Fiscal 2014 Net Sales Increased 14.3% Year-over-Year to $6.79
Billion, Adjusted for the 53rd Week in Fiscal
2013, or 12.0% on a GAAP Basis
Fiscal 2014 Diluted EPS of $2.52 Increased 15.6% Year-over-Year
PROVIDENCE, R.I.--(BUSINESS WIRE)--Sep. 17, 2014--
United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today reported
financial results for the fiscal quarter and fiscal year ended August 2,
2014.
Fiscal Year 2014 Highlights
-
Excluding the 53rd week in fiscal 2013, net sales increased
14.3% to $6.79 billion in fiscal 2014. Net sales increased 12.0%
compared to $6.06 billion in fiscal 2013, an increase of $730.1
million.
-
Operating income increased 13.6% to $210.8 million in fiscal 2014
compared to $185.5 million in fiscal 2013.
-
Diluted EPS increased 15.6% to $2.52 in fiscal 2014 compared to $2.18
in fiscal 2013.
Fourth Quarter Fiscal 2014 Highlights
-
Excluding the 53rd week in fiscal 2013, net sales increased
15.8% for the fourth quarter of fiscal 2014 to $1.76 billion over the
same period last fiscal year. Net sales increased 7.4%, or $122.3
million compared to $1.64 billion in the same period last fiscal year.
-
Fiscal 2014 fourth quarter net income increased 4.0% to $33.4 million
from the same period last fiscal year.
-
Diluted EPS increased 3.1% to $0.67 for the fourth quarter of fiscal
2014, compared to $0.65 in the same period in fiscal 2013.
"During fiscal 2014 UNFI continued to enhance its product offering
through the acquisition of Tony's Fine Foods while building out capacity
and infrastructure. These initiatives will serve us well as consumers
and retailers continue to demand our natural, organic, ethnic and
specialty SKUs," said Steven Spinner, President and Chief Executive
Officer.
Net sales for the fourth quarter of fiscal 2014 increased 7.4% to $1.76
billion from $1.64 billion in the fourth quarter of fiscal 2013.
Excluding approximately $118.7 million of net sales in the 53rd
week of fiscal 2013, net sales increased 15.8% over the fourth quarter
of fiscal 2013. The fourth quarter of fiscal 2014 included incremental
net sales of approximately $64.0 million resulting from the Company's
acquisition of Tony's Fine Foods ("Tony's") in the fourth quarter of
fiscal 2014 and Trudeau Foods in the first quarter of fiscal 2014.
Gross margin was 16.4% for the fourth quarter of fiscal 2014, a 29 basis
point decrease from the third quarter of fiscal 2014 and an 88 basis
point decrease from gross margin of 17.3% for the fourth quarter of
fiscal 2013. Gross margin for the fourth quarter of fiscal 2014 was
negatively impacted by foreign exchange from the declining value of the
Canadian dollar on the Company's business coupled with product and
customer mix and the addition of Tony's in July 2014.
Total operating expenses were 13.5% of net sales for the fourth quarter
of fiscal 2014, a 36 basis point decrease compared to the fourth quarter
of fiscal 2013. Total operating expenses increased $10.5 million or
4.6%, to $238.9 million in the fourth quarter of fiscal 2014 as compared
to $228.4 million in the fourth quarter of fiscal 2013. Total operating
expenses for the fourth quarter of fiscal 2014 included approximately
$0.9 million of additional merger costs related to the acquisition of
Tony's, approximately $0.6 million of non-recurring costs associated
with the start-up of the Hudson Valley, New York facility and
approximately $0.5 million of non-recurring costs related to the
start-up of the Company's Racine, Wisconsin facility.
Operating income as a percentage of net sales for the fourth quarter of
fiscal 2014 decreased 51 basis points to 2.9% compared to 3.4% for the
fourth quarter of fiscal 2013. Net income for the fourth quarter of
fiscal 2014 increased $1.3 million, or 4.0%, to $33.4 million, or $0.67
per diluted share, from $32.1 million, or $0.65 per diluted share, for
the fourth quarter of fiscal 2013. Net income for the fourth quarter of
fiscal 2014 includes a gain of $4.8 million associated with a non-cash
transfer of land at the Company's Racine, Wisconsin facility.
Fiscal Year 2014 Summary
Net sales for fiscal 2014 totaled $6.79 billion, a 12.0% increase
compared to fiscal 2013. Excluding approximately $118.7 million of net
sales from the additional week in fiscal 2013, net sales increased 14.3%
over fiscal 2013.
