Q3 Fiscal 2015 Net Sales Increased 18.7% Year-over-Year to Record
$2.11 Billion
Revises Fiscal 2015 Financial Guidance
PROVIDENCE, R.I.--(BUSINESS WIRE)--Jun. 8, 2015--
United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company" or "UNFI")
today reported financial results for the third quarter of fiscal 2015
ended May 2, 2015.
Third Quarter Fiscal 2015 Highlights
-
Net sales increased 18.7% to $2.11 billion for the third
quarter of fiscal 2015 compared to $1.78 billion for the same period
last fiscal year
-
Operating income increased 10.2% to $69.0 million for the third
quarter of fiscal 2015 compared to $62.6 million for the same period
last fiscal year
-
Diluted EPS was $0.83 for the third quarter of fiscal 2015, an
increase of 13.7% from $0.73 for the same period last fiscal year
“While comparable sales growth moderated in the quarter, we believe that
this is a short term trend,” said Steven Spinner, President and Chief
Executive Officer. “Demand for organic, gourmet and ethnic products
continues to increase, and we have seen sales growth accelerate modestly
in the first few weeks of our fourth quarter.”
Net sales for the third quarter of fiscal 2015 increased 18.7%, or
$332.9 million, to $2.11 billion from $1.78 billion in the third quarter
of fiscal 2014. The third quarter of fiscal 2015 included net sales of
approximately $213.7 million from the Company's acquisition of Tony's
Fine Foods ("Tony's") in the fourth quarter of fiscal 2014. Gross margin
decreased 132 basis points to 15.4% for the third quarter of fiscal 2015
compared to 16.7% for the same period last year. The decrease was
primarily due to the dilution from Tony's net sales, the unfavorable
foreign exchange rate for the Company's Canadian business, lower fuel
surcharges, and a shift in mix of sales.
Total operating expenses were 12.2% as a percentage of net sales for the
third quarter of fiscal 2015, a decrease of 107 basis points compared
with the same period last fiscal year. Total operating expenses
increased $21.4 million, or 9.1%, to $256.9 million for the third
quarter of fiscal 2015 compared to $235.5 million in the third quarter
of fiscal 2014, primarily due to additional costs required to service
higher sales volume. Total operating expenses for the third quarter of
fiscal 2015 included startup costs of approximately $0.5 million related
to the Company's Hudson Valley, New York and Prescott, Wisconsin
facilities offset by a $0.6 million energy grant received as a result of
incorporating eligible energy saving designs into the Company's Hudson
Valley, New York facility. Total operating expenses for the third
quarter of fiscal 2014 included startup costs of approximately $0.9
million related to the Company's Racine, Wisconsin facility as well as
$0.6 million of costs related to the acquisition of Tony's.
Operating income increased 10.2%, or $6.4 million, to $69.0 million for
the third quarter of fiscal 2015 compared to $62.6 million for the third
quarter of fiscal 2014. As a percentage of net sales, operating income
for the third quarter of fiscal 2015 decreased 25 basis points to 3.3%
compared to the same period last fiscal year.
Net income for the third quarter of fiscal 2015 increased $5.4 million,
or 14.7%, to $41.8 million, or $0.83 per diluted share, from $36.4
million, or $0.73 per diluted share, for the third quarter of fiscal
2014. Net income for the third quarter of fiscal 2015 includes a gain of
$4.2 million associated with a transfer of land at the Company's
Prescott, Wisconsin facility.
“Our acquisition of Tony’s Fine Foods, which expanded our presence in
fresh foods, has exceeded our expectations as consumer interests
continue to shift towards the perimeter of the store,” added Mr.
Spinner. “In combination with our Albert’s Organics business, UNFI is
well-positioned to capitalize on the consumers’ demands for fresh
products. Additionally, UNFI’s investment in refrigerated infrastructure
will serve as a catalyst towards increased growth and market share as
the platform moves across the country.”
