Providence, Rhode Island-headquartered United Natural Foods on Wednesday flagged about $350 million to $400 million hit to its fiscal 2025 net sales from an unauthorized activity on its internal networks.
The grocery distributor took certain systems offline after the activity was discovered on June 5. United Foods said it expects the anticipated insurance proceeds to be adequate for the incident.
The company, however, slightly raised its annual forecast for net sales to reflect strong performance year-to-date, sending its shares up nearly 8% in premarket trade.
United Foods expects fiscal 2025 net sales to be in a range of $31.6 billion to $31.8 billion, up from its previous estimates of $31.3 billion to $31.7 billion.
The company slashed its annual adjusted profit forecast to between 40 cents and 80 cents, from between 70 cents and 90 cents earlier.
There has been a spate of cyber incidents affecting major retailers in the UK and the U.S. recently, including Marks & Spencer, Harrods, and Victoria’s Secret.
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