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

PROVIDENCE, R.I: United Natural Foods, Inc. (NYSE: UNFI) (the "Company" or "UNFI") today reported financial results for the fourth quarter and fiscal year ended August 3, 2019.

Highlights

Fourth Quarter Net Sales Increased to $6.41 billion, or 2.8% when excluding the contribution from SUPERVALU and the additional week in the quarter compared to last year's fourth quarter

Fourth Quarter Net income of $18.9 million

Fourth Quarter Earnings Per Diluted Share (EPS) of $0.36; Adjusted EPS of $0.44

Net outstanding debt decreased by $166 million since the end of the third quarter and $353 million since the end of the first quarter

Fourth Quarter Ended

Fiscal Year

($ in thousands, except for per share data)

August 3, 2019

(14 weeks)

July 28, 2018

(13 weeks)

August 3, 2019

(53 weeks)

Net sales

$

6,407,086

$

2,592,248

$

21,387,068

Net Income (Loss)

$

18,937

$

32,788

$

(284,990)

Adjusted EBITDA(1)

$

165,542

$

85,064

$

562,484

Earnings (Loss) Per Diluted Share (EPS)

$

0.36

$

0.64

$

(5.56)

Adjusted Earnings Per Diluted Share (EPS) (1)

$

0.44

$

0.76

$

2.08

(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 measure calculated in accordance with U.S. GAAP.

"This past fiscal year has been a transformational one for us as we began realizing some of the key benefits and competitive advantages from the SUPERVALU acquisition that will be the foundation of our long-term success," said Steven L. Spinner, Chairman and Chief Executive Officer. "As we begin the new fiscal year, I see tremendous focus and enthusiasm across the organization as we execute our strategy. This passion will be a tailwind as we drive to accelerate cross-selling efforts, realize new cost efficiencies, aggressively pay down debt and deliver results in the quarters to come."

Fourth Quarter Fiscal 2019 Summary

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

Comparable

13-Week

Legacy UNFI

% Growth

Fourth Quarter Ended

Customer Channel

Total %

Growth

August 3, 2019

(14 weeks)

July 28, 2018

(13 weeks)(1)

Supermarkets

473.5%

(0.9)%

$

4,024

$

702

Supernatural

18.5%

10.1%

1,164

982

Independents

26.6%

0.4%

848

670

Other

55.5%

(10.0)%

371

238

Total

147.2%

2.8%

$

6,407

$

2,592

(1)

During the second quarter of fiscal 2019, the presentation of net sales by customer channel was adjusted to reflect...