Michael Funk, the Company's Chief Executive Officer, commented, "With our
operating divisions continuing to turn in strong performances and industry
fundamentals remaining positive, we remain well positioned to capitalize on the
growing market for natural products. The Company remains focused on executing
its business plan and market strategy and, looking forward into fiscal 2003, we
will continue to pursue a broad range of internal and external growth
strategies. Central to this focus is an emphasis on maximizing profitability,
expanding our customer base and increasing our penetration with existing
accounts. Furthermore, our improved balance sheet along with our line of credit
provides us with ample flexibility to pursue other strategic opportunities that
may arise. We are particularly interested in utilizing the capital available
resulting from the non-renewal of the Wild Oats contract to expand
geographically into the Midwest and Texas markets."
With respect to results for the fourth quarter of fiscal 2002, Mr. Funk added,
"Although we will not be announcing actual fourth quarter 2002 results until
September, we are confident that our sales growth for the fourth quarter of
fiscal 2002 will continue in the 12% - 14% range, and are maintaining our
previous guidance of $0.28 - $0.30 per diluted share."
About United Natural Foods
United Natural Foods, Inc. carries and distributes over 30,000 products to more
than 7,000 customers nationwide. The Company serves a wide variety of retail
formats including conventional supermarket chains, natural product superstores
and independent retail operators.
For more information on United Natural Foods, Inc., visit the Company's web-site
at www.unfi.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding United Natural's business which
are not historical facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the forward-looking
statements, including but not limited to general business conditions, the impact
of competition and our dependence on principal customers, see "Risk Factors" in
the Company's quarterly report on Form 10-Q filed with the Securities and
Commission on June 13, 2002, and its other filings under the Securities Exchange
Act of 1934, as amended. 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. United Natural Foods, Inc. is not undertaking to update any
information in the foregoing reports until the effective date of its future
reports required by applicable laws.
SOURCE United Natural Foods, Inc.
CONTACT: Todd Weintraub, Chief Financial Officer of United Natural
Foods, Inc., +1-860-779-2800, or General, Joseph Calabrese, +1-212-445-8434,
or Analysts, Vanessa Schwartz, +1-212-445-8433, or Media, Judith Sylk-Siegel,
+1-212-445-8431, all of FRB Weber Shandwick