united natural foods inc (UN3) Snapshot

United Natural Foods, Inc. (NasdaqGS:UNFI) is seeking acquisitions. Mark Shamber, Senior Vice President and Chief Financial Officer of United Natural Foods, said, "What looks attractive to us from an acquisitions standpoint, we would be interested in some regional specialty players, particularly if there was somebody that was based out in the Western part of the US. While we have a decent amount of business in the Western US on the specialty side, if we were able to make an acquisition that would allow us to grow that business and expand it, and use that as a jumping off point to take some additional share that certainly would be attractive."

United Natural Foods, Inc. announced that it is on track to open a new distribution center in Denver in the early summer of 2013. The building is now open, and it is receiving product for its core distribution and its Albert's business, which is now integrated into this 540,000 square foot building. The distribution center replaces 3 existing facilities in the area, and it believes will significantly enhance its service level and product offering. Additionally, it is aiming for Gold LEED certification in this facility. The company also plans to build new facilities within the next 14 to 24 months in Wisconsin, Hudson Valley, New York and Northern California. These new facilities will create capacity for growth and keep it very close to the retailers, which allow to meet the high level of service and quality that is critical for its business, while continuing to drive out cost.

United Natural Foods, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended April 27, 2013. For the quarter, the company reported net sales of $1,566,217,000 compared with $1,388,023,000 for the same period a year ago. Operating income was $53,857,000 compared with $48,638,000 for the same period a year ago. Income before income taxes was $52,278,000 compared with $47,908,000 for the same period a year ago. Net income was $31,621,000 or $0.64 per diluted share compared with $29,032,000 or $0.59 per diluted share for the same period a year ago. For the nine months, the company reported net sales of $4,421,957,000 compared with $3,892,361,000 for the same period a year ago. Operating income was $129,403,000 compared with $112,206,000 for the same period a year ago. Income before income taxes was $120,832,000 compared with $109,242,000 for the same period a year ago. Net income was $75,777,000 or $1.53 per diluted share compared with $66,200,000 or $1.35 per diluted share for the same period a year ago. Net cash used in operating activities was $36,484,000 compared with $34,934,000 for the same period a year ago. Capital expenditures was $34,753,000 compared with $19,994,000 for the same period a year ago. Adjusted operating income was $131,032,000 compared with $119,125,000 for the same period a year ago. Adjusted income before income taxes was $127,361,000 compared with $116,161,000 for the same period a year ago. Adjusted net income was $77,032,000 or $1.56 per diluted share compared with $70,426,000 or $1.44 per diluted share for the same period a year ago. Based on UNFI's fiscal 2013 performance to date and the current outlook for the remainder of the 2013 fiscal year, the Company is raising its net sales guidance for the fiscal year ending August 3, 2013, to a range of $6.03 billion to $6.06 billion, which represents a 15.2% to 15.7% increase in total net sales over fiscal 2012. On September 11, 2012, the Company previously provided fiscal 2013 net sales guidance of a range of $5.88 billion to $5.98 billion, an increase of approximately 12.3% to 14.2% over fiscal 2012. The Company's fiscal 2013 is a 53 week fiscal year, with the additional week occurring in the fourth quarter of fiscal 2013. The Company expects that the additional week in fiscal 2013 will contribute approximately 2.2% to 2.3% to the Company's overall anticipated fiscal 2013 net sales growth. The Company is also narrowing its GAAP earnings per diluted share guidance for fiscal 2013 to a range of approximately $2.12 to $2.14, an increase of approximately 14.0% to 15.1% compared to fiscal 2012 GAAP diluted earnings per share of $1.86. Excluding the impact of the $1.6 million write-off of the intangible asset, the $4.9 million unclaimed property settlement and the discrete tax benefit of $2.7 million primarily related to the reversal of reserves for uncertain tax positions, the Company expects diluted earnings per share for fiscal 2013 in the range of $2.15 to $2.17 per share, an increase of approximately 10.8% to 11.9% versus fiscal 2012 diluted earnings per share of $1.94 excluding the expenses associated with the restructuring and divestiture of the Company's conventional non-foods and general merchandise lines of business and the expenses related to the onboarding of a national customer. The Company previously provided GAAP earnings guidance of $2.12 to $2.18 per diluted share on February 26, 2013. For the year, the company expects to report including special items pre tax income in the range of $168,559,000 compared with $170,803,000, income net of tax in the range of $104,891,000 compared with $106,010,000. Excluding special items pre tax income in the range of $175,088,000 compared with $177,332,000, income net of tax in the range of $106,147,000 compared with $107,266,000.