Gross margin for the period was 16.6%, a 30 basis point decrease versus
the prior fiscal year. The decline in gross margin was attributed to a
combination of severe weather in the second quarter, the foreign
exchange impact of weakness in the Canadian dollar on the Company's
Canadian business and the continued shift in sales growth towards
supernatural, national supermarket and multi-unit independent customers.
These challenges were partially offset by improved execution by the
Company’s supply chain group, specifically with respect to procurement
and inbound logistics.
Total operating expenses for fiscal 2014 were 13.5% of net sales, which
was 35 basis points lower than in fiscal 2013. Total operating expenses
increased $77.3 million, or 9.2%, to $916.9 million, compared to $839.6
million for fiscal 2013. Total operating expenses for fiscal 2014
included non-recurring costs of approximately $1.4 million related to
the start-up of the Company's Racine, Wisconsin facility, $0.8 million
related to the start-up of the Company's Hudson Valley, New York
facility and $1.5 million of costs related to the acquisition of Tony's.
Total operating expenses for fiscal 2013 included approximately $6.3
million in expenses related to the labor action at the Company's Auburn,
Washington facility and $1.6 million related to the termination of a
licensing agreement and the write-off of the associated intangible asset.
Operating income for fiscal 2014 was $210.8 million, an increase of
13.6% from $185.5 million in fiscal 2013. Operating income as a
percentage of net sales was 3.1% for fiscal 2014 and fiscal 2013.
Net income for fiscal 2014 increased $17.6 million, or 16.3%, to $125.5
million, or $2.52 per diluted share, from $107.9 million, or $2.18 per
diluted share, for fiscal 2013. Net income for fiscal 2014 includes a
gain of $4.8 million associated with a non-cash transfer of land at the
Company's Racine, Wisconsin facility.
"Fiscal 2014 was a record year for UNFI from both a sales and earnings
per share growth perspective, with earnings per share increasing by
approximately 16%," commented Mr. Spinner. "As we look forward to fiscal
2015, we believe we are well-positioned to capitalize on new business
opportunities and to continue to pursue additional merger and
acquisition opportunities aligned with our strategy and our investment
in new capacity," concluded Mr. Spinner.
Introduction of Fiscal 2015 Guidance
UNFI provided its financial outlook for fiscal 2015, ending August 1,
2015. The Company expects net sales in the range of approximately $8.13
to $8.38 billion, an increase of approximately 19.7% to 23.7 % over
fiscal 2014. The Company estimates GAAP earnings per diluted share for
fiscal 2015 in the range of approximately $2.88 to $3.01 per share, an
increase of approximately 14.3% to 19.4% over fiscal 2014 GAAP earnings
per diluted share of $2.52. Also, capital expenditures in fiscal 2015,
net of the planned sale leaseback of the Company's new Twin Cities-area
distribution facility in Prescott, Wisconsin, are expected to be
approximately $130 to $140 million, or approximately 1.6% to 1.7% of
estimated fiscal 2015 net sales. Finally, the Company expects its fiscal
2015 tax rate to be in the range of 39.25% to 39.75%.
Conference Call & Webcast
The Company's fourth quarter and full year fiscal 2014 conference call
and audio webcast will be held today, Wednesday, September 17, 2014 at
5:00 p.m. EDT. The audio webcast of the conference call will be
available to the public, on a listen-only basis, via the Internet at the
Investors section of the Company's website at www.unfi.com.
The online archive of the webcast will be available on the Company's
website for 30 days.
About United Natural Foods
United Natural Foods, Inc. (http://www.unfi.com)
carries and distributes more than 80,000 products to more than 40,000
customer locations throughout the United States and Canada. The Company
serves a wide variety of retail formats including conventional
supermarket chains, natural product superstores, independent retail
operators and the food service channel. United Natural Foods, Inc. was
ranked by Fortune in 2006 - 2010 as one of its "Most Admired Companies"
