• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    United Natural Foods, Inc. Reports First Quarter Fiscal 2025 Results

    12/10/24 6:58:00 AM ET
    $UNFI
    Food Distributors
    Consumer Discretionary
    Get the next $UNFI alert in real time by email

    United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today reported financial results for the first quarter of fiscal 2025 (13 weeks) ended November 2, 2024.

    First Quarter Fiscal 2025 Performance (comparisons to first quarter fiscal 2024)

    • Net sales increased 4.2% to $7.9 billion
    • Net loss of $21 million; Loss per diluted share (EPS) of $(0.35)
    • Adjusted EBITDA(1) increased 14.5% to $134 million
    • Adjusted EPS(1) increased to $0.16

    Recent Financial and Operational Summary

    • Raising full-year outlook for all financial metrics other than capital spending
    • Improvement initiatives and lean management routines drove 14.5% Adjusted EBITDA growth and $170 million improvement in free cash flow(1) compared to the prior year quarter
    • Continuing to execute upon recently announced multi-year strategy
      • Value creation initiatives led to new business gains with existing customers
      • Revamped commercial go-to-market strategy continuing to be rolled out
      • Significant network optimization progress across distribution network
        • Announced pending closure of Ft. Wayne DC; completed Bismarck and Billings DC closures
        • Moved natural volumes from York to larger, soon-to-be automated Manchester DC
      • Created incremental efficiencies through further organizational streamlining

    "Our performance this quarter represents a solid start to fiscal 2025 and serves as an early proof point of our recently introduced multi-year strategic plan predicated upon bringing value to our customers and suppliers while enhancing our efficiency, improving free cash flow and reducing net leverage," said Sandy Douglas, UNFI's CEO.

    "We're encouraged by positive volume trends attributable to new business with existing customers and new customer additions. This volume strength primarily reflects successful execution by our customer base, supported by UNFI's value-added positioning and unique go-to-market strategy. We remain focused on operational execution, driving efficiencies and delivering strengthening service levels to customers and suppliers during the important holiday selling season."

    First Quarter Fiscal 2025 Summary

     

    13-Week Period Ended

     

    Percent Change

    ($ in millions, except for per share data)

    November 2, 2024

     

    October 28, 2023

     

    Net sales

    $

    7,871

     

     

    $

    7,552

     

     

    4.2%

    Chains

    $

    3,294

     

     

    $

    3,184

     

     

    3.5%

    Independent retailers

    $

    1,853

     

     

    $

    1,899

     

     

    (2.4)%

    Supernatural

    $

    1,835

     

     

    $

    1,612

     

     

    13.8%

    Retail

    $

    586

     

     

    $

    606

     

     

    (3.3)%

    Other

    $

    666

     

     

    $

    646

     

     

    3.1%

    Eliminations

    $

    (363

    )

     

    $

    (395

    )

     

    (8.1)%

    Net loss

    $

    (21

    )

     

    $

    (39

    )

     

    N/M

    Adjusted EBITDA (1)

    $

    134

     

     

    $

    117

     

     

    14.5%

    Loss per diluted share (EPS)

    $

    (0.35

    )

     

    $

    (0.67

    )

     

    N/M

    Adjusted earnings (loss) per diluted share (Adjusted EPS) (1)

    $

    0.16

     

     

    $

    (0.04

    )

     

    N/M

    Net cash used in operating activities

    $

    (110

    )

     

    $

    (254

    )

     

    N/M

    Payments for capital expenditures

    $

    (49

    )

     

    $

    (74

    )

     

    N/M

    Free cash flow (1)

    $

    (159

    )

     

    $

    (328

    )

     

    N/M

    N/M - not meaningful

    (1)

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

    Net sales increased 4.2% in the first quarter of fiscal 2025 compared to the same period in the prior year, primarily driven by a nearly 2% increase in wholesale unit volumes, including the benefit of new business with existing and new customers, as well as inflation.

    Gross profit in the first quarter of fiscal 2025 was $1.0 billion, an increase of $8 million, or 0.8%, compared to the first quarter of fiscal 2024. The gross profit rate in the first quarter of fiscal 2025 was 13.2% of net sales compared to 13.6% of net sales in the first quarter of fiscal 2024. The decrease in the gross profit rate was primarily driven by lower product margin rates and business mix partly offset through supplier programs and lower shrink.

    Operating expenses in the first quarter of fiscal 2025 were $1,015 million, or 12.9% of net sales, compared to $1,023 million, or 13.5% of net sales, in the first quarter of fiscal 2024. The decrease in operating expenses as a percentage of sales was driven by the benefits from cost saving initiatives and the leveraging impact of higher sales.

    Interest expense, net for the first quarter of fiscal 2025 was $36 million compared to $35 million for the first quarter of fiscal 2024.

    Effective tax rate for the first quarter of fiscal 2025 was a benefit of 16.7% on pre-tax loss compared to a benefit of 18.8% on pre-tax loss for the first quarter of fiscal 2024.

    Net loss for the first quarter of fiscal 2025 was $21 million. Net loss for the first quarter of fiscal 2024 was $39 million.

