United Natural Foods' Stock Plummets as Profitability Concerns Worsen
United Natural Foods Inc.'s stock plummeted by 16.5% after the company reported a fiscal fourth-quarter loss and lower-than-expected sales. The grocery wholesaler experienced a net loss of $68 million, citing decreased inflation-driven procurement gains and elevated shrink as the primary reasons for declining profitability. The company warned of continued weakness in 2024 and expects ongoing volume headwinds as consumers adapt to higher costs. United Natural Foods plans to add three independent directors to its board to improve profitability and customer service. The stock has fallen 51% year-to-date.