(Exact name of registrant as specified in its charter) | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
(Address of principal executive offices) (Zip Code) |
N/A |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Emerging growth company |
Exhibit No. | Description | |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
UNITED NATURAL FOODS, INC. | |
By: | /s/ John W. Howard |
Name: | John W. Howard |
Title: | Interim Chief Financial Officer |
• | 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 $1 billion in operating lease assets and liabilities as UNFI adopts new lease accounting standard (ASC 842) |
• | GAAP results reflect non-cash goodwill and asset impairment charge |
13-Week Period Ended | |||||||||||
($ in thousands, except per share data) | November 2, 2019 | October 27, 2018 | Change | ||||||||
Net Sales | $ | 6,019,585 | $ | 2,868,156 | $ | 3,151,429 | |||||
Net Loss(1) | $ | (383,927 | ) | $ | (19,294 | ) | $ | (364,633 | ) | ||
Adjusted EBITDA(2) | $ | 121,694 | $ | 86,194 | $ | 35,500 | |||||
Net Loss Per Diluted Share (EPS)(1) | $ | (7.21 | ) | $ | (0.38 | ) | $ | (6.83 | ) | ||
Adjusted Earnings Per Diluted Share (EPS)(2) | $ | 0.12 | $ | 0.59 | $ | (0.47 | ) |
(1) | Includes the pre-tax effect of goodwill and asset impairment charges of $425.4 million. |
(2) | 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. |
13-Week Period Ended | ||||||||||||
Customer Channel (1) | Total % Growth | Legacy UNFI % Growth | November 2, 2019 | October 27, 2018 | ||||||||
Supermarkets | 305.3% | 3.6% | $ | 3,769 | $ | 930 | ||||||
Supernatural | 8.2% | 8.2% | 1,111 | 1,027 | ||||||||
Independents | 13.6% | (2.3)% | 758 | 667 | ||||||||
Other | 56.1% | (9.0)% | 381 | 244 | ||||||||
Total | 109.9% | 2.8% | $ | 6,019 | $ | 2,868 |
(1) | During the first quarter of fiscal 2020, the presentation of net sales by customer channel was adjusted to reflect reclassification of customer types resulting from management’s determination that a customer serviced by both Supervalu and legacy UNFI should be classified as a Supermarket customer given that customer’s operations. In addition, during the second quarter of fiscal 2019, net sales attributable to Supervalu was incorporated into the Company’s definition of sales by customer channel. There was no impact to the Condensed Consolidated Statements of Operations as a result of the reclassification of customer types. As a result of these adjustments, net sales to the Company’s Supermarkets channel for the first quarter of fiscal 2019 increased approximately $223 million compared to the previously reported amounts, while net sales to our Other channel increased approximately $1 million with an offsetting elimination of the Supervalu customer channel. |
Fiscal Year Ending August 1, 2020 | ||
Net Sales ($ in billions) | $23.5 - $24.3 | |
Net Income ($ in millions) | $(353) - $(324) | |
Loss Per Share (EPS) | $(6.60) - $(6.06) | |
Adjusted Earnings Per Diluted Share (EPS) (2) (3) | $1.22 - $1.76 | |
Adjusted EBITDA(3) ($ in millions) | $560 - $600 |
(1) | The outlook provided above is for fiscal 2020. This outlook is forward-looking, is based on management's current estimates and expectations and is subject to a number of risks, including many that are outside of management's control. See cautionary language below. |
(2) | Beginning with periods ending after August 3, 2019, the Company is using an adjusted effective tax rate in calculating Adjusted EPS. The adjusted effective tax rate will be calculated based on adjusted net income before tax. It will also exclude the potential impact of changes to uncertain tax positions, valuation allowances, stock compensation accounting (ASU 2016-09) and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. This change is reflected in the Company’s outlook for Adjusted EPS for fiscal 2020. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the underlying ongoing operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. |
