Profits are plummeting for grocery wholesaler United Natural Foods (NYSE: UNFI), and that's why the stock was down a whopping 23% as of 10:30 a.m. ET on Tuesday morning.

Today, United Natural Foods reported completed financial results for its fiscal 2023. It's a low-growth business, so full-year net-sales growth of just 4.6% likely wouldn't have triggered such a negative response from the market. However, the company had net income of only $24 million for the year, a 90% drop from fiscal 2022, and it swung to a net loss of $68 million in its fiscal fourth quarter, which ended in July.

Moreover, United Natural Foods expects to report a net loss in its fiscal 2024 of up to $110 million, which was a big disappointment to investors.

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Source Fool.com