UNFI Reports Record Q4 and Strong Full Year Fiscal 2020 Results

Oct. 8, 2020

United Natural Foods, Inc. reported that fiscal 2020 full year net sales increased to $26.5 billion. Highlights from the report are below, and the full report may be viewed here.  

September 28, 2020

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (the “Company” or “UNFI”) today reported financial results for the fourth quarter (13 weeks) and fiscal year (52 weeks) ended August 1, 2020.

Fiscal 2020 Full Year Highlights(Fiscal 2019 was a 53 week year that included the contribution from an acquisition for 41 weeks)

  • Net sales increased to $26.5 billion
  • Net loss of $(274) million, including $425 million pre-tax goodwill and asset impairment charges recorded in the first quarter of fiscal 2020
  • Adjusted EBITDA increased to $673 million
  • Loss per diluted share (EPS) improved to $(5.10)
  • Adjusted EPS increased to $2.72
  • Reduced outstanding debt, net of cash, by $388 million; year-end adjusted EBITDA leverage ratio of 4.0x

Fourth Quarter Fiscal 2020 Highlights(All periods recast to present Retail in Continuing Operations; comparable basis changes are based on 13 week comparisons)

  • Net sales increased 0.4% to $6.75 billion, an 8.0% increase on a comparable basis
  • Net income increased 173.7% to $52 million, a 207.1% increase on a comparable basis
  • Adjusted EBITDA increased 19.3% to $198 million, a 27.9% increase on a comparable basis
  • Earnings per diluted share (EPS) increased 147.2% to $0.89, a 177.9% increase on a comparable basis
  • Adjusted EPS increased 202.9% to $1.06, a 205.2% increase on a comparable basis

“Fiscal 2020 was a monumental year for UNFI as the demonstrated flexibility and strength of our supply chain network led to full year results that exceeded our expectations,” said Steven L. Spinner, Chairman and Chief Executive Officer. “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. We’re continuing to execute with passion and purpose on our strategy and expect further growth in fiscal 2021.”


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