United Natural Foods (NASDAQ: UNFI) reported Q1 EPS of $0.51, $0.23 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $6.67 billion versus the consensus estimate of $6.81 billion.

First Quarter Fiscal 2021 Highlights (comparisons to first quarter fiscal 2020)

• Net Sales increased 6.0% to $6.67 billion
• Net loss of $1 million, including $43 million in pre-tax charges and costs
• Adjusted EBITDA increased 30.6% to $159 million
• Loss per diluted share of $0.02, reflective of charges and costs
• Adjusted earnings per share (EPS) increased by $0.47 to $0.51
• Prior guidance affirmed for net sales, adjusted EBITDA, and adjusted EPS

“I am pleased with the start to fiscal 2021 as UNFI leveraged strong sales growth into year-over-year expanded adjusted EBITDA margins for the third consecutive quarter,” said Steven L. Spinner, Chairman and Chief Executive Officer. “We’ve done a great job protecting the safety of our associates and helping our customers succeed in an evolving operating environment while building for the future through new distribution centers, customer solutions, and innovation across our business. Our newest distribution center will be a campus in Allentown, PA to service Key Food beginning next fall and facilitate further growth in the greater New York metropolitan market.”

GUIDANCE:

United Natural Foods sees FY2021 EPS of $3.05-$3.55, versus the consensus of $3.34. United Natural Foods sees FY2021 revenue of $27-27.8 billion, versus the consensus of $27.26 billion.

The Company is reaffirming its full-year outlook for net sales, adjusted EPS, and adjusted EBITDA and updating its outlook for net income, EPS, and capital expenditures as stated below. The updated outlook for capital expenditures is driven by the strategic investment in a new distribution center to service a major new customer and position the Company for growth in the New York metropolitan market. This outlook assumes that food-at-home consumption remains elevated and exceeds food consumed away from home for the rest of fiscal 2021. Compared to fiscal 2020, the sales growth of nearly $900 million (at the midpoint of the range provided below) will be more pronounced in the first half of fiscal 2021 prior to cycling the pandemic-related increase in customer demand that began in the third quarter of fiscal 2020.

For earnings history and earnings-related data on United Natural Foods (UNFI) click here.