    Net loss per diluted share (EPS) was $(0.35) for the first quarter of fiscal 2025 compared to net loss per diluted share of $(0.67) for the first quarter of fiscal 2024. Adjusted EPS was $0.16 for the first quarter of fiscal 2025 compared to $(0.04) in the first quarter of fiscal 2024.

    Adjusted EBITDA for the first quarter of fiscal 2025 was $134 million compared to $117 million for the first quarter of fiscal 2024.

    Capital Allocation and Financing Overview

    • Free Cash Flow – During the first quarter of fiscal 2025, free cash flow was $(159) million compared to $(328) million in the first quarter of fiscal 2024. Free cash flow for the first quarter of fiscal 2025 reflects net cash used in operating activities of $110 million less payments for capital expenditures of $49 million. Free cash flow in the quarter was lowered by the strategic reduction in the company's accounts receivable monetization facility of $69 million.
    • Leverage – Total outstanding debt, net of cash, was $2.23 billion at the end of the first quarter of fiscal 2025, reflecting an increase of $164 million compared to the end of the fourth quarter of fiscal 2024. The net debt to Adjusted EBITDA leverage ratio was 4.2x as of November 2, 2024.
    • Liquidity – As of November 2, 2024, total liquidity was approximately $1.17 billion, consisting of approximately $37 million in cash, plus the unused capacity of approximately $1.14 billion under the Company's asset-based lending facility.

    Fiscal 2025 Outlook (1)

    The Company is increasing its full-year outlook for all metrics other than Capital and Cloud implementation expenditures:

    Fiscal Year Ending August 2, 2025 (52 weeks)

     

    Previous Full Year Outlook Provided October 1, 2024

     

    Updated Full Year Outlook

    Net sales ($ in billions)

     

    $30.3 - $30.8

     

    $30.6 - $31.0

    Net loss ($ in millions)

     

    $(41) - $(3)

     

    $(31) - $(3)

    EPS (2)

     

    $(0.65) - $(0.05)

     

    $(0.45) - $(0.05)

    Adjusted EPS (2)(3)(4)

     

    $0.20 - $0.80

     

    $0.40 - $0.80

    Adjusted EBITDA (4) ($ in millions)

     

    $520 - $580

     

    $530 - $580

    Capital and cloud implementation expenditures (4)(5) ($ in millions)

     

    ~ $300

     

    ~ $300

    Free cash flow (6)

     

    ~ $100

     

    > $100

    (1)

    The outlook provided above is for fiscal 2025 only. The outlook is forward-looking, is based on management's current estimates and expectations and is subject to a number of risks, including many that are outside of management's control. See cautionary Safe Harbor Statement below.

    (2)

    (Loss) earnings per share amounts as presented include rounding.

    (3)

    The Company uses an adjusted effective tax rate in calculating Adjusted EPS. The adjusted effective tax rate is calculated based on adjusted net (loss) income before tax. It also excludes the potential impact of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate provides better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company's effective tax rate on ongoing operations. The outlook for Adjusted EPS reflects a tax rate of 26%.

    (4)

    The Company is unable to provide a full reconciliation to the most comparable GAAP measure without unreasonable effort due to the difficulty in predicting the amounts for certain adjustment items.

    (5)

    Reflects the sum of payments for capital expenditures and cloud technology implementation expenditures. The Company believes that providing this non-GAAP measure provides investors with better visibility to the Company's total investment spend.

    (6)

    The components of capital and cloud implementation expenditures for fiscal 2025 will be primarily dependent on the nature of certain contracts to be executed. As such, the Company is unable to reconcile the outlook for free cash flow as well as capital and cloud implementation expenditures in fiscal 2025 to the most directly comparable financial measures calculated in accordance with GAAP.

    Conference Call and Webcast

    The Company's first quarter fiscal 2025 conference call and audio webcast will be held today, Tuesday, December 10, 2024 at 8:30 a.m. ET. A webcast of the conference call (and supplemental materials) will be available to the public, on a listen only basis, via the internet at the Investors section of the Company's website www.unfi.com. The call can also be accessed at (888) 660 - 6768 (conference ID 1099581). An online archive of the webcast (and supplemental materials) will be available for 120 days.

    About United Natural Foods

    UNFI is North America's premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, eCommerce providers, and foodservice customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. As the largest full-service grocery partner in North America, UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company's filings under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K for the year ended August 3, 2024 filed with the Securities and Exchange Commission (the "SEC") on October 1, 2024 and other filings the Company makes with the SEC, and include, but are not limited to, our dependence on principal customers; the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases; our ability to realize the anticipated benefits of our strategic initiatives; changes in relationships with our suppliers; our ability to operate, and rely on third parties to operate, reliable and secure technology systems; labor and other workforce shortages and challenges; the addition or loss of significant customers or material changes to our relationships with these customers; our ability to realize anticipated benefits of strategic transactions; our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; our ability to maintain sufficient volume in our wholesale distribution and services businesses to support our operating infrastructure; our ability to access additional capital; increases in healthcare, pension and other costs under our single employer benefit plan and multiemployer benefit plans; the potential for additional asset impairment charges; our sensitivity to general economic conditions including inflation, changes in disposable income levels and consumer purchasing habits; our ability to timely and successfully deploy our warehouse management system throughout our distribution centers and our transportation management system across the Company and to achieve efficiencies and cost savings from these efforts; the potential for disruptions in our supply chain or our distribution capabilities from circumstances beyond our control, including due to lack of long-term contracts, severe weather, labor shortages or work stoppages or otherwise; moderated supplier promotional activity, including decreased forward buying opportunities; union-organizing activities that could cause labor relations difficulties and increased costs; our ability to maintain food quality and safety; and volatility in fuel costs. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company's control and should not be construed in any manner as a guarantee that such results will in fact occur. These estimates are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced estimates, but it is not obligated to do so.

