The company pivoted to a loss in its fourth fiscal quarter, and management warned of continued challenges next year.
Shares of United Natural Foods were sinking Tuesday after the company pivoted to a loss in its fourth fiscal quarter and issued disappointing guidance.
“While we grew sales across all of our customer channels, profitability declined primarily due to a decrease in inflation driven procurement gains and elevated shrink,” said CEO Sandy Douglas in the earnings release. “We expect further headwinds as we continue to cycle elevated inflationary benefits during the first half of fiscal 2024.”
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