United Natural Foods Inc (NYSE:UNFI) shares jumped early Wednesday, on reports of quarterly earnings.
Net sales increased 7.1% to $6.89 billion, while net income of $59 million, an increase of $90 million.
The company also reported adjusted EBITDA of $206 million, a 57.3% increase. Earnings per diluted share (EPS) of $1.00, a $1.57 per share increase.
Operating income in the second quarter of fiscal 2021 was $105.3 million and included $17.8 million of restructuring, acquisition and integration related expenses. When excluding this item, operating income in the second quarter of fiscal 2021 was $123.1 million, or 1.79% of net sales.
Operating income in the second quarter of fiscal 2020 was $17.5 million and included expense of $33.1 million associated with three customer bankruptcies that occurred prior to the pandemic and $36.5 million of restructuring, acquisition, and integration related expenses.
UNFI expects to finish fiscal 2021 toward the upper end of prior ranges for adjusted EBITDA and adjusted EPS. Extended distribution partnership with Whole Foods through September 2027
Said CEO Steven Spinner, “Our strong second quarter results demonstrate that UNFI continues to execute at a high level as we again leveraged strong year-over-year sales increases into even stronger bottom line growth.
“We anticipate the underlying momentum in our business and the increasing benefits we’re realizing from our build out the store strategy to continue for the balance of this fiscal year, and we’re also very pleased to have extended our strong partnership with Whole Foods through September 2027.”
UNFI shares $5.72, or 18.8% to $36.27.