year.
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The company reported net income of US$9.9m, or 24 cents per share, for the first quarter to 31 October, compared to $6.8m, or 17 cents per share, for the year-ago period.
Net sales for the first quarter of fiscal 2005 were $477.5m, an increase of 25.2% from the $381.4m recorded in the first quarter of fiscal 2004.
“Continuing our momentum from fiscal 2004, we are pleased to start off fiscal 2005 with another strong quarter of financial results,” said Steven Townsend, chairman and chief executive officer.
The company said it is raising its earnings guidance for fiscal 2005, which ends 31 July 2005, to a range of $0.95 to $1.00 per share, excluding potential special items. Previously, the company had forecast earnings per share, excluding potential special items, of 93 to 97 cents per share. Revenues are still expected to be within the $1.9bn to $2.0bn range.
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