Canaccord Genuity Cuts Price Target to $65 Following United Natural Foods (UNFI) Loss of Albertsons Contract
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United Natural Foods, Inc. Announces Termination of Albertsons Companies, Inc. Contract
July 20, 2015 4:15 PM EDTPROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today announced that its contract as a distributor to Albertsons Companies, Inc. (Albertsons), which includes the Albertsons, Safeway and Eastern Supermarket chains, will terminate on September 20, 2015, rather than upon the original contract end date of July 31, 2016.
For the Company's fiscal year ending August 1, 2015, revenue from Albertsons is expected to be approximately $410 million. The Company does not expect its fiscal fourth quarter financial results or its current fiscal 2015 guidance to be impacted by this announcement. The Company anticipates taking a one-time charge... More
