Shares of United Natural Foods (NYSE:UNFI) cratered today after it reported earnings for its second quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.78 with revenue of $7.8 billion. This missed EPS estimates of $1.45 but beat revenue by $30 million.
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Looking forward, management expects adjusted EPS for Fiscal Year 2023 to be in the range of $3.05 to $3.90. For reference, analyst consensus was expecting $5.34 per share. In addition, revenue is anticipated to come in between $30.1 billion to $30.5 billion versus estimates of $31.44 billion.
Overall, Wall Street analysts have a consensus price target of $50.33 on UNFI stock, implying 76.6% upside potential, as indicated by the graphic above. However, it’ll be interesting to see if this will change going forward following today’s results.