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United Natural Foods, Inc. Announces Fourth Quarter And Full Year Fiscal 2013 Results

United Natural Foods, Inc. (Nasdaq: UNFI) (the “Company”) today reported financial results for the fiscal quarter and fiscal year ended August 3, 2013.

Fourth Quarter Fiscal 2013 Highlights

  • Net sales increased 22.2%, or $298.7 million, to $1.64 billion compared to $1.34 billion in the same period last fiscal year. Adjusted for the additional week in the fourth quarter of fiscal 2013, net sales increased 13.4% over the fourth quarter of fiscal 