    Non-GAAP Financial Measures: To supplement the financial information presented on a U.S. generally accepted accounting principles ("GAAP") basis, the Company has included in this press release the non-GAAP financial measures Adjusted EBITDA, adjusted earnings per diluted common share ("Adjusted EPS"), adjusted effective tax rate, free cash flow, net debt to Adjusted EBITDA leverage ratio and capital and cloud implementation expenditures. Adjusted EPS is a consolidated measure, which the Company reconciles by adding Net income attributable to UNFI plus the LIFO charge or benefit, Goodwill impairment benefits and charges, Restructuring, acquisition, and integration related expenses, gains and losses on sales of assets, certain legal charges and gains, surplus property depreciation and interest expense, losses on debt extinguishment, the impact of diluted shares when GAAP earnings is presented as a loss and non-GAAP earnings represent income, and the tax impact of adjustments and the adjusted effective tax rate, which tax impact is calculated using the adjusted effective tax rate, and certain other non-cash charges or items, as determined by management. The non-GAAP adjusted effective tax rate excludes the potential impact of changes to various uncertain tax positions and valuation allowances, as well as tax impacts related to the vesting of share-based compensation awards. The non-GAAP Adjusted EBITDA measure is a consolidated measure which the Company reconciles by adding Net (loss) income including noncontrolling interests, less Net income attributable to noncontrolling interests, plus Non-operating income and expenses, including Net periodic benefit income, excluding service cost, Interest expense, net and Other (income) expense, net, plus (Benefit) provision for income taxes and Depreciation and amortization all calculated in accordance with GAAP, plus adjustments for Share-based compensation, non-cash LIFO charge or benefit, Restructuring, acquisition and integration related expenses, Goodwill impairment charges, Loss (gain) on sale of assets and other asset charges, certain legal charges and gains, and certain other non-cash charges or other items, as determined by management. The non-GAAP free cash flow measure is defined as net cash used in operating activities less payments for capital expenditures. The non-GAAP net debt to Adjusted EBITDA leverage ratio is defined as the total carrying value of the Company's outstanding short- and long-term debt and finance lease liabilities less net cash and cash equivalents, the sum of which is divided by the trailing four quarters Adjusted EBITDA. The non-GAAP capital and cloud implementation expenditures measure is defined as the sum of payments for capital expenditures and cloud technology implementation expenditures.

    The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures and the calculation of net debt to Adjusted EBITDA leverage are presented in the tables appearing below. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting the non-GAAP financial measures Adjusted EBITDA and Adjusted EPS aids in making period-to-period comparisons, assessing the performance of the Company's business and understanding the underlying operating performance and core business trends by excluding certain adjustments not expected to recur in the normal course of business or that are not meaningful indicators of actual and estimated operating performance. The inclusion of free cash flow assists investors in understanding the cash generating ability of the Company separate from cash generated by the sale of assets. Net debt to Adjusted EBITDA leverage ratio is a commonly used metric that assists investors in understanding and evaluating the Company's capital structure and changes to its capital structure over time. The Company believes that providing non-GAAP capital and cloud implementation expenditures provides investors with better visibility into the Company's total investment expenditures. The components of capital and cloud implementation expenditures for fiscal 2025 will be primarily dependent on the nature of certain contracts to be executed. The Company currently expects to continue to exclude the items listed above from non-GAAP financial measures. Management utilizes and plans to utilize these non-GAAP financial measures to compare the Company's operating performance during the 2025 fiscal year to the comparable periods in the 2024 fiscal year and to internally prepared projections. These non-GAAP financial measures may differ from similarly titled measures of other companies.

    UNITED NATURAL FOODS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

    (in millions, except for per share data)

     

     

    13-Week Period Ended

     

     

    November 2,

    2024

     

    October 28,

    2023

    Net sales

     

    $

    7,871

     

     

    $

    7,552

     

    Cost of sales

     

     

    6,833

     

     

     

    6,522

     

    Gross profit

     

     

    1,038

     

     

     

    1,030

     

    Operating expenses

     

     

    1,015

     

     

     

    1,023

     

    Restructuring, acquisition and integration related expenses

     

     

    12

     

     

     

    4

     

    Loss on sale of assets and other asset charges

     

     

    6

     

     

     

    19

     

    Operating income (loss)

     

     

    5

     

     

     

    (16

    )

    Net periodic benefit income, excluding service cost

     

     

    (5

    )

     

     

    (3

    )

    Interest expense, net

     

     

    36

     

     

     

    35

     

    Other income, net

     

     

    (2

    )

     

     

    —

     

    Loss before income taxes

     

     

    (24

    )

     

     

    (48

    )

    Benefit for income taxes

     

     

    (4

    )

     

     

    (9

    )

    Net loss including noncontrolling interests

     

     

    (20

    )

     

     

    (39

    )

    Less net income attributable to noncontrolling interests

     

     

    (1

    )

     

     

    —

     

    Net loss attributable to United Natural Foods, Inc.

