United Natural Foods, Inc., (Nasdaq: UNFI) updated its financial outlook for the fiscal year ending July 31, 2006 to include the impact of share based compensation expense related to the implementation of FAS123R which was adopted on August 1, 2005. As previously announced on July 13, 2005, revenues for the fiscal year ending July 31, 2006 are expected to increase approximately 10% to 15% from fiscal 2005 levels to a range of $2.25 billion to $2.35 billion. Fiscal year 2006 earnings per diluted share, excluding special items and share based compensation, is expected to be in the range of $1.14 to $1.19 per share, an increase of 15% to 20% over fiscal 2005 levels, excluding special items.
The Company announced that during the 2006 fiscal year, it expects to incur approximately $6 – $8.2 million of share based compensation expense on a pre-tax basis, or $0.08 to $0.11 per diluted share after tax, excluding special items. The Company expects to incur $1.4 million to $2.0 million of share based compensation expense on a pre-tax basis, or $0.02 to $0.03 per share after tax during the first quarter of the 2006 fiscal year, excluding special items. The actual expenses recorded during the 2006 fiscal year may fluctuate based on factors such as the actual number of equity awards granted to employees, changes in the Company’s stock price, and the valuation methods and underlying assumptions used in estimating the fair value of share based payments.
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