Exhibit 99.1
October 1, 2019

UNITED NATURAL FOODS, INC. REPORTS FOURTH QUARTER FISCAL 2019 RESULTS
 
Providence, Rhode Island - October 1, 2019 -- 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




The following information was filed by United Natural Foods Inc (UNFI) on Tuesday, October 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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