Overview

• Grocery wholesaler's Q2 fiscal 2026 revenue missed analyst expectations

• Adjusted EPS for Q2 fiscal 2026 beat analyst expectations

• Company repurchased nearly 750,000 shares for approximately $25 mln

Outlook

• Company updates fiscal 2026 net sales outlook to $31.0 bln - $31.4 bln

• Company expects fiscal 2026 adjusted EPS to be $2.30 - $2.70

• Company projects fiscal 2026 free cash flow to increase to $330 mln

Result Drivers

• NETWORK OPTIMIZATION - Co attributed improved profitability and efficiency to network optimization and lean processes

• CONVENTIONAL SALES DECLINE - Decrease in conventional sales due to transition out of Allentown distribution center

• OPERATING EXPENSES - Operating expenses declined nearly 6% due to cost-saving initiatives and increased productivity

Company press release: ID:nBw4YkLva

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Sales	Miss	$7.95 bln	$8.11 bln (9 Analysts)
Q2 Adjusted EPS	Beat	$0.62	$0.51 (10 Analysts)
Q2 EPS		$0.31
Q2 Net Income		$20 mln
Q2 Adjusted EBITDA		$179 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the food retail & distribution peer group is "buy."

• Wall Street's median 12-month price target for United Natural Foods Inc is $40.00, about 3% above its March 9 closing price of $38.84

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 17 three months ago

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