and in 2012 as one of its "Most Admired American Companies", winner of
the Supermarket News 2008 Sustainability Excellence Award, recognized by
the Nutrition Business Journal for its 2009 Environment and
Sustainability Award and chosen by Food Logistics Magazine as one of its
2012 Top 20 Green Providers.
For more information on United Natural Foods, Inc., visit the
Company's website at 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 filed with the Securities and Exchange Commission ("SEC") on
October 1, 2013, its quarterly reports on Form 10-Q filed with the SEC
on December 11, 2013, March 12, 2014 and June 11, 2014, and other
filings the Company makes with the SEC, and include, but are not limited
to, the Company's dependence on principal customers; the Company's
sensitivity to general economic conditions, including the current
economic environment, changes in disposable income levels and consumer
spending trends; the Company's ability to reduce its expenses in amounts
sufficient to offset its increased focus on sales to conventional
supermarkets and the resulting lower gross margins on those sales; the
Company's reliance on the continued growth in sales of natural and
organic foods and non-food products in comparison to conventional
products; the Company's ability to timely and successfully deploy its
warehouse management system throughout its distribution centers and its
transportation management system Company-wide; increased fuel costs; the
Company's sensitivity to inflationary and deflationary pressures; the
relatively low margins and economic sensitivity of the Company's
business; the potential for disruptions in the Company's supply chain by
circumstances beyond its control; the risk of interruption of supplies
due to lack of long-term contracts, severe weather, work stoppages or
otherwise; union-organizing activities that could cause labor relations
difficulties; the ability to identify and successfully complete
acquisitions of other natural, organic and specialty food and non-food
products distributors; management's allocation of capital and the timing
of capital expenditures; and the Company's ability to successfully
deploy its operational initiatives to achieve synergies from the
acquisition of Tony’s Fine Foods. 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
projections 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 projections are subject to change and could differ
materially from final reported results. The Company may from time to
time update these publicly announced projections, but it is not
obligated to do so.
Non-GAAP Financial Measures: To supplement its financial statements
presented on a generally accepted accounting principles (“GAAP”) basis,
the Company has included in this press release non-GAAP financial
measures, including operating expenses excluding expenses related to the
labor action at the Company’s Auburn, Washington facility and the
termination of a licensing agreement and the write-off of the associated
intangible asset, as well as net sales growth adjusting for the 53rd
week in fiscal 2013 and estimated capital expenditures for
fiscal 2015 net of a planned sale leaseback transaction. The
reconciliations of these non-GAAP financial measures to the comparable
GAAP financial measures are presented within the text of this press
release. The presentation of these 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 its operating expenses and estimated capital
expenditures for the applicable periods excluding, in the case of
operating expenses the expenses associated with its Auburn, Washington
labor dispute and the termination of the licensing agreement, and in the
case of its estimates of capital expenditures proceeds from the planned
sale leaseback of its Prescott, Wisconsin facility, facilitates making
period-to-period comparisons and is a meaningful indication of its
historical and estimated operating performance. The Company’s management
utilizes this non-GAAP financial information to compare the Company’s