     

    $

    (21

    )

     

    $

    (39

    )

     

     

     

     

     

    Basic loss per share

     

    $

    (0.35

    )

     

    $

    (0.67

    )

    Diluted loss per share

     

    $

    (0.35

    )

     

    $

    (0.67

    )

     

     

     

     

     

    Weighted average shares outstanding:

     

     

     

     

    Basic

     

     

    59.6

     

     

     

    58.7

     

    Diluted

     

     

    59.6

     

     

     

    58.7

     

    UNITED NATURAL FOODS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

    (in millions, except for par values)

     

     

    November 2,

    2024

     

    August 3,

    2024

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    37

     

     

    $

    40

     

    Accounts receivable, net

     

     

    1,103

     

     

     

    953

     

    Inventories, net

     

     

    2,402

     

     

     

    2,179

     

    Prepaid expenses and other current assets

     

     

    201

     

     

     

    230

     

    Total current assets

     

     

    3,743

     

     

     

    3,402

     

    Property and equipment, net

     

     

    1,800

     

     

     

    1,820

     

    Operating lease assets

     

     

    1,499

     

     

     

    1,370

     

    Goodwill

     

     

    19

     

     

     

    19

     

    Intangible assets, net

     

     

    631

     

     

     

    649

     

    Deferred income taxes

     

     

    86

     

     

     

    87

     

    Other long-term assets

     

     

    188

     

     

     

    181

     

    Total assets

     

    $

    7,966

     

     

    $

    7,528

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Accounts payable

     

    $

    1,906

     

     

    $

    1,688

     

    Accrued expenses and other current liabilities

     

     

    278

     

     

     

    288

     

    Accrued compensation and benefits

     

     

    156

     

     

     

    197

     

    Current portion of operating lease liabilities

     

     

    180

     

     

     

    181

     

    Current portion of long-term debt and finance lease liabilities

     

     

    10

     

     

     

    11

     

    Total current liabilities

     

     

    2,530

     

     

     

    2,365

     

    Long-term debt

     

     

    2,244

     

     

     

    2,081

     

    Long-term operating lease liabilities

     

     

    1,393

     

     

     

    1,263

     

    Long-term finance lease liabilities

     

     

    11

     

     

     

    12

     

    Pension and other postretirement benefit obligations

     

     

    15

     

     

     

    15

     

    Other long-term liabilities

     

     

    148

     

     

     

    151

     

    Total liabilities

     

     

    6,341

     

     

     

    5,887

     

    Stockholders' equity:

     

     

     

     

    Preferred stock, $0.01 par value, authorized 5.0 shares; none issued or outstanding

     

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value, authorized 100.0 shares; 62.4 shares issued and 59.9 shares outstanding at November 2, 2024; 62.0 shares issued and 59.5 shares outstanding at August 3, 2024

     

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

     

    638

     

     

     

    635

     

    Treasury stock at cost

     

     

    (86

    )

     

     

    (86

    )

    Accumulated other comprehensive loss

     

     

    (45

    )

     

     

    (47

    )

    Retained earnings

     

     

    1,117

     

     

     

    1,138

     

    Total United Natural Foods, Inc. stockholders' equity

     

     

    1,625

     

     

     

    1,641

     

    Noncontrolling interests

     

     

    —

     

     

     

    —

     

    Total stockholders' equity

     

     

    1,625

     

     

     

    1,641

     

    Total liabilities and stockholders' equity

     

    $

    7,966

     

     

    $

    7,528

     

    UNITED NATURAL FOODS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

     

     

    13-Week Period Ended

    (in millions)

     

    November 2,

    2024

     

    October 28,

    2023

    CASH FLOWS FROM OPERATING ACTIVITIES:

     

     

     

     

    Net loss including noncontrolling interests

     

    $

    (20

    )

     

    $

    (39

    )

    Adjustments to reconcile loss to net cash used in operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    80

     

     

     

    78

     

    Share-based compensation

     

     

    7

     

     

     

    6

     

    Gain on sale of assets

     

     

    (1

    )

     

     

    (7

    )

    Long-lived asset impairment charges

     

     

    —

     

     

     

    21

     

    Net pension and other postretirement benefit income

     

     

    (5

    )

     

     

    (3

    )

    LIFO charge

     

     

    7

     

     

     

    7

     

    Provision for losses on receivables

     

     

    1

     

     

     

    —

     

    Non-cash interest expense and other adjustments

     

     

    1

     

     

     

    2

     

    Changes in operating assets and liabilities

     

     

     

     

    Accounts and notes receivable

     

     

    (149

    )

     

     

    (126

    )

    Inventories

     

     

    (230

    )

     

     

    (364

    )

    Prepaid expenses and other assets

     

     

    79

     

     

     

    (8

    )

    Accounts payable

     

     

    224

     

     

     

    168

     

    Accrued expenses and other liabilities

     

     

    (104

    )

     

     

    11

     

    Net cash used in operating activities

     

     