(3) | Please refer to the tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. |
INVESTOR CONTACT: | |||
Steve Bloomquist | |||
Vice President, Investor Relations | |||
952-828-4144 |
13-Week Period Ended | ||||||||
November 2, 2019 | October 27, 2018 | |||||||
Net sales | $ | 6,019,585 | $ | 2,868,156 | ||||
Cost of sales | 5,248,543 | 2,455,825 | ||||||
Gross profit | 771,042 | 412,331 | ||||||
Operating expenses | 775,414 | 363,165 | ||||||
Goodwill and asset impairment charges | 425,405 | — | ||||||
Restructuring, acquisition and integration related expenses | 14,250 | 68,004 | ||||||
Operating loss | (444,027 | ) | (18,838 | ) | ||||
Other expense (income): | ||||||||
Net periodic benefit income, excluding service cost | (11,384 | ) | (844 | ) | ||||
Interest expense, net | 49,518 | 7,525 | ||||||
Other, net | (46 | ) | 97 | |||||
Total other expense, net | 38,088 | 6,778 | ||||||
Loss from continuing operations before income taxes | (482,115 | ) | (25,616 | ) | ||||
Benefit for income taxes | (73,753 | ) | (4,255 | ) | ||||
Net loss from continuing operations | (408,362 | ) | (21,361 | ) | ||||
Income from discontinued operations, net of tax | 24,954 | 2,070 | ||||||
Net loss including noncontrolling interests | (383,408 | ) | (19,291 | ) | ||||
Less net income attributable to noncontrolling interests | (519 | ) | (3 | ) | ||||
Net loss attributable to United Natural Foods, Inc. | $ | (383,927 | ) | $ | (19,294 | ) | ||
Basic (loss) earnings per share: | ||||||||
Continuing operations | $ | (7.67 | ) | $ | (0.42 | ) | ||
Discontinued operations | $ | 0.46 | $ | 0.04 | ||||
Basic loss per share | $ | (7.21 | ) | $ | (0.38 | ) | ||
Diluted (loss) earnings per share: | ||||||||
Continuing operations | $ | (7.67 | ) | $ | (0.42 | ) | ||
Discontinued operations | $ | 0.46 | $ | 0.04 | ||||
Diluted loss per share | $ | (7.21 | ) | $ | (0.38 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 53,213 | 50,583 | ||||||
Diluted | 53,213 | 50,583 |
November 2, 2019 | August 3, 2019 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 39,758 | $ | 42,350 | ||||
Accounts receivable, net | 1,136,924 | 1,065,699 | ||||||
Inventories | 2,324,979 | 2,089,416 | ||||||
Prepaid expenses and other current assets | 192,463 | 226,727 | ||||||
Current assets of discontinued operations | 155,883 | 143,729 | ||||||
Total current assets | 3,850,007 | 3,567,921 | ||||||
Property and equipment, net | 1,494,309 | 1,639,259 | ||||||
Operating lease assets | 1,051,128 | — | ||||||
Goodwill | 19,791 | 442,256 | ||||||
Intangible assets, net | 999,586 | 1,041,058 | ||||||
Deferred income taxes | 98,768 | 31,087 | ||||||
Other assets | 106,038 | 107,319 | ||||||
Long-term assets of discontinued operations | 343,892 | 352,065 | ||||||
Total assets | $ | 7,963,519 | $ | 7,180,965 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accounts payable | $ | 1,606,470 | $ | 1,476,857 | ||||
Accrued expenses and other current liabilities | 246,563 | 249,426 | ||||||
Accrued compensation and benefits | 164,605 | 148,296 | ||||||
Current portion of operating lease liabilities | 127,327 | — | ||||||
Current portion of long-term debt and finance lease liabilities | 34,458 | 112,103 | ||||||
Current liabilities of discontinued operations | 100,878 | 122,265 | ||||||
Total current liabilities | 2,280,301 | 2,108,947 | ||||||
Long-term debt | 3,051,238 | 2,819,050 | ||||||
Long-term operating lease liabilities | 949,978 | — | ||||||
Long-term finance lease liabilities | 68,682 | 108,208 | ||||||
Pension and other postretirement benefit obligations | 220,550 | 237,266 | ||||||
Deferred income taxes | 1,047 | 1,042 | ||||||
Other long-term liabilities | 267,080 | 393,595 | ||||||
Long-term liabilities of discontinued operations | 1,403 | 1,923 | ||||||
Total liabilities | 6,840,279 | 5,670,031 | ||||||