Fiscal 2015 Year to Date Summary
Net sales for the nine months ended May 2, 2015 totaled $6.12 billion, a
21.7% increase over the comparable prior fiscal year period. Fiscal 2015
net sales included approximately $661.1 million from the Company's
acquisition of Tony's noted above. In the first half of fiscal 2015, the
Company recognized an aggregate non-recurring reduction in net sales of
$9.3 million to reflect amounts owed to a customer resulting from an
incorrect calculation of contractual obligations to that customer from
fiscal 2009 through fiscal 2014. The Company identified the incorrect
calculation and brought it to the attention of its customer.
Gross margin decreased 123 basis points to 15.4% compared to the nine
months ended May 3, 2014. This decrease was primarily due to the
dilution from Tony's net sales, a shift in mix of sales, unfavorable
foreign exchange for the Company's Canadian business, and the reduction
in net sales related to the incorrect calculation noted above.
At 12.5% of net sales, total operating expenses for the nine months
ended May 2, 2015 were 95 basis points lower as a percentage of sales
than the comparable prior fiscal year period. Total operating expenses
increased $89.3 million, or 13.2%, to $767.2 million from $678.0 million
for the nine months ended May 3, 2014. The nine months ended May 2, 2015
included startup costs of approximately $2.4 million related to the
Company's Hudson Valley, New York, Auburn, California and Prescott,
Wisconsin facilities, $0.6 million associated with the write-off of an
intangible asset related to the Company's Canadian division, which was
acquired in June 2010, a $0.2 million restructuring charge related to
the closure of the Company's Aux Mille facility located in Quebec,
Canada, and approximately $0.3 million in costs related to the Company's
acquisition of Tony's, offset by a $0.6 million energy grant received
related to our Hudson Valley, New York facility.
Operating income for the nine months ended May 2, 2015 increased 10.9%,
or $17.4 million, to $176.9 million from $159.5 million for the nine
months ended May 3, 2014. Operating income as a percentage of net sales
decreased 28 basis points to 2.9% compared to the same period last
fiscal year. Adjusted operating income increased $26.7 million, or
16.7%, to $186.2 million for the nine months ended May 2, 2015,
excluding the non-recurring reduction in net sales of $9.3 million
related to the incorrect calculation noted above.
Net income for the nine months ended May 2, 2015 increased $10.5
million, or 11.4%, to $102.6 million, or $2.04 per diluted share, from
$92.1 million, or $1.85 per diluted share for the nine months ended May
3, 2014. Net income for the nine months ended May 2, 2015 includes a
gain of $4.2 million associated with a transfer of land at the Company's
Prescott, Wisconsin facility. Adjusted net income for the nine months
ended May 2, 2015 increased $16.2 million, or 17.5%, to $108.3 million,
or $0.30 per diluted share, to $2.15 per diluted share excluding the
non-recurring reduction in net sales of $9.3 million related to the
incorrect calculation noted above.
Adjusted operating income, adjusted net income and adjusted earnings per
diluted share are non-GAAP financial measures. Please refer to the
tables in this press release for a reconciliation of all non-GAAP
financial measures with the most directly comparable financial measures
calculated in accordance with GAAP.
Revised Fiscal 2015 Guidance
Based on UNFI's performance to date and the current outlook for the
remainder of fiscal 2015, UNFI is updating its previous guidance for
fiscal 2015 provided on March 9, 2015. For fiscal 2015, ending August 1,
2015, the Company expects net sales in the range of approximately $8.15
to $8.19 billion, an increase of approximately 20.0% to 20.5% over
fiscal 2014. The Company estimates GAAP earnings per diluted share for
fiscal 2015 in the range of approximately $2.75 to $2.79 per share, an
increase of approximately 9.1% to 10.7% over fiscal 2014 GAAP earnings
per diluted share of $2.52. Adjusted for the impact of the $7.7 million
reduction in net sales, adjusted earnings per diluted share for fiscal
2015 is expected to be in the range of $2.84 to $2.88, an increase of
approximately 12.7% to 14.3% over fiscal 2014 GAAP earnings per diluted
share of $2.52.
