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Net sales hit $178.2 million.
May 29, 2013
2 Min Read
United Natural Foods Inc. (Nasdaq: UNFI) reported financial results for the third fiscal quarter ended April 27, 2013.
Third quarter fiscal 2013 highlights
Net sales increased 12.8 percent, or $178.2 million to $1.57 billion compared to $1.39 billion in the same period last fiscal year
Operating income increased 13.8 percent to $55.4 million, excluding the $1.5 million in expenses related to the Auburn labor action, or 10.7 percent to $53.9 million on a GAAP basis, compared to $48.6 million in the same period last fiscal year
Net income increased 8.9 percent to $31.6 million compared to $29.0 million in the same period last fiscal year
"We are pleased to report increased top and bottom line results in the third quarter of fiscal 2013, underscoring the continued demand for our products and services," said Steven Spinner, president and CEO. "In the quarter, our team focused on driving further operational excellence through the execution of our initiatives to increase leverage of UNFI's cost structure."
Gross margin was 16.8 percent for the third quarter of fiscal 2013, a 7 basis point increase from the second quarter of fiscal 2013 and an 83 basis point decline from gross margin of 17.6 percent for the third quarter of fiscal 2012. Gross margin for the third quarter of fiscal 2013 was impacted primarily by the continued shift in customer mix to the conventional supermarket and supernatural channels and an increase in inbound freight expenses.
Total operating expenses were 13.4 percent as a percentage of net sales for the third quarter of fiscal 2013, a decrease of 76 basis points compared with the third quarter of fiscal 2012. This improvement was driven by the Company's ongoing initiatives to enhance productivity and reduce operating expenses throughout the organization, which were partially offset by $1.5 million in operating expenses related to the labor action at the Company's Auburn, Washington facility. Total operating expenses increased $13.2 million or 6.8 percent, to $209.1 million in the third quarter of fiscal 2013 as compared to $195.9 million in the third quarter of fiscal 2012, primarily due to higher sales volume.
Operating income as a percentage of net sales for the third quarter of fiscal 2013 decreased 6 basis points to 3.4 percent compared to the third quarter of fiscal 2012. Net income for the third quarter of fiscal 2013 increased $2.6 million, or 8.9 percent, to $31.6 million, or $0.64 per diluted share, from $29.0 million, or $0.59 per diluted share, for the third quarter of fiscal 2012. Adjusted for the Auburn labor action costs, operating income as a percentage of net sales increased by 4 basis points to 3.5 percent compared to the third quarter of fiscal 2012.
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