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; 54,121 shares issued and 53,506 shares outstanding at November 2, 2019; 53,501 shares issued and 52,886 shares outstanding at August 3, 2019 | 541 | 535 | ||||||
Additional paid-in capital | 532,958 | 530,801 | ||||||
Treasury stock at cost | (24,231 | ) | (24,231 | ) | ||||
Accumulated other comprehensive loss | (111,691 | ) | (108,953 | ) | ||||
Retained earnings | 728,979 | 1,115,519 | ||||||
Total United Natural Foods, Inc. stockholders’ equity | 1,126,556 | 1,513,671 | ||||||
Noncontrolling interests | (3,316 | ) | (2,737 | ) | ||||
Total stockholders' equity | 1,123,240 | 1,510,934 | ||||||
Total liabilities and stockholders’ equity | $ | 7,963,519 | $ | 7,180,965 |
13-Week Period Ended | ||||||||
(In thousands) | November 2, 2019 | October 27, 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss including noncontrolling interests | $ | (383,408 | ) | $ | (19,291 | ) | ||
Income from discontinued operations, net of tax | 24,954 | 2,070 | ||||||
Net loss from continuing operations | (408,362 | ) | (21,361 | ) | ||||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | ||||||||
Depreciation and amortization | 75,141 | 24,793 | ||||||
Share-based compensation | 1,247 | 8,089 | ||||||
(Gain) loss on disposition of assets | (1,308 | ) | 6 | |||||
Closed property and other restructuring charges | 4,969 | 412 | ||||||
Goodwill and asset impairment charges | 425,405 | — | ||||||
Net pension and other postretirement benefit income | (11,370 | ) | (844 | ) | ||||
Deferred income tax (benefit) expense | (62,560 | ) | 1,214 | |||||
LIFO charge | 6,546 | — | ||||||
Provision for doubtful accounts | 13,098 | 3,037 | ||||||
Loss on debt extinguishment | 73 | 1,114 | ||||||
Non-cash interest expense | 3,833 | 345 | ||||||
Changes in operating assets and liabilities, net of acquired businesses | (182,257 | ) | (118,124 | ) | ||||
Net cash used in operating activities of continuing operations | (135,545 | ) | (101,319 | ) | ||||
Net cash provided by (used in) operating activities of discontinued operations | 676 | (5,701 | ) | |||||
Net cash used in operating activities | (134,869 | ) | (107,020 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (41,122 | ) | (16,381 | ) | ||||
Purchases of acquired businesses, net of cash acquired | — | (2,273,829 | ) | |||||
Proceeds from dispositions of assets | 1,605 | 149,529 | ||||||
Payments for long-term investment | (162 | ) | (110 | ) | ||||
Payments of company owned life insurance premiums | (1,204 | ) | — | |||||
Net cash used in investing activities of continuing operations | (40,883 | ) | (2,140,791 | ) | ||||
Net cash provided by (used in) investing activities of discontinued operations | 17,002 | (89 | ) | |||||
Net cash used in investing activities | (23,881 | ) | (2,140,880 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from borrowings of long-term debt | 2,050 | 1,905,547 | ||||||
Proceeds from borrowings under revolving credit line | 1,338,446 | 1,805,300 | ||||||
Repayments of borrowings under revolving credit line | (1,100,746 | ) | (688,000 | ) | ||||
Repayments of long-term debt and finance leases | (83,510 | ) | (110,000 | ) | ||||
Proceeds from the issuance of common stock and exercise of stock options | 1,735 | 118 | ||||||
Payment of employee restricted stock tax withholdings | (819 | ) | (3,126 | ) | ||||
Payments for debt issuance costs | — | (60,309 | ) | |||||
Net cash provided by financing activities of continuing operations | 157,156 | 2,849,530 | ||||||
Net cash used in financing activities of discontinued operations | (1,060 | ) | — | |||||
Net cash provided by financing activities | 156,096 | 2,849,530 | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (10 | ) | (49 | ) | ||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | (2,664 | ) | 601,581 | |||||
Cash and cash equivalents, at beginning of period | 45,267 | 23,315 | ||||||
Cash and cash equivalents, including restricted cash at end of period | 42,603 | 624,896 | ||||||
