PROVIDENCE, R.I., Dec. 11, 2019 /PRNewswire/ -- United Natural Foods, Inc. (NYSE: UNFI) (the "Company" or "UNFI") today reported financial results for the first quarter of fiscal 2020 (13 weeks) ended November 2, 2019.
First Quarter Fiscal 2020 Highlights
- Net Sales Increased to $6.0 billion, including an incremental $3.1 billion from SUPERVALU
- Re-affirms guidance for full year net sales, Adjusted EPS, and Adjusted EBITDA
- Balance sheet reflects addition of approximately $1 billion in operating lease assets and liabilities as UNFI adopts new lease accounting standard (ASC 842)
- GAAP results reflect non-cash goodwill and asset impairment charge
"We entered the new fiscal year operating with an unmatched geographic footprint, the largest variety of products and services in the industry and the critical scale needed to succeed over the long term. We delivered first quarter results in-line with our expectations and are pleased to reaffirm our fiscal 2020 outlook for net sales, Adjusted EBITDA and Adjusted EPS," said Steven L. Spinner, Chairman and Chief Executive Officer. "We remain confident that UNFI is well-positioned today and for the future to deliver an industry-leading and sustainable supply chain platform for all customer channels. As we look to the remainder of fiscal 2020, we are committed to converting our sales momentum into improved earnings and cash flow."
The full report may be viewed here.