Conference Call & Webcast
The Company's third quarter 2015 conference call and audio webcast will
be held today, Monday, June 8, 2015 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 Forbes Magazine in 2014 as one of "America's Best Managed
Companies," ranked by Fortune in 2012 as one of its "Most Admired
American Companies," 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, 2014 (as amended on March 12, 2015), its quarterly reports on Form
10-Q filed with the SEC on December 10, 2014 (as amended on March 12,
2015) and March 12, 2015 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 shift in
the Company's product mix as a result of its acquisition of Tony's 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 across the Company; volatility in 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, consumer demand for natural and
organic products outpacing suppliers’ ability to produce those products,
severe weather, work stoppages or otherwise; union-organizing activities
that could cause labor relations difficulties and increased costs; 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. 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 adjusted operating income, adjusted net income and
both historical and estimated adjusted earnings per diluted share) in
each case excluding the impact of a reduction in net sales related to an
incorrect calculation of amounts owed to a customer discussed within
this press release. The reconciliations of non-GAAP financial measures
to the comparable GAAP financial measures are presented in the tables
appearing below labeled "Condensed Consolidated Statements of Income
with Adjustments" for the nine months ended May 2, 2015 and the fiscal
year ending August 1, 2015, as applicable. 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 adjusted operating
income, adjusted net income and adjusted earnings per diluted share for
the nine months ended May 2, 2015 and the fiscal year ending August 1,
2015, as applicable, excluding the impact of the reduction in net sales
described above aids in making period-to-period comparisons and is a
meaningful indication of its operating performance. The Company's
management utilizes this non-GAAP financial information to compare the
Company's operating performance during the 2015 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 amounts)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
May 2,
2015
|
|
May 3,
2014
|
|
May 2,
2015
|
|
May 3,
2014
|
|
Net sales
|
|
$
|
2,114,643
|
|
|
$
|
1,781,729
|
|
|
$
|
6,123,665
|
|
|
$
|
5,029,781
|
|
|
Cost of sales
|
|
1,788,729
|
|
|
1,483,600
|
|
|
5,179,556
|
|
|
4,192,309
|
|
|
Gross profit
|
|
325,914
|
|
|
298,129
|
|
|
944,109
|
|
|
837,472
|
|
|
Operating expenses
|
|
256,942
|
|
|
235,514
|
|
|
766,438
|
|
|
677,986
|
|
|
Restructuring and asset impairment expenses
|
|
—
|
|
|
—
|
|
|
803
|
|
|
—
|
|
|
Total operating expenses
|
|
256,942
|
|
|
235,514
|
|
|
767,241
|
|
|
677,986
|
|
|
Operating income
|
|
68,972
|
|
|
62,615
|
|
|
176,868
|
|
|
159,486
|
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
3,920
|
|
|
2,308
|
|
|
10,729
|
|
|
5,944
|
|
|
Interest income
|
|
(123
|
)
|
|
(129
|
)
|
|
(285
|
)
|
|
(374
|
)
|
|
Other, net
|
|
(4,396
|
)
|
|
(217
|
)
|
|
(3,785
|
)
|
|
404
|
|
|
Total other expense, net
|
|
(599
|
)
|
|
1,962
|
|
|
6,659
|
|
|
5,974
|
|
|
Income before income taxes
|
|
69,571
|
|
|
60,653
|
|
|
170,209
|
|
|
153,512
|
|
|
Provision for income taxes
|
|
27,821
|
|
|
24,261
|
|
|
67,573
|
|
|
61,405
|
|
|
Net income
