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United Natural Foods fiscal Q1 profit climbs 22.9% YOY

United Natural Foods Inc. said its normalized net income for the fiscal first quarter ended Nov. 1 amounted to 71 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS climbed 22.0% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $35.5 million, an increase of 22.9% from $28.9 million in the year-earlier period.

The normalized profit margin declined to 1.8% from 1.8% in the year-earlier period.

Total revenue rose 24.4% on an annual basis to $1.99 billion from $1.60 billion, and total operating expenses rose 24.3% year over year to $1.93 billion from $1.55 billion.

Reported net income increased 18.8% year over year to $33.1 million, or 66 cents per share, from $27.9 million, or 56 cents per share.