    (110

    )

     

     

    (254

    )

    CASH FLOWS FROM INVESTING ACTIVITIES:

     

     

     

     

    Payments for capital expenditures

     

     

    (49

    )

     

     

    (74

    )

    Proceeds from dispositions of assets

     

     

    4

     

     

     

    9

     

    Payments for investments

     

     

    (2

    )

     

     

    (7

    )

    Net cash used in investing activities

     

     

    (47

    )

     

     

    (72

    )

    CASH FLOWS FROM FINANCING ACTIVITIES:

     

     

     

     

    Proceeds from borrowings under revolving credit line

     

     

    339

     

     

     

    597

     

    Repayments of borrowings under revolving credit line

     

     

    (176

    )

     

     

    (257

    )

    Repayments of long-term debt and finance leases

     

     

    (4

    )

     

     

    (6

    )

    Payments of employee restricted stock tax withholdings

     

     

    (4

    )

     

     

    (6

    )

    Distributions to noncontrolling interests

     

     

    (1

    )

     

     

    (1

    )

    Other

     

     

    —

     

     

     

    (1

    )

    Net cash provided by financing activities

     

     

    154

     

     

     

    326

     

    EFFECT OF EXCHANGE RATE ON CASH

     

     

    —

     

     

     

    —

     

    NET DECREASE IN CASH AND CASH EQUIVALENTS

     

     

    (3

    )

     

     

    —

     

    Cash and cash equivalents, at beginning of period

     

     

    40

     

     

     

    37

     

    Cash and cash equivalents, at end of period

     

    $

    37

     

     

    $

    37

     

    Supplemental disclosures of cash flow information:

     

     

     

     

    Cash paid for interest

     

    $

    48

     

     

    $

    44

     

    Cash refunds for federal, state, and foreign income taxes, net

     

    $

    (2

    )

     

    $

    (12

    )

    Leased assets obtained in exchange for new operating lease liabilities

     

    $

    183

     

     

    $

    39

     

    Leased assets obtained in exchange for new finance lease liabilities

     

    $

    1

     

     

    $

    —

     

    Additions of property and equipment included in Accounts payable

     

    $

    14

     

     

    $

    18

     

    SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (unaudited)

    UNITED NATURAL FOODS, INC.

     

    Reconciliation of Net loss including noncontrolling interests to Adjusted EBITDA (unaudited)

     

     

    13-Week Period Ended

    (in millions)

     

    November 2, 2024

     

    October 28, 2023

    Net loss including noncontrolling interests

     

    $

    (20

    )

     

    $

    (39

    )

    Adjustments to net loss including noncontrolling interests:

     

     

     

     

    Less net income attributable to noncontrolling interests

     

     

    (1

    )

     

     

    —

     

    Net periodic benefit income, excluding service cost

     

     

    (5

    )

     

     

    (3

    )

    Interest expense, net

     

     

    36

     

     

     

    35

     

    Other income, net

     

     

    (2

    )

     

     

    —

     

    Benefit for income taxes

     

     

    (4

    )

     

     

    (9

    )

    Depreciation and amortization

     

     

    80

     

     

     

    78

     

    Share-based compensation

     

     

    7

     

     

     

    6

     

    LIFO charge

     

     

    7

     

     

     

    7

     

    Restructuring, acquisition and integration related expenses

     

     

    12

     

     

     

    4

     

    Loss on sale of assets and other asset charges (1)

     

     

    6

     

     

     

    19

     

    Business transformation costs (2)

     

     

    18

     

     

     

    15

     

    Other adjustments (3)

     

     

    —

     

     

     

    4

     

    Adjusted EBITDA

     

    $

    134

     

     

    $

    117

     

    (1)

    The first quarter of fiscal 2024 primarily includes a $21 million non-cash asset impairment charge related to one of our corporate-owned office locations.

    (2)

    Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.

    (3)

    The first quarter of fiscal 2024 primarily reflects third-party professional service fees related to shareholder negotiations.

    Reconciliation of Net loss attributable to United Natural Foods, Inc. to Adjusted net income (loss) and Adjusted EPS (unaudited)

     

     

    13-Week Period Ended

    (in millions, except per share amounts)

     

    November 2, 2024

     

    October 28, 2023

    Net loss attributable to United Natural Foods, Inc.

     

    $

    (21

    )

     

    $

    (39

    )

    Restructuring, acquisition and integration related expenses

     

     

    12

     

     

     

    4

     

    Loss on sale of assets and other asset charges other than losses on sales of receivables (1)

     

     

    1

     

     

     

    14

     

    LIFO charge

     

     

    7

     

     

     

    7

     

    Surplus property depreciation and interest expense (2)

     

     

    —

     

     

     

    1

     

    Business transformation costs (3)

     

     

    18

     

     

     

    15

     

    Other adjustments (4)

     

     

    —

     

     

     

    4

     

    Tax impact of adjustments and adjusted effective tax rate (5)

     

     

    (7

    )

     

     

    (8

    )

    Adjusted net income (loss)

     

    $

    10

     

     

    $

    (2

    )

     

     

     

     

     

    Diluted weighted average shares outstanding

     

     

    61.1

     

     

     

    58.7

     

    Adjusted EPS (6)

     

    $

    0.16

     

     

    $

    (0.04

    )

    (1)

    Loss on sale of assets and other asset charges, as reflected here, does not include losses on sales of receivables under the accounts receivable monetization program, which are included in Loss on sale of assets and other asset charges on the Condensed Consolidated Statements of Operations and are not adjusted in the calculation of Adjusted EPS. The first quarter of fiscal 2024 primarily includes a $21 million non-cash asset impairment charge related to one of our corporate-owned office locations.

