The distributor made the announcement while reviewing financial results for the fiscal first quarter, which ended Oct. 30. Net profits of $17.4 million increased by 12% on a sales gain of 19% to $1.05 billion. Both figures met analyst expectations. Boosted in part by new business, it was UNFI’s first billion-dollar quarter, officials said.
The company said it experienced unanticipated costs in getting its new distribution center in Lancaster, Texas, up and running, which contributed to lower gross margins and higher expenses during the quarter.