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Why United Natural Foods (UNFI) Stock is Plunging Today

NEW YORK (TheStreet) -- Shares of United Natural Foods (UNFI - Get Report) are plummeting 20.77% to $31.10 on heavy trading volume on Monday afternoon following the release of disappointing preliminary 2016 second quarter results.

For the second quarter, the Providence, RI-based natural and organic food producer forecasts adjusted earnings per diluted share between 47 cents and 49 cents on net sales of about $2.05 billion. Analysts are looking for earnings of 61 cents per share on revenue of $2.07 billion for the period.

The food distributor also cut its guidance for fiscal 2016 ending July 30. The company now expects adjusted earnings per share between $2.34 and $2.44 on sales in the range of $8.31 billion to $8.43 billion.

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