    (2)

    Reflects surplus, non-operating property depreciation and interest expense.

    (3)

    Reflects costs associated with business transformation initiatives, primarily including third-party consulting costs and licensing costs, which are included within Operating expenses in the Condensed Consolidated Statements of Operations.

    (4)

    The first quarter of fiscal 2024 primarily reflects third-party professional service fees related to shareholder negotiations.

    (5)

    Represents the tax effect of the pre-tax adjustments using an adjusted effective tax rate. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the vesting of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company's effective tax rate on ongoing operations.

    (6)

    Adjusted earnings (loss) per share amounts are calculated using actual unrounded figures.

    Calculation of net debt to Adjusted EBITDA leverage ratio (unaudited)

    (in millions, except ratios)

    November 2, 2024

    Current portion of long-term debt and finance lease liabilities

    $

    10

     

    Long-term debt

     

    2,244

     

    Long-term finance lease liabilities

     

    11

     

    Less: Cash and cash equivalents

     

    (37

    )

    Net carrying value of debt and finance lease liabilities

     

    2,228

     

    Adjusted EBITDA (1)

    $

    535

     

    Adjusted EBITDA leverage ratio

    4.2x

    (1)

    Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended November 2, 2024. Refer to the following table for the reconciliation of Adjusted EBITDA trailing four quarters.

    Reconciliation of trailing four quarters Net loss including noncontrolling interests to Adjusted EBITDA (unaudited)

    (in millions)

     

    53-Week Period Ended November 2, 2024

    Net loss including noncontrolling interests

     

    $

    (91

    )

    Adjustments to net loss including noncontrolling interests:

     

     

    Less net income attributable to noncontrolling interests

     

     

    (3

    )

    Net periodic benefit income, excluding service cost

     

     

    (17

    )

    Interest expense, net

     

     

    163

     

    Other income, net

     

     

    (4

    )

    Benefit for income taxes

     

     

    (22

    )

    Depreciation and amortization

     

     

    321

     

    Share-based compensation

     

     

    38

     

    LIFO charge

     

     

    7

     

    Restructuring, acquisition and integration related expenses

     

     

    44

     

    Loss on sale of assets and other asset charges

     

     

    44

     

    Business transformation costs

     

     

    55

     

    Adjusted EBITDA (1)

     

    $

    535

     

    (1)

    Adjusted EBITDA for purposes of this calculation reflects the summation of the trailing four quarters ended November 2, 2024.

    Reconciliation of Net cash used in operating activities to Free cash flow (unaudited)

     

     

     

     

     

    13-Week Period Ended

    (in millions)

    November 2, 2024

     

    October 28, 2023

    Net cash used in operating activities

    $

    (110

    )

     

    $

    (254

    )

    Payments for capital expenditures

     

    (49

    )

     

     

    (74

    )

    Free cash flow

    $

    (159

    )

     

    $

    (328

    )

    Reconciliation of Payments for capital expenditures to Capital and cloud implementation expenditures (unaudited)

     

    13-Week Period Ended

    (in millions)

    November 2, 2024

     

    October 28, 2023

    Payments for capital expenditures

    $

    49

     

    $

    74

    Cloud technology implementation expenditures (1)

     

    4

     

     

    9

    Capital and cloud implementation expenditures

    $

    53

     

    $

    83

    (1)

    Cloud technology implementation expenditures are included in operating activities in the Condensed Consolidated Statements of Cash Flows.

    Reconciliation of estimated 2025 and actual 2024 U.S. GAAP effective tax rate to adjusted effective tax rate (unaudited)

     

     

    Estimated

    Fiscal 2025

     

    Actual Fiscal 2024

    U.S. GAAP effective tax rate

     

    20

    %

     

    20

    %

    Discrete quarterly recognition of GAAP items (1)

     

    12

    %

     

    20

    %

    Tax impact of other charges and adjustments (2)

     

    (11

    )%

     

    (24

    )%

    Changes in valuation allowances (3)

     

    5

    %

     

    5

    %

    Other (4)

     

    —

    %

     

    —

    %

    Adjusted effective tax rate (4)

     

    26

    %

     

    21

    %

    Note: As part of the year-end reconciliation, we update the reconciliation of the GAAP effective tax rate for actual results.

    (1)

    Reflects changes in tax laws, uncertain tax positions, the tax impacts related to the exercise of share-based compensation awards and any prior-year deferred tax or payable adjustments. This includes prior-year Internal Revenue Service or other tax jurisdiction audit adjustments.

    (2)

    Reflects the tax impact of pre-tax adjustments that are excluded from pre-tax income when calculating Adjusted EPS.

    (3)

    Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations.

