United Natural Foods (NYSE: UNFI) earnings for the third quarter of fiscal 2020 have UNFI stock crashing hard on Wednesday. View the latest UNFI financial statements, income statements and financial ratios. In depth view into United Natural Foods Revenue (Quarterly) including historical data from 1996, charts, stats and industry comps. Today, UNFI is the largest publicly-traded grocery distributor in America. Net income attributable to United Natural Foods, Inc. Restructuring, acquisition and integration related costs, Closed property depreciation and interest expense, Net periodic benefit income, excluding service costs, Reconciliation of Estimated 2020 and Actual 2019 U.S. GAAP Effective Tax Rate to Adjusted Effective Tax Rate (unaudited), Discrete quarterly recognition of GAAP items(1), Tax impact of other charges and adjustments(2). 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 Company’s fourth quarter and full year fiscal 2020 conference call and audio webcast will be held tomorrow, Tuesday, September 29, 2020 at 8:30 a.m. Reflects a non-cash pension settlement charges associated with the acceleration of a portion of the accumulated unrecognized actuarial loss as a result of the lump sum settlement payments. Get the detailed quarterly/annual income statement for United Natural Foods, Inc. (UNFI). Please check your download folder. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. Else Signs Agreement with UNFI for Distribution in Over 30,000 Retail Outlets in the U.S. Mar 10, 2021 United Natural Foods, Inc. Reports Second Quarter Fiscal 2021 Results UNFI also paid $388 million of its long-term debt, which totaled $2.44 billion at the end of fiscal 2020. There were no goodwill and asset impairment charges or adjustments in the fourth quarter of fiscal 2020. Total United Natural Foods earnings for the quarter were $58.96 million. Fiscal 2020 primarily reflects Shoppers asset impairment charges, closed property and distribution center impairment charges and costs, and administrative fees associated with integration activities. Retail identical store sales for the fourth quarter of fiscal 2020 increased 21.0% compared to the fourth quarter of fiscal 2019. Operating income in the fourth quarter of fiscal 2019 was $95.7 million and included a benefit from a goodwill and asset impairment adjustment of $39.8 million and a gain on sale of assets, partially offset by restructuring, acquisition, and integration related expenses of $19.4 million. Fiscal 2020 ending total outstanding debt, net of cash, included a $96 million finance lease obligation recorded in the third quarter of fiscal 2020 associated with the newest Moreno Valley distribution center. United Natural Foods serves a wide variety of sales channels including conventional supermarket chains, natural product superstores, independent retailers, eCommerce and food service. Revenue Estimate Actual Revenue Conference Call Details 6/9/2021 (Estimated) 3/9/2021 1/31/2021 $0.81 $1.25 $1.50 $6.92 billion $6.89 billion Transcript 12/8/2020 10/31/2020 $0.74 $0.51 $1.04 $6.80 billion $6.67 billion Refer to the reconciliation for adjusted effective tax rate. The call can also be accessed at (877) 682 - 3423 (conference ID 5884972). Wholesale contributed the remaining 12 basis points of the increase primarily due to lower inbound freight expense and a lower LIFO charge. Interest expense, net for the fourth quarter of fiscal 2019 was $59.0 million. The decrease in operating expenses as a percent of net sales was driven by leveraging fixed operating and administrative expenses over higher revenues as well as the benefit of synergy and integration efforts, partially offset by $31 million, or 45 basis points of net sales, of incremental costs related to COVID-19. UNFI also paid $388 million of its long-term debt, which totaled $2.44 billion at the end of fiscal 2020, which lowered its EBITDA leverage at 4.0x. UNFI is a grocery industry leader and is known for being the premier wholesale food & meat distributor of wholesale bulk food & products and for its grocery professional retail service expertise. 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. As of Q2 An online archive of the webcast (and supplemental materials) will be available for 120 days. The decrease in interest expense, net was driven by lower amounts of outstanding debt and lower average interest rates. Cash provided by operating activities of $457 million led to free cash flow of $284 million which, when combined with proceeds from asset sales of $147 million (the sum of which totaled $431 million), were the primary drivers of fiscal 2020 debt reduction. View UNFI stock / share price, financial statements, key ratios and more at Craft. United Natural Foods () Q4 2020 Earnings Call Sep 29, 2020, 8:30 a.m. United Natural Foods (NYSE:UNFI): FQ4 Non-GAAP EPS of $1.06 beats by $0.34; GAAP EPS of $0.88 beats by $0.20. This adjustment attributes the pro rata amount of the non-cash charge recognized in the fourth quarter of fiscal 2020 to the applicable time periods in which it would have been recognized had Retail been included within continuing operations since the acquisition date. Retail contributed approximately 29 basis points of the increase due to a higher gross margin rate driven by lower promotional spending and the retail segment representing a greater percentage of total net sales. Note: As part of the year-end reconciliation, we have updated the reconciliation of the fiscal 2020 GAAP effective tax rate for actual results. Do the numbers hold clues to what lies ahead for the stock? for-phone-only for-tablet-portrait-up … The Company may from time to time update these publicly announced estimates, but it is not obligated to do so. 952-828-4144, United Natural Foods, Inc. Reports Record Fourth Quarter and Strong Full Year Fiscal 2020 