Shares of United Natural Foods Inc. tumbled 24.9% toward a 2 1/2-year low in premarket trading Wednesday, after the grocery wholesaler reported a fiscal...
Shares of United Natural Foods Inc.
tumbled 24.9% toward a 2 1/2-year low in premarket trading Wednesday, after the grocery wholesaler reported a fiscal third-quarter profit that fell well short of expectations and slashed its full-year outlook as gross margin fell more than forecast. Net income fell to $7 million, or 12 cents a share, from $67 million, or $1.10 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.9% to 54 cents, below the FactSet consensus of 65 cents.
tumbled 24.9% toward a 2 1/2-year low in premarket trading Wednesday, after the grocery wholesaler reported a fiscal third-quarter profit that fell well short of expectations and slashed its full-year outlook as gross margin fell more than forecast. Net income fell to $7 million, or 12 cents a share, from $67 million, or $1.10 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.9% to 54 cents, below the FactSet consensus of 65 cents.
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