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United Natural Projects Gains in 2009

United Natural Foods yesterday said it expects profit growth to return during the 2009 fiscal year, which began last month, after the natural foods distributor posted a decline in net income for the fourth quarter of fiscal 2008.

DAYVILLE, Conn. — United Natural Foods here yesterday said it expects profit growth to return during the 2009 fiscal year, which began last month, after the natural foods distributor posted a decline in net income for the fourth quarter of fiscal 2008. The company, which had struggled with the acquisition of Millbrook Distribution Services, said that business negatively impacted fourth-quarter net income by $2.9 million, resulting in a slight decline for the quarter to $12.8 million, vs. $13.1 million in the year-ago quarter. Sales for the quarter were up 29%, to $911.9 million; the increase was 20.3% excluding Millbrook. Comparable-sales growth totaled 11.9%, excluding Millbrook and the extra week in the most recent quarter. For the year, net income was down 3.3%, to $48.5 million, on a sales gain of 22.2%, to $3.37 billion. For 2009, the company projected earnings-per-share gains of 17% to 24%, adjusted for the 53-week year in 2008, on a sales gain of 10% to 12%.

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