Results, https://www.businesswire.com/news/home/20200928005614/en/, California Transparency in Supply Chains Act Disclosure. Effective tax rate for continuing operations for the fourth quarter of fiscal 2020 was a benefit of (17.5)% of pre-tax income compared to expense of 56.0% of pre-tax income for the fourth quarter of fiscal 2019. There was no impact to the Consolidated Statements of Operations as a result of the reclassification of customer types. In addition, this charge includes a goodwill finalization charge attributable to the SUPERVALU acquisition and an asset impairment charge. Gross margin rate in the fourth quarter of fiscal 2020 was 14.81% of net sales compared to 14.40% of net sales for the fourth quarter of fiscal 2019. In its “Supernatural” channel, sales jumped 7.4 percent to $4.7 billion for Ladies and gentlemen, thank you for standing by, and welcome to the UNFI Third Quarter Fiscal 2020 Earnings Call. Compare ratings, reviews, salaries and work-life balance to make the right decision for your career. United Natural (UNFI) delivered earnings and revenue surprises of -30.14% and -2.00%, respectively, for the quarter ended October 2020. UNFI earnings call for the period ending December 31, 2020. Due to these GAAP requirements to show rent expense, along with other administrative expenses of discontinued operations within continuing operations, UNFI believes the inclusion of discontinued operations results within Adjusted EBITDA provides UNFI and investors a meaningful measure of performance. Sales within our other channel which represents roughly 8% of our total revenue were slightly more than $500 million, down 2.1% from last year. UNFI is Whole Foods Market's main supplier, with their traffic making up over a third of its revenue … UNFI believes this new basis better reflects the nature and economic risks of cash flows from customers: Chains, which consists of customer accounts that typically have more than 10 operating stores and exclude stores included within the Supernatural and Other channels defined below; Independent retailers, which include smaller size accounts and include single store and multiple store locations, but are not classified within Chains above or Other discussed below; Supernatural, which consists of chain accounts that are national in scope and carry primarily natural products, and currently consists solely of Whole Foods Market; Retail, which includes our Retail segment, including the Cub Foods business and the majority of the remaining Shoppers locations, excluding five Shoppers locations that are held for sale; and Other, which includes international customers outside of Canada, foodservice, e-commerce, conventional military business and other sales. United Natural Foods, Inc. (UNFI) is a Providence, R.I.-based natural and organic food company. As for communities, we believe that healthy food and food variety matter and we play a vital role in delivering safe, quality and nutritious food options to more tables across North America. Find out the revenue, expenses and profit or loss over the last fiscal year. 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 reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below. Adjusted EPS was $1.06 for the fourth quarter of fiscal 2020, compared to adjusted EPS of $0.35 in the fourth quarter of fiscal 2019. The change in the effective tax rate for the fourth quarter was primarily driven by an additional fiscal 2020 tax benefit resulting from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides that net operating losses be carried back into tax years with higher statutory rates, as well as the favorable resolution of state tax audits. United Natural Foods Quarterly Revenue (Millions of US $) 2021-01-31 $6,888 2020-10-31 … The Company establishes an estimated adjusted effective tax rate at the beginning of the fiscal year based on the best available information. Fiscal 2019 included 53 weeks and benefited from the contribution from an acquisition for 41 of the 53 weeks. The non-GAAP adjusted effective tax rate excludes the potential impact of changes to various uncertain tax positions and valuation allowances, as well as stock compensation accounting (ASU 2016-09). United Natural (UNFI) delivered earnings and revenue surprises of 49.30% and 2.27%, respectively, for the quarter ended July 2020. Steve Bloomquist The non-GAAP net debt to adjusted EBITDA leverage is defined as the total face 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 adjusted EBITDA. International customers other than Canada, and alternative format sales continue to be classified within Other. The Company uses an adjusted effective tax rate in calculating Adjusted EPS. Interest expense recorded on the SUPERVALU senior notes in the mandatory 30-day redemption notice period. Amounts represent store closure charges and costs, operational wind-down and inventory charges, and asset impairment charges related to discontinued operations. United Natural Foods Inc. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. We expect to assign these leases with the obligation to pay this rent expense to buyers of our retail discontinued operations upon sale. Revenue Consumer Staples Food Items - Miscellaneous/Diversified $1.974B $26.514B United Natural Foods, Inc. is the largest publicly traded wholesale distributor to the natural, organic and specialty industry in the United States Net income (loss) attributable to United Natural Foods, Inc. Prepaid expenses and other current assets, Current assets of discontinued operations, Long-term assets of discontinued operations, Accrued expenses and other current liabilities, Current portion of operating lease liabilities, Current portion of long-term debt and finance lease liabilities, Current liabilities of discontinued operations, Pension and other postretirement benefit obligations, Long-term liabilities of discontinued operations, Preferred stock, $0.01 par value, authorized 5,000 shares; none issued or outstanding, Common stock, $0.01 par value, authorized 100,000 shares; 55,306 shares issued and 54,691 shares outstanding at August 1, 2020; 53,501 shares issued and 52,886 shares outstanding at August 3, 2019, Total United Natural Foods, Inc. stockholders’ equity, Total liabilities and stockholders’ equity, CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited), Net loss including noncontrolling interests, (Loss) income from discontinued operations, net of tax. