RTTNews | Jun 9, 2021 09:58AM EDT

09:57 Wednesday, June 9, 2021 (RTTNews.com) - Shares of United Natural Foods, Inc. (UNFI) are down more than 17% Wednesday morning after the company's sales missed view in the third quarter.

Net sales for the quarter decreased 5.9% year-over-year to $6.62 billion, as the prior-year quarter benefited from strong customer demand driven by the Covid-19. Analysts polled by Thomson Reuters expected the company to report sales of $6.8 billion.

The company reported net income of $49 million or $0.80 per share in the third quarter, down from $88 million in the same quarter a year ago.

Excluding items, earnings were $0.94 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.88 per share.

Looking forward to full-year, the company sees net sales to be in the range of $27 billion- $27.8 billion and adjusted EPS is expected between $3.05 and $3.55. Analysts expect the company to report earnings of $3.42 per share on revenue of $27.21 billion.

UNFI, currently at 33.64, has traded in the range of $14.22- $42.40 in the past 52 weeks.

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