Market Overview

United Natural Foods, Inc. Reports Second Quarter Fiscal 2019 Results

Share:

PROVIDENCE, R.I., March 5, 2019 /PRNewswire/ -- United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today reported financial results for the second quarter of fiscal 2019 ended January 26, 2019.

Second Quarter Fiscal 2019 Highlights

  • Net Sales Increased To $6.15 Billion, Including $3.47 Billion From SUPERVALU
  • Legacy UNFI Sales Increased 5.8%
  • Results Include $370.9 Million Non-Cash Goodwill Impairment Charge

 


13-Week Period Ended



($ in thousands, except per share data)

January 26,

 2019


January 27,

 2018


Change

Net Sales

$

6,149,206



$

2,528,011



$

3,621,195


Net (Loss) Income

$

(341,725)



$

50,486



$

(392,211)


Adjusted EBITDA(1)

$

142,573



$

79,824



$

62,749


(Loss) Earnings Per Diluted Share (EPS)

$

(6.72)



$

0.99



$

(7.71)


Adjusted EPS(1)

$

0.44



$

0.71



$

(0.27)




(1)

Please refer to the tables in this press release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. 

"I'm pleased by the tremendous work and meaningful progress our team accomplished this quarter on the integration of SUPERVALU and the positioning of UNFI as the premier food distribution company in North America," said Steven L. Spinner, Chairman and Chief Executive Officer.  "We know realizing all the benefits of this combination will take time, and we're focused on executing against our plan for the long-term.  We experienced higher than anticipated costs, largely associated with our network realignment projects resulting primarily from SUPERVALU's previous acquisitions, which we believe will be short-term in nature.  I'm confident we have the people and resources focused on this integration and remain optimistic about our drive towards operating as one company with the broadest product selection, services offering and scaled supply chain."

Second Quarter Fiscal 2019 Summary

Net sales from continuing operations by customer channel for the second quarter of fiscal 2019 compared to the second quarter of fiscal 2018 were as follows ($ in millions):







13-Week Period Ended

Customer Channel (1)


Total % Growth


Legacy UNFI
% Growth


January 26,
2019 (2)


January 27,
2018

Supernatural


18.2%


18.2%


$

1,100



$

931


Independents


25.3%


4.6%


810



646


Supermarkets


444.6%


(1.4)%


3,902



716


Other


44.0%


(17.4)%


337



235


Total


143.2%


5.8%


$

6,149



$

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