United Natural Foods (NASDAQ:UNFI) shares fell more than 12% after the grocery wholesaler reported quarterly net sales that came in below analyst expectations, even as earnings per share narrowly beat estimates.
Net sales came in at $7.72 billion, short of the $7.8 billion analysts had forecast.
The company posted adjusted earnings per share of $0.77 for the quarter, edging past the consensus estimate of $0.76. Adjusted EBITDA of $183 million was roughly in line with expectations of $182.3 million.
For the full year, United Natural Foods tightened its guidance ranges across key metrics. The company now sees net sales of $31.1 billion to $31.3 billion, narrowing from a prior range of $31 billion to $31.4 billion. It raised the floor of its adjusted EPS outlook to $2.40 to $2.60, from $2.30 to $2.70 previously, while guiding for adjusted EBITDA of $685 million to $705 million, compared with prior guidance of $680 million to $710 million.
United Natural Foods operates 55 distribution centers across approximately 30 million square feet of warehouse space, supplying natural, organic and conventional grocery products to more than 30,000 retail locations throughout the United States and Canada.