US natural food distributor United Natural Foods has reported higher quarterly net income, boosted by increased demand for natural and organic products.
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The company posted net income of US$8.6m, or 21 cents per share, for the third quarter to 30 April 2004, compared to $5.8m, or 15 cents per share, in the year-ago period.
Excluding special items, net income rose to $9.2m, or 22 cents per share, from $6.2m, or 16 cents per share, a year earlier.
Net sales for the third quarter of fiscal 2004 were $448.9m, an increase of 23.5% from $363.6m in the third quarter of fiscal 2003.
“We achieved another strong quarter of financial results reflecting the efforts of a well-focused team and the successful execution of our sales strategies designed to meet the growing demand for natural and organic products,” said CEO Steven Townsend.
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By GlobalDataThe company also said it is raising its guidance for revenue for the fiscal year to 31 July 2004 to a range of $1.62bn to $1.64bn from a previous guidance range of $1.60bn to $1.62bn. The company also raised its earnings per share guidance, excluding special items, to a range of $0.74 to $0.77, compared to previous earnings guidance of $0.73 to $0.76 per share.