Less: cash and cash equivalents of discontinued operations | (2,845 | ) | (4,633 | ) | ||||
Cash and cash equivalents including restricted cash of continuing operations | $ | 39,758 | $ | 620,263 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 49,296 | $ | 7,325 | ||||
Cash (refunds) payments for federal and state income taxes, net | $ | (28,874 | ) | $ | 462 |
13-Week Period Ended | |||||||
November 2, 2019 | October 27, 2018 | ||||||
Net loss attributable to UNFI per diluted common share | $ | (7.21 | ) | $ | (0.38 | ) | |
Goodwill and asset impairment charges(1) | 7.99 | — | |||||
Restructuring, acquisition and integration related expenses(2) | 0.27 | 1.34 | |||||
Note receivable charges(3) | 0.24 | — | |||||
Surplus property depreciation and interest expense(4) | 0.08 | — | |||||
Loss on debt extinguishment(5) | — | 0.02 | |||||
Interest expense on senior notes(6) | — | 0.01 | |||||
Inventory fair value adjustment(7) | — | 0.04 | |||||
Legal reserve charge(8) | 0.03 | — | |||||
Discontinued operations store closures and other charges, net(9) | 0.01 | — | |||||
Tax impact of adjustments and adjusted effective tax rate(10) | (1.29 | ) | (0.43 | ) | |||
Impact of diluted shares(11) | — | (0.01 | ) | ||||
Adjusted net income per diluted common share(10) | $ | 0.12 | $ | 0.59 |
(1) | Reflects a goodwill impairment charge attributable to a reorganization of our reporting units and a sustained decrease in market capitalization and enterprise value of the Company, resulting in a decline in the estimated fair value of the U.S. Wholesale reporting unit. In addition, this charge includes a goodwill finalization charge attributable to the SUPERVALU acquisition and an asset impairment charge. |
(2) | Fiscal 2020 primarily reflects closed property reserve charges and administrative and operational restructuring costs. Fiscal 2019 primarily reflects expenses resulting from the acquisition of SUPERVALU and acquisition and integration expenses, including employee-related costs. |
(3) | Reflects reserves and charges for notes receivable issued by the SUPERVALU business prior to its acquisition to finance the purchase of stores by its customers. |
(4) | Reflects surplus, non-operating property depreciation and interest expense, including accelerated depreciation related to a location we are recognizing a gain on included in Restructuring, acquisition and integration related expenses. |
(5) | Reflects non-cash charges related to the acceleration of unamortized debt issuance costs due to term loan prepayments and extinguishment charges from the Company’s term loan, which was in place prior to the acquisition of SUPERVALU. |
(6) | Interest expense recorded on the SUPERVALU senior notes in the mandatory 30-day redemption notice period. |
(7) | Reflects a non-cash charge related to the step-up in inventory values as part of purchase accounting. |
(8) | Reflects a charge to settle a legal proceeding and a charge related to our assessment of legal proceedings. |
(9) | Amounts represent store closure charges and costs, and inventory charges related to discontinued operations. |
(10) | Represents the tax effect of the pre-tax adjustments and beginning in the first quarter of fiscal 2020 an adjustment to utilize an adjusted effective tax rate to calculate Adjusted EPS. The adjusted effective tax rate is calculated based on adjusted net income before tax, and its impact reflects the exclusion of changes to uncertain tax positions, valuation allowances, tax impacts related to the exercise of share-based compensation awards and discrete GAAP tax items which could impact the comparability of the operational effective tax rate. The Company believes using this adjusted effective tax rate will provide better consistency across the interim reporting periods since each of these discrete items can cause volatility in the GAAP tax rate that is not indicative of the true operations of the Company. By providing this non-GAAP measure, management intends to provide investors with a meaningful, consistent comparison of the Company’s effective tax rate on ongoing operations. For the first quarter of fiscal 2020, the use of the adjusted effective tax rate to calculate Adjusted EPS did not affect the Adjusted EPS of $0.12. If the Company had utilized an adjusted effective tax rate in calculating Adjusted EPS in the first quarter of fiscal 2019, the tax impact of adjustments and adjusted effective tax rate would have been ($0.34) per diluted share and Adjusted EPS would have been $0.68 per diluted share. |