    (4)

    The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. The Company re-evaluates its estimated adjusted effective tax rate as appropriate throughout the year and adjusts for any material changes. The actual adjusted effective tax rate at the end of the fiscal year is based on actual results and accordingly may differ from the estimated adjusted effective tax rate used during the year.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241210169384/en/

    Get the next $UNFI alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $UNFI

    DatePrice TargetRatingAnalyst
    3/12/2025$33.00Neutral → Buy
    CL King
    10/11/2024Neutral → Buy
    Northcoast
    1/4/2024$15.00Equal Weight → Underweight
    Wells Fargo
    3/13/2023$48.00 → $32.00Buy → Neutral
    UBS
    3/10/2023Buy → Neutral
    Northcoast
    3/9/2023Buy → Neutral
    CL King
    3/8/2023$63.00 → $34.00Buy → Neutral
    ROTH MKM
    3/21/2022Buy
    CL King
    More analyst ratings

    $UNFI
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Howard John W bought $75,237 worth of shares (6,275 units at $11.99), increasing direct ownership by 4% to 179,823 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      3/12/24 4:59:05 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • Howard John W bought $75,103 worth of shares (5,490 units at $13.68), increasing direct ownership by 4% to 141,790 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      10/10/23 6:14:08 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • Douglas J Alexander Jr bought $150,050 worth of shares (11,265 units at $13.32), increasing direct ownership by 7% to 162,201 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      10/5/23 8:08:14 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • President, Conventional & CCO Martin Louis Anthony covered exercise/tax liability with 2,550 shares, decreasing direct ownership by 3% to 76,169 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      3/25/25 8:29:13 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • CCAO Echols Matthew T covered exercise/tax liability with 2,179 shares, decreasing direct ownership by 4% to 56,144 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      3/12/25 4:25:47 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • President, Natural & CSCO Bushway Mark sold $438,400 worth of shares (13,700 units at $32.00), decreasing direct ownership by 24% to 43,793 units (SEC Form 4)

      4 - UNITED NATURAL FOODS INC (0001020859) (Issuer)

      2/14/25 4:18:27 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • United Natural Foods upgraded by CL King with a new price target

      CL King upgraded United Natural Foods from Neutral to Buy and set a new price target of $33.00

      3/12/25 8:16:39 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods upgraded by Northcoast

      Northcoast upgraded United Natural Foods from Neutral to Buy

      10/11/24 7:55:34 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods downgraded by Wells Fargo with a new price target

      Wells Fargo downgraded United Natural Foods from Equal Weight to Underweight and set a new price target of $15.00

      1/4/24 8:51:35 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by United Natural Foods Inc.

      SC 13G/A - UNITED NATURAL FOODS INC (0001020859) (Subject)

      11/12/24 5:48:47 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by United Natural Foods Inc.

      SC 13G/A - UNITED NATURAL FOODS INC (0001020859) (Subject)

      11/4/24 1:49:37 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • SEC Form SC 13G/A filed by United Natural Foods Inc. (Amendment)

      SC 13G/A - UNITED NATURAL FOODS INC (0001020859) (Subject)

      2/9/24 9:59:18 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    Leadership Updates

    Live Leadership Updates

    See more
    • RED ROBIN GOURMET BURGERS, INC. ANNOUNCES INVESTMENT AND APPOINTS NEW INDEPENDENT DIRECTORS

      JCP Investment Management, LLC and Jumana Capital, LLC Invest An Additional $8.3 Million to Pay Down Debt and Support Strategy, Demonstrating Long-term Commitment to Brand James C. Pappas and Christopher Martin added to Board of Directors Enters into Agreement with JCP Investment Management, LLC and Jumana Capital, LLC ENGLEWOOD, Colo., Dec. 3, 2024 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced that affiliates of JCP Investment Management, LLC ("JCP") and Jumana Capital, LLC ("Jumana") invested an addi

      12/3/24 8:15:00 AM ET
      $FCN
      $PIPR
      $RRGB
      $TLF
      Professional Services
      Consumer Discretionary
      Investment Bankers/Brokers/Service
      Finance
    • United Natural Foods Names Giorgio Matteo Tarditi President and Chief Financial Officer

      Former GE Executive to help accelerate performance, value creation, and customer- and supplier-focused transformation United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today announced that Giorgio "Matteo" Tarditi has been named President and Chief Financial Officer (CFO), effective April 15. He succeeds John W. Howard, UNFI's current Chief Financial Officer, who will leave the Company following a transition period. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240306555209/en/United Natural Foods, Inc. names Giorgio Matteo Tarditi as President and Chief Financial Officer, effective April 15, 2024. (Photo: Busi

      3/6/24 7:15:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • Pitney Bowes Announces Continued Refreshment of its Board of Directors

      Chair Mary J. Guilfoile, Who Has Served With Distinction, to Step Down Following the 2024 Annual Meeting William S. Simon and Jill Sutton, Who Collectively Possess Experience in Capital Allocation, Corporate Governance and Transformations, Have Been Added to the Board Pitney Bowes Inc. (NYSE:PBI) ("Pitney Bowes" or the "Company"), a global shipping and mailing company that provides technology, logistics and financial services, today announced that Mary J. Guilfoile will step down as Chair and retire from the Board of Directors (the "Board") following the 2024 Annual Meeting of Stockholders (the "Annual Meeting"). The Board will elect a new Chair following Ms. Guilfoile's retirement. Add

