UNFI - Why United Natural Foods Stock Crashed 16% Today
2023-06-07 12:53:09 ET
Shares of United Natural Foods (NYSE: UNFI) tumbled 16.4% through 12:15 p.m. ET on Wednesday after the grocery wholesaler and retailer missed badly on third-quarter earnings -- and followed up that miss with an earnings warning.
Heading into its fiscal Q3, analysts had forecast that United Natural Foods would earn $0.68 per share in adjusted income on sales of $7.5 billion. United Natural actually came within a whisker of hitting that sales target, but earnings whiffed entirely, coming in at only $0.54 per share.
Bad as that already sounds, it gets worse.
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Why United Natural Foods Stock Crashed 16% Today