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United Natural Foods fiscal Q3 profit climbs 6.7% YOY

United Natural Foods Inc. said its normalized net income for the fiscal third quarter ended May 2 amounted to 81 cents per share, compared with the S&P Capital IQ consensus estimate of 85 cents per share.

EPS rose 5.8% year over year from 77 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $40.9 million, an increase of 6.7% from $38.3 million in the prior-year period.

The normalized profit margin dropped to 1.9% from 2.1% in the year-earlier period.

Total revenue increased 18.7% on an annual basis to $2.11 billion from $1.78 billion, and total operating expenses rose 19.0% on an annual basis to $2.05 billion from $1.72 billion.

Reported net income rose 14.6% year over year to $41.8 million, or 83 cents per share, from $36.4 million, or 73 cents per share.