operating performance during the 2013 fiscal year versus the comparable
periods in the 2014 fiscal year and to internally prepared projections.
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Fiscal year ended
|
|
|
|
August 2,
2014
|
|
August 3,
2013
|
|
August 2,
2014
|
|
August 3,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,764,666
|
|
|
$
|
1,642,398
|
|
|
$
|
6,794,447
|
|
|
$
|
6,064,355
|
|
|
Cost of sales
|
|
1,474,493
|
|
|
1,357,945
|
|
|
5,666,802
|
|
|
5,039,279
|
|
|
Gross profit
|
|
290,173
|
|
|
284,453
|
|
|
1,127,645
|
|
|
1,025,076
|
|
|
Operating expenses
|
|
238,871
|
|
|
228,362
|
|
|
916,857
|
|
|
837,953
|
|
|
Restructuring and asset impairment expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,629
|
|
|
Total operating expenses
|
|
238,871
|
|
|
228,362
|
|
|
916,857
|
|
|
839,582
|
|
|
Operating income
|
|
51,302
|
|
|
56,091
|
|
|
210,788
|
|
|
185,494
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
1,809
|
|
|
1,955
|
|
|
7,753
|
|
|
5,897
|
|
|
Interest income
|
|
(134
|
)
|
|
(158
|
)
|
|
(508
|
)
|
|
(632
|
)
|
|
Other, net
|
|
(4,269
|
)
|
|
1,010
|
|
|
(3,865
|
)
|
|
6,113
|
|
|
Total other (income) expense, net
|
|
(2,594
|
)
|
|
2,807
|
|
|
3,380
|
|
|
11,378
|
|
|
Income before income taxes
|
|
53,896
|
|
|
53,284
|
|
|
207,408
|
|
|
174,116
|
|
|
Provision for income taxes
|
|
20,521
|
|
|
21,207
|
|
|
81,926
|
|
|
66,262
|
|
|
Net income
|
|
$
|
33,375
|
|
|
$
|
32,077
|
|
|
$
|
125,482
|
|
|
$
|
107,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.67
|
|
|
$
|
0.65
|
|
|
$
|
2.53
|
|
|
$
|
2.19
|
|
|
Weighted average basic shares of common stock
|
|
49,675
|
|
|
49,320
|
|
|
49,602
|
|
|
49,217
|
|
|
Diluted per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.67
|
|
|
$
|
0.65
|
|
|
$
|
2.52
|
|
|
$
|
2.18
|
|
|
Weighted average diluted shares of common stock
|
|
49,972
|
|
|
49,646
|
|
|
49,888
|
|
|
49,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
August 2,
2014
|
|
August 3,
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
16,116
|
|
|
$
|
11,111
|
|
|
Accounts receivable, net
|
|
449,870
|
|
|
339,590
|
|
|
Inventories
|
|
834,722
|
|
|
702,161
|
|
|
Deferred income taxes
|
|
32,518
|
|
|
23,822
|
|
|
Prepaid expenses and other current assets
|
|
45,064
|
|
|
38,534
|
|
|
Total current assets
|
|
1,378,290
|
|
|
1,115,218
|
|
|
Property and equipment, net
|
|
483,960
|
|
|
338,594
|
|
|
Goodwill
|
|
274,548
|
|
|
201,874
|
|
|
Intangible assets, net
|
|
134,989
|
|
|
49,540
|
|
|
Other assets
|
|
25,446
|
|
|
24,682
|
|
|
Total assets
|
|
$
|
2,297,233
|
|
|
$
|
1,729,908
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
385,890
|
|
|
$
|
283,851
|
|
|
Accrued expenses and other current liabilities
|
|
136,959
|
|
|
113,397
|
|
|
Current portion of long-term debt
|
|
990
|
|
|
1,019
|
|
|
Total current liabilities
|
|
523,839
|
|
|
398,267
|
|
|
Notes payable
|
|
415,660
|
|
|
130,594
|
|
|
Deferred income taxes
|
|
50,995
|
|
|
41,474
|
|
|
Other long-term liabilities
|
|
30,865
|
|
|
27,336
|
|
|
Long-term debt, excluding current portion
|
|
32,510
|
|
|
33,091
|
|
|
Total liabilities
|
|
1,053,869
|
|
|
630,762
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, authorized 5,000 shares; none
issued or outstanding
|
|
—
|
|
|
—
|
|
|
Common stock, $0.01 par value, authorized 100,000 shares; 49,771
issued and outstanding shares at August 2, 2014; 49,330 issued and
outstanding shares at August 3, 2013
|
|
498
|
|
|
493
|
|
|
Additional paid-in capital
|
|
402,875
|
|
|
380,109
|
|
|
Unallocated shares of Employee Stock Ownership Plan
|
|
(14
|
)
|
|
(39
|
)
|
|
Accumulated other comprehensive loss
|
|
(5,152
|
)
|
|
(1,092
|
)
|
|
Retained earnings
|
|
845,157
|
|
|
719,675
|
|
|
Total stockholders' equity
|
|
1,243,364
|
|
|
1,099,146
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
2,297,233
|
|
|
$
|
1,729,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
|
|
Fiscal Year Ended
|
|
(In thousands)
|