(11) | The computation of diluted earnings per share is calculated using diluted weighted average shares outstanding, which includes the net effect of dilutive stock awards. |
13-Week Period Ended | |||||||
(in thousands) | November 2, 2019 | October 27, 2018 | |||||
Net loss from continuing operations | $ | (408,362 | ) | $ | (21,361 | ) | |
Adjustments to continuing operations net loss: | |||||||
Total other expense, net | 38,088 | 6,778 | |||||
Benefit for income taxes | (73,753 | ) | (4,255 | ) | |||
Depreciation and amortization | 75,141 | 24,793 | |||||
Share-based compensation | 3,672 | 8,089 | |||||
Restructuring, acquisition and integration related expenses | 14,250 | 68,004 | |||||
Goodwill and asset impairment charges | 425,405 | — | |||||
Note receivable charges | 12,516 | — | |||||
Inventory fair value adjustment | — | 1,819 | |||||
Legal reserve charge | 1,850 | — | |||||
Adjusted EBITDA of discontinued operations(1)(2) | 32,887 | 2,327 | |||||
Adjusted EBITDA | $ | 121,694 | $ | 86,194 | |||
Income from discontinued operations, net of tax(1)(2) | $ | 24,954 | $ | 2,070 | |||
Adjustments to discontinued operations net income: | |||||||
Less net income attributable to noncontrolling interests | (519 | ) | (3 | ) | |||
Total other expense, net | (1,091 | ) | (249 | ) | |||
Provision for income taxes | 8,090 | 749 | |||||
Other expense (income) | — | (140 | ) | ||||
Share-based compensation | 253 | — | |||||
Restructuring, store closure and other charges, net(3) | 1,200 | (100 | ) | ||||
Adjusted EBITDA of discontinued operations(1)(2) | $ | 32,887 | $ | 2,327 |
(1) | In the third quarter of fiscal 2019, UNFI expanded its GAAP reconciliations to provide additional supplemental information regarding its adjustments within discontinued operations to arrive at the consolidated measure of Adjusted EBITDA. Previously, these line items were presented together as Net (loss) income attributable to United Natural Foods, Inc. These lines have been separated to provide for a separate presentation of the adjustments included within Adjusted EBITDA related to discontinued operations. This additional information had no impact on the previously presented calculation and definition of Adjusted EBITDA. For additional information regarding our discontinued operations, refer to UNFI’s Annual Report on Form 10-K for the year ended August 3, 2019. |
(2) | Adjusted EBITDA of discontinued operations excludes $12.5 million of operating lease rent expense for the first quarter of fiscal 2020 related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as we expect to remain primarily obligated under these leases. Due to these GAAP requirements to show rent expense, along with other administrative expenses of discontinued operations within continuing operations, UNFI believes the inclusion of discontinued operations results within Adjusted EBITDA provides UNFI and investors a meaningful measure of performance. |
(3) | Amounts represent store closure charges and costs, and operational wind-down and inventory charges related to discontinued operations. |
Fiscal Year Ending August 1, 2020 | |||||||
Low Range | High Range | ||||||
Net loss attributable to United Natural Foods, Inc. per diluted common share | $ | (6.60 | ) | $ | (6.06 | ) | |
Goodwill and asset impairment charges | 7.99 | 7.99 | |||||
Restructuring, acquisition and integration related costs | 1.05 | 1.05 | |||||