|
|
$
|
41,750
|
|
|
$
|
36,392
|
|
|
$
|
102,636
|
|
|
$
|
92,107
|
|
|
Basic per share data:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.83
|
|
|
$
|
0.73
|
|
|
$
|
2.05
|
|
|
$
|
1.86
|
|
|
Weighted average basic shares of common stock outstanding
|
|
50,079
|
|
|
49,635
|
|
|
49,998
|
|
|
49,577
|
|
|
Diluted per share data:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.83
|
|
|
$
|
0.73
|
|
|
$
|
2.04
|
|
|
$
|
1.85
|
|
|
Weighted average diluted shares of common stock outstanding
|
|
50,348
|
|
|
49,931
|
|
|
50,246
|
|
|
49,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
|
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(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
May 2,
2015
|
|
August 2,
2014
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
23,940
|
|
|
$
|
16,116
|
|
|
Accounts receivable, net
|
|
510,692
|
|
|
449,870
|
|
|
Inventories
|
|
947,697
|
|
|
834,722
|
|
|
Prepaid expenses and other current assets
|
|
54,970
|
|
|
45,064
|
|
|
Deferred income taxes
|
|
38,570
|
|
|
32,518
|
|
|
Total current assets
|
|
1,575,869
|
|
|
1,378,290
|
|
|
Property & equipment, net
|
|
556,526
|
|
|
483,960
|
|
|
Goodwill
|
|
268,529
|
|
|
274,548
|
|
|
Intangible assets, net
|
|
128,206
|
|
|
134,989
|
|
|
Other assets
|
|
29,191
|
|
|
25,446
|
|
|
Total assets
|
|
$
|
2,558,321
|
|
|
$
|
2,297,233
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
440,276
|
|
|
$
|
385,890
|
|
|
Accrued expenses and other current liabilities
|
|
124,617
|
|
|
136,959
|
|
|
Current portion of long-term debt
|
|
11,566
|
|
|
990
|
|
|
Total current liabilities
|
|
576,459
|
|
|
523,839
|
|
|
Notes payable
|
|
360,599
|
|
|
415,660
|
|
|
Long-term debt, excluding current portion
|
|
177,246
|
|
|
32,510
|
|
|
Deferred income taxes
|
|
60,040
|
|
|
50,995
|
|
|
Other long-term liabilities
|
|
30,949
|
|
|
30,865
|
|
|
Total liabilities
|
|
1,205,293
|
|
|
1,053,869
|
|
|
Commitments and contingencies
|
|
—
|
|
|
—
|
|
|
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; 50,087
issued and outstanding shares at May 2, 2015; 49,771 issued and
outstanding shares at August 2, 2014
|
|
501
|
|
|
498
|
|
|
Additional paid-in capital
|
|
418,623
|
|
|
402,875
|
|
|
Unallocated shares of Employee Stock Ownership Plan
|
|
—
|
|
|
(14
|
)
|
|
Accumulated other comprehensive loss
|
|
(13,889
|
)
|
|
(5,152
|
)
|
|
Retained earnings
|
|
947,793
|
|
|
845,157
|
|
|
Total stockholders’ equity
|
|
1,353,028
|
|
|
1,243,364
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
2,558,321
|
|
|
$
|
2,297,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
Nine months ended
|
|
|
|
May 2,
2015
|
|
May 3,
2014
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
102,636
|
|
|
$
|
92,107
|
|
|
Adjustments to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
47,206
|
|
|
35,427
|
|
|
Share-based compensation
|
|
11,972
|
|
|
13,137
|
|
|
Gain on disposals of property and equipment
|
|
(784
|
)
|
|
(59
|
)
|
|
Gain on acquisition of land
|
|
(2,824
|
)
|
|
—
|
|
|
Excess tax benefits from share-based payment arrangements
|
|
(2,865
|
)
|
|
(2,459
|
)
|
|
Restructuring and asset impairment
|
|
803
|
|
|
—
|
|
|
Deferred income taxes
|
|
3,292
|
|
|
3,165
|
|
|
Provision for doubtful accounts
|
|
3,508
|
|
|
2,771
|
|
|
Non-cash interest expense
|
|
368
|
|
|
1,767
|
|
|
Changes in assets and liabilities, net of acquired businesses:
|
|
|
|
|
|
Accounts receivable
|
|
(67,166
|
)
|
|
(81,467
|
)
|
|
Inventories
|
|
(116,693
|
)
|
|
(126,613
|
)
|
|
Prepaid expenses and other assets
