United Natural Foods, Inc. (UNFI) shares have seen a decrease of more than 10 percent in Wednesday morning trading, following a shortfall in its second-quarter sales, which also triggered a downgrade in its full-year sales forecast.
During the second quarter, the company's sales stood at $7.78 billion, a slight dip compared to the previous year's figure of $7.82 billion during the same period. This performance failed to meet analysts' average expectations according to Thomson-Reuters, which had predicted sales of $7.87 billion.
The company's financial situation worsened as it noted a loss of $15 million or $0.25 per share for this quarter. This is a sharp contrast to the profits logged in the same quarter the previous year, which stood at $19 million or $0.31 per share.
Upon the exclusion of particular items, earnings for United Natural Foods were indicated at $4 million or seven cents per share, challenging the consensus estimate which predicted a loss of one cent per share.
The company's projections for its full-year sales have been adjusted and are now anticipated to range between $30.5 billion and $31.0 billion. This is lower than the initial prediction of $30.9 billion to $31.5 billion. In contrast, sales estimates from The Street stand at $31.01 billion.
Currently, UNFI's shares stand at $13.31. Over the past year, the company's shares have fluctuated between $12.88 and $30.77.