Note receivable charges | 0.24 | 0.24 | |||||
Closed property depreciation and interest expense | 0.08 | 0.08 | |||||
Legal reserve charge | 0.03 | 0.03 | |||||
Discontinued operations store closures and other charges, net | 0.01 | 0.01 | |||||
Tax impact of adjustments and adjusted effective tax rate(3) | (1.58 | ) | (1.58 | ) | |||
Adjusted net income per diluted common share(1)(2) | $ | 1.22 | $ | 1.76 |
(1) | Fiscal year ending August 1, 2020 Adjusted net income per diluted common share includes results reflected in our discontinued operations related to a full year of operations of a certain retail business. Management expects to divest that retail business during fiscal 2020 and will update guidance accordingly. |
(2) | The estimated adjusted effective tax rate excludes the potential impact of changes in uncertain tax positions, tax impacts related to ASU 2006-09 regarding stock compensation and valuation allowances. Refer to the below reconciliation for adjusted effective tax rate. |
(3) | The impact of the adjusted effective tax rate represents approximately $(0.35) of the $(1.58). |
Fiscal Year Ending August 1, 2020 | ||||||||||
(in thousands) | Low Range | Estimate | High Range | |||||||
Net loss attributable to United Natural Foods, Inc. | $ | (353,000 | ) | $ | (324,000 | ) | ||||
Benefit for income taxes | (52,000 | ) | (41,000 | ) | ||||||
Restructuring, acquisition and integration related costs(1) | 56,000 | |||||||||
Note receivable charges | 13,000 | |||||||||
Legal reserve charge | 2,000 | |||||||||
Discontinued operations store closures and other charges, net | 1,000 | |||||||||
Goodwill and asset impairment charges | 425,000 | |||||||||
Net interest expense | 196,000 | |||||||||
Total other (income) expense, net | (2,000 | ) | ||||||||
Depreciation and amortization | 268,000 | |||||||||
Share-based compensation | 48,000 | |||||||||
Net periodic benefit income, excluding service costs | (42,000 | ) | ||||||||
Adjusted EBITDA(2) | $ | 560,000 | $ | 600,000 |
(1) | Excludes potential costs and charges associated with divestitures of retail banners. |
(2) | Fiscal year ending August 1, 2020 Adjusted EBITDA includes results reflected in our Discontinued Operations related to a full year of operations of a certain retail business. Management expects to divest that retail business during fiscal 2020 which could impact guidance. |
Estimated Fiscal 2020 | Actual Fiscal 2019 | |||||
U.S. GAAP Effective Tax Rate | 12 | % | 18 | % | ||
Discrete quarterly recognition of GAAP items(1) | 1 | % | (2 | )% | ||
Tax impact of other charges and adjustments(2) | 1 | % | — | % | ||
Changes in valuation allowances(3) | (1 | )% | — | % | ||
Impact of Goodwill Impairment | 15 | % | 11 | % | ||
Other | 1 | % | — | % | ||
Adjusted Effective Tax Rate | 29 | % | 27 | % |
(1) | Reflects changes in tax laws, uncertain tax positions, the tax impacts related to the exercise of share-based compensation awards and any prior-year audit adjustments. |
(2) | Reflects the tax impact of pre-tax adjustments that are excluded from pre-tax income when calculating adjusted earnings per share. |
(3) | Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations. |
Document and Entity Information Document |
Dec. 11, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Dec. 11, 2019 |
Entity Registrant Name | UNITED NATURAL FOODS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-15723 |
Entity Tax Identification Number | 05-0376157 |
Entity Address, Address Line One | 313 Iron Horse Way, |
Entity Address, City or Town | Providence, |
Entity Address, State or Province | RI |
Entity Address, Postal Zip Code | 02908 |
City Area Code | 401 |
Local Phone Number | 528-8634 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.01 |
Trading Symbol | UNFI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001020859 |
Amendment Flag | false |
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