      1/31/24 5:38:00 PM ET
      $DEO
      $DRI
      $EAT
      $GM
      Beverages (Production/Distribution)
      Consumer Staples
      Restaurants
      Consumer Discretionary

    $UNFI
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • United Natural Foods to Participate at the 37th Annual Roth Conference

      United Natural Foods, Inc. (NYSE:UNFI) will participate in Roth's 37th Annual Conference next week. President and Chief Financial Officer, Matteo Tarditi, will be part of a fireside chat beginning at 8:30 am Pacific Time on March 17, 2025. A link to the live audio webcast will be available on the investor relations section of the Company's website at www.unfi.com via the "Events" link. About United Natural Foods, Inc. UNFI is North America's premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains

      3/12/25 7:00:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods, Inc. Reports Second Quarter Fiscal 2025 Results

      United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today reported financial results for the second quarter of fiscal 2025 (13 weeks) ended February 1, 2025. Second Quarter Fiscal 2025 Performance (comparisons to second quarter fiscal 2024) Net sales increased 4.9% to $8.2 billion Net loss of $(3) million; Loss per diluted share (EPS) of $(0.05) Adjusted EBITDA(1) increased 13.3% to $145 million Adjusted EPS(1) increased to $0.22 Recent Financial and Operational Summary Raising FY25 outlook for all metrics other than capital and cloud spending for second consecutive quarter Continued focus on stakeholder value creation and lean management delivered 13.3% Adjusted

      3/11/25 7:00:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods to Release Fiscal 2025 Second Quarter Results on March 11, 2025

      United Natural Foods, Inc. (NYSE:UNFI) will release financial results for its 13-week fiscal 2025 second quarter, ended February 1, 2025, the morning of Tuesday, March 11, 2025. Management will host a conference call that morning at 8:30 a.m. ET to discuss results. To access the conference call, please dial (888) 660 - 6768 (U.S. toll-free) and reference conference ID number 1099581. An audio webcast of the conference call, and materials that will be referenced during the call, will be available via the Investors section of the Company's website www.unfi.com. An online archive of the webcast will be available for 120 days. About United Natural Foods, Inc. UNFI is North America's premier

      2/18/25 7:00:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    Financials

    Live finance-specific insights

    See more
    • United Natural Foods, Inc. Reports Second Quarter Fiscal 2025 Results

      United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today reported financial results for the second quarter of fiscal 2025 (13 weeks) ended February 1, 2025. Second Quarter Fiscal 2025 Performance (comparisons to second quarter fiscal 2024) Net sales increased 4.9% to $8.2 billion Net loss of $(3) million; Loss per diluted share (EPS) of $(0.05) Adjusted EBITDA(1) increased 13.3% to $145 million Adjusted EPS(1) increased to $0.22 Recent Financial and Operational Summary Raising FY25 outlook for all metrics other than capital and cloud spending for second consecutive quarter Continued focus on stakeholder value creation and lean management delivered 13.3% Adjusted

      3/11/25 7:00:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods to Release Fiscal 2025 Second Quarter Results on March 11, 2025

      United Natural Foods, Inc. (NYSE:UNFI) will release financial results for its 13-week fiscal 2025 second quarter, ended February 1, 2025, the morning of Tuesday, March 11, 2025. Management will host a conference call that morning at 8:30 a.m. ET to discuss results. To access the conference call, please dial (888) 660 - 6768 (U.S. toll-free) and reference conference ID number 1099581. An audio webcast of the conference call, and materials that will be referenced during the call, will be available via the Investors section of the Company's website www.unfi.com. An online archive of the webcast will be available for 120 days. About United Natural Foods, Inc. UNFI is North America's premier

      2/18/25 7:00:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods, Inc. Reports First Quarter Fiscal 2025 Results

      United Natural Foods, Inc. (NYSE:UNFI) (the "Company" or "UNFI") today reported financial results for the first quarter of fiscal 2025 (13 weeks) ended November 2, 2024. First Quarter Fiscal 2025 Performance (comparisons to first quarter fiscal 2024) Net sales increased 4.2% to $7.9 billion Net loss of $21 million; Loss per diluted share (EPS) of $(0.35) Adjusted EBITDA(1) increased 14.5% to $134 million Adjusted EPS(1) increased to $0.16 Recent Financial and Operational Summary Raising full-year outlook for all financial metrics other than capital spending Improvement initiatives and lean management routines drove 14.5% Adjusted EBITDA growth and $170 million improve

      12/10/24 6:58:00 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary

    $UNFI
    SEC Filings

    See more
    • SEC Form 10-Q filed by United Natural Foods Inc.

      10-Q - UNITED NATURAL FOODS INC (0001020859) (Filer)

      3/11/25 4:35:40 PM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - UNITED NATURAL FOODS INC (0001020859) (Filer)

      3/11/25 7:04:23 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary
    • United Natural Foods Inc. filed SEC Form 8-K: Regulation FD Disclosure

      8-K - UNITED NATURAL FOODS INC (0001020859) (Filer)

      3/4/25 7:01:52 AM ET
      $UNFI
      Food Distributors
      Consumer Discretionary