US food distributor United Natural Foods has reported net sales for the first quarter ended 29 October 2005, of US$575.6m, up from the US$477.5m recorded in the first quarter of the year before.
Strong growth in all sales channels of the wholesale segment contributed to the record sales, the company said.
Net income was $10.3m excluding special items but including the impact of share-based compensation, for the first quarter of fiscal 2006. Net income for the first quarter of fiscal 2006, excluding the impact of the adoption of Statement of Financial Accounting Standard No. 123R, Share-Based Payment (“FAS 123R”), and special items, was US$11.3m.
Net income for this year’s first quarter of fiscal 2006, including the effect of special items and the adoption of FAS 123R, was US$7.7m. This compares with net income of US$9.9m, for the first quarter of fiscal 2005 ended October 31, 2004. There were no special items for the first quarter of fiscal 2005.
“We are extremely pleased to start off fiscal 2006 with another strong quarter of financial results,” said CEO Michael Funk. “Reflecting the efforts of a well-focused team and the successful execution of our sales and operating strategies which have been designed to meet the growing demand across all of our served channels of business for natural and organic products, we realized record sales, and strong earnings per share.”