United Natural Foods Report 1Q Results and Executive Shuffle

DAYVILLE, Conn.--United Natural Foods Inc. (NASDAQ:UNFI) reported a net loss of $1 million or $.06 per share despite a nine percent increase in net sales for its first quarter ended Oct. 31. The bottom line was affected by continuing problems with the company's consolidation of its Eastern region systems and operations. In addition to the quarterly report, UNFI announced a management restructuring, by which previous UNFI Vice Chairman Michael Funk has been elected chief executive officer, and previous UNFI Board Member Thomas Simone has been appointed as chairman of the board. These executives replace Norman Coultier, who held both positions before recently retiring for personal reasons. Additionally, former UNFI Vice President of Business Development Richard Youngman was appointed president of the company, and the recent UNFI interim chief financial officer (CFO) Kevin Michel was officially made CFO as well as vice president of the company.