UNFI - Why United Natural Foods Stock Tumbled This Week
2023-06-09 13:51:13 ET
It was a rough week for United Natural Foods (NYSE: UNFI) as shares of the organic grocery wholesaler tumbled after it posted disappointing bottom-line results in its fiscal third-quarter earnings report and slashed its full-year guidance.
The company cited macroeconomic challenges, including lower inflationary benefits related to procurement gains, meaning the spread between what it pays suppliers and charges retailers narrowed. It also noted higher shrink, meaning loss of inventory through theft or damage.
That was enough to send investors heading for the exits, as the stock was down 25.3% for the week through Friday at 1:03 p.m. ET, according to data from S&P Global Market Intelligence .
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Why United Natural Foods Stock Tumbled This Week