|
|
(3,863
|
)
|
|
(6,251
|
)
|
|
Accounts payable
|
|
30,053
|
|
|
48,107
|
|
|
Accrued expenses and other liabilities
|
|
(11,836
|
)
|
|
(279
|
)
|
|
Net cash used in operating activities
|
|
(6,193
|
)
|
|
(20,647
|
)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital expenditures
|
|
(98,544
|
)
|
|
(107,945
|
)
|
|
Purchases of acquired businesses, net of cash acquired
|
|
(8,017
|
)
|
|
(23,032
|
)
|
|
Proceeds from disposals of property and equipment
|
|
936
|
|
|
6,061
|
|
|
Long-term investment
|
|
(3,000
|
)
|
|
—
|
|
|
Net cash used in investing activities
|
|
(108,625
|
)
|
|
(124,916
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Repayments of long-term debt
|
|
(8,252
|
)
|
|
(707
|
)
|
|
Proceeds from borrowings from long-term debt
|
|
150,000
|
|
|
—
|
|
|
Proceeds from borrowings under revolving credit line
|
|
567,807
|
|
|
535,218
|
|
|
Repayments of borrowings under revolving credit line
|
|
(621,933
|
)
|
|
(397,093
|
)
|
|
Increase in bank overdraft
|
|
33,122
|
|
|
12,711
|
|
|
Proceeds from exercise of stock options
|
|
3,297
|
|
|
2,125
|
|
|
Payment of employee restricted stock tax withholdings
|
|
(2,383
|
)
|
|
(3,709
|
)
|
|
Excess tax benefits from share-based payment arrangements
|
|
2,865
|
|
|
2,459
|
|
|
Capitalized debt issuance costs
|
|
(1,963
|
)
|
|
—
|
|
|
Net cash provided by financing activities
|
|
122,560
|
|
|
151,004
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
82
|
|
|
25
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
7,824
|
|
|
5,466
|
|
|
Cash and cash equivalents at beginning of period
|
|
16,116
|
|
|
11,111
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
23,940
|
|
|
$
|
16,577
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
10,688
|
|
|
$
|
4,812
|
|
|
Cash paid for federal and state income taxes, net of refunds
|
|
$
|
58,989
|
|
|
$
|
52,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED NATURAL FOODS, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME WITH ADJUSTMENTS
|
|
Reconciliation of GAAP Results to Non-GAAP Presentation
(unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
Nine months ended May 2, 2015
|
|
|
|
GAAP
|
|
Adjustments
|
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
176,868
|
|
|
$
|
9,326
|
|
|
|
$
|
186,194
|
|
Net income
|
|
$
|
102,636
|
|
|
$
|
5,624
|
|
|
|
$
|
108,260
|
|
|
|
|
|
|
|
|
|
|
Diluted per share data:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
2.04
|
|
|
$
|
0.11
|
|
|
|
$
|
2.15
|
|
Weighted average diluted shares of common stock outstanding
|
|
50,246
|
|
|
|
|
|
50,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Guidance for GAAP Diluted Earnings per Common
Share to Non-GAAP
|
|
Adjusted Diluted Earnings per Common Share (unaudited)
|
|
|
|
|
|
|
|
|
|
The following table details the effect of the adjustment for the
reduction in net sales to diluted earnings per share guidance,
including the reduction in net sales (GAAP basis), to diluted
earnings per share guidance, excluding the reduction in net sales
(Non-GAAP basis) for the fiscal year ending August 1, 2015:
|
|
|
|
|
|
|
|
Fiscal Year Ending August 1, 2015
|
|
|
|
Low Range
|
|
High Range
|
|
|
|
|
|
|
|
GAAP diluted earnings per common share
|
|
$
|
2.75
|
|
|
$
|
2.79
|
|
Less the impact of a $7.7 million reduction in net sales
|
|
0.09
|
|
|
0.09
|
|
Non-GAAP diluted earnings per common share
|
|
$
|
2.84
|
|
|
$
|
2.88
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150608006485/en/
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