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. United Natural Foods Inc. [Operator Instructions] [Operator Instructions] I would now like to hand the conference over to Mr. Steve Bloomquist, Vice President, Investor Relations. 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 exercise of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Adjusted EBITDAfor the fourth quarter of fiscal 2020 was $197.9 million, compared to $165.9 million for the fourth quarter of fiscal 2019. Dec 9, 2020 8:35AM EST U nited Natural Foods (UNFI) came out with quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate … By providing this deeper ‘full-store’ selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Total Outstanding Debt, net of cash, ended the year at $2.61 billion of total outstanding debt, net of cash, reflecting a decrease of $55 million in the fourth quarter of fiscal 2020 (compared to the third quarter of fiscal 2020) and a total decrease of $388 million in fiscal 2020. Revenue from “Independent Retailers” grew by 21 percent to $6.7 billion for 2020 (when viewed on an annualized basis) and increased 11.4 percent in Q4. The Company currently expects to continue to exclude the items listed above from non-GAAP financial measures. The company's biggest loan, on which $1.77 billion is outstanding, was drawn in 2018 when UNFI acquired conventional … Reconciliation of Net Income (Loss) per Diluted Common Share to Adjusted Net Income per Diluted Common Share (unaudited), Net income (loss) attributable to UNFI per diluted common share, Goodwill and asset impairment (benefit) charges(1), Restructuring, acquisition, and integration related expenses(2), Surplus property depreciation and interest expense(5), Legal reserve charge, net of settlement income(10), Discontinued operations store closures and other charges, net(12), Tax impact of adjustments and adjusted effective tax rate(13), Adjusted net income per diluted common share (Retail in Discontinued Operations), Depreciation and amortization adjustment(15), Adjusted net income per diluted common share (Retail in Continuing Operations)(13)(14). The non-GAAP adjusted EBITDA measure is defined as a consolidated measure inclusive of continuing and discontinued operations results, which we reconcile by adding Net (loss) income from continuing operations, plus Total other expense, net and (Benefit) provision for income taxes, plus Depreciation and amortization calculated in accordance with GAAP, plus adjustments for Share-based compensation, Restructuring, acquisition and integration related expenses, goodwill and asset impairment charges, certain legal charges and gains, certain other non-cash charges or items, as determined by management, plus Adjusted EBITDA of discontinued operations calculated in a manner consistent with the results of continuing operations outlined above. When presented in October 2019, UNFI expected 2020’s net sales to total $23.5 billion-$24.3 billion and net income to total $19 billion-$48 billion. The fourth quarter of fiscal 2020 primarily reflects a $50.0 million accumulated depreciation and amortization charge related to the requirement to move Retail from discontinued operations to continuing operations, partially offset by $33.7 million of gains on the sale of distribution centers and other assets. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. UNFI is North America’s premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. Net income for the fourth quarter of fiscal 2020 was $52.4 million compared to $19.2 million for the fourth quarter of fiscal 2019 due to the factors described above impacting operating income, interest expense, and the tax rate. Operating expenses in the fourth quarter of fiscal 2020 were $884.1 million, or 13.09% of net sales, compared to $894.3 million, or 13.29% of net sales in the fourth quarter of fiscal 2019. Earnings per diluted share was predicted to be $0.35-$0.89, and adjusted EBITDA was $ The fiscal year ended July 31. The main effect of the change was to re-categorize the former Supermarkets and Independents channels, previously classified by the majority of product carried by those customers between conventional and natural products, respectively, to classify those stores by the number of customer locations UNFI supplies. Losses were -$274.14 million, -3.72% less than in 2019. For a detailed definition, formula and example for. In 2020, UNFI's revenue was $26.51 billion, an increase of 18.86% compared to the previous year's $22.31 billion. 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. (Fiscal 2019 was a 53 week year that included the contribution from an acquisition for 41 weeks), Fourth Quarter Fiscal 2020 Highlights 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. This charge was calculated under GAAP as the depreciation and amortization expense that would have been recognized had Retail been included in continuing operations for the full time period since the SUPERVALU acquisition date. “At the same time, we’re focused on keeping our associates safe and maintaining the food supply chain for communities across North America through the unprecedented events of 2020, including the pandemic, civil unrest, and natural disasters.

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