|
August 2,
2014
|
|
|
August 3,
2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
125,482
|
|
|
|
$
|
107,854
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
48,758
|
|
|
|
42,398
|
|
|
Deferred income tax expense
|
|
881
|
|
|
|
6,780
|
|
|
Share-based compensation
|
|
14,608
|
|
|
|
15,104
|
|
|
Excess tax benefit from share-based payment arrangements
|
|
(2,601
|
)
|
|
|
(1,952
|
)
|
|
Loss (gain) on disposals of property and equipment
|
|
647
|
|
|
|
(513
|
)
|
|
Gain associated with acquisition of land
|
|
(4,840
|
)
|
|
|
—
|
|
|
Impairment of indefinite lived intangibles
|
|
—
|
|
|
|
1,629
|
|
|
Provision for doubtful accounts
|
|
3,152
|
|
|
|
4,227
|
|
|
Non-cash interest expense
|
|
2,012
|
|
|
|
651
|
|
|
Changes in assets and liabilities, net of acquired companies:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(70,717
|
)
|
|
|
(37,295
|
)
|
|
Inventories
|
|
(97,819
|
)
|
|
|
(123,904
|
)
|
|
Prepaid expenses and other assets
|
|
2,024
|
|
|
|
(17,702
|
)
|
|
Accounts payable
|
|
28,205
|
|
|
|
34,974
|
|
|
Accrued expenses
|
|
12,627
|
|
|
|
12,080
|
|
|
Net cash provided by operating activities
|
|
62,419
|
|
|
|
44,331
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(147,303
|
)
|
|
|
(66,554
|
)
|
|
Purchases of acquired businesses, net of cash acquired
|
|
(211,574
|
)
|
|
|
(8,135
|
)
|
|
Proceeds from disposals of property and equipment
|
|
6,084
|
|
|
|
2,368
|
|
|
Net cash used in investing activities
|
|
(352,793
|
)
|
|
|
(72,321
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds from borrowings under revolving credit line
|
|
853,884
|
|
|
|
610,046
|
|
|
Repayments of borrowings under revolving credit line
|
|
(568,338
|
)
|
|
|
(594,107
|
)
|
|
Repayments of long-term debt
|
|
(1,226
|
)
|
|
|
(353
|
)
|
|
Increase in bank overdraft
|
|
11,501
|
|
|
|
6,347
|
|
|
Proceeds from exercise of stock options
|
|
2,215
|
|
|
|
1,942
|
|
|
Payment of employee restricted stock tax withholdings
|
|
(3,757
|
)
|
|
|
(3,484
|
)
|
|
Excess tax benefit from share-based payment arrangements
|
|
2,601
|
|
|
|
1,952
|
|
|
Capitalized debt issuance costs
|
|
(1,523
|
)
|
|
|
—
|
|
|
Net cash provided by financing activities
|
|
295,357
|
|
|
|
22,343
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
22
|
|
|
|
636
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
5,005
|
|
|
|
(5,011
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
11,111
|
|
|
|
16,122
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
16,116
|
|
|
|
$
|
11,111
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
6,599
|
|
|
|
$
|
5,246
|
|
|
Cash paid for federal and state income taxes, net of refunds
|
|
$
|
77,091
|
|
|
|
$
|
64,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
Non-GAAP Reconciliation of Gross Capital Expenditures to Capital
Expenditures, Net of Planned Sale Leaseback
The following table represents a reconciliation of the Company's
estimated gross capital expenditures to its capital expenditures, net of
the planned sale leaseback in the Company's fiscal 2015 guidance:
|
|
|
Low End of Range
|
|
|
|
High End of Range
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Fiscal
2015
|
|
|
% of Net
Sales
|
|
|
Fiscal
2015
|
|
|
% of Net
Sales
|
|
|
|
Fiscal
2015
|
|
|
% of Net
Sales
|
|
|
Fiscal
2015
|
|
|
% of Net
Sales
|
|
Gross capital expenditures
|
|
$
|
165
|
|
|
|
2.0
|
|
%
|
|
|
$
|
170
|
|
|
|
2.0
|
|
%
|
|
|
|
$
|
175
|
|
|
|
2.1
|
|
%
|
|
|
$
|
180
|
|
|
|
2.2
|
|
%
|
|
Planned proceeds from sale leaseback
|
|
(35
|
)
|
|
|
(0.4
|
)
|
%
|
|
|
(40
|
)
|
|
|
(0.4
|
)
|
%
|
|
|
|
(35
|
)
|
|
|
(0.4
|
)
|
%
|
|
|
(40
|
)
|
|
|
(0.5
|
)
|
%
|
|
Capital expenditures, net of planned sale leaseback
|
|
$
|
130
|
|
|
|
1.6
|
|
%
|
|
|
$
|
130
|
|
|
|
1.6
|
|
%
|
|
|
|
$
|
140
|
|
|
|
1.7
|
|
%
|
|
|
$
|
140
|
|
|
|
1.7
|
|
%
|
Source: United Natural Foods, Inc.
United Natural Foods, Inc.
Mark Shamber
Chief Financial
Officer
(401) 528-8634
or
ICR
Katie Turner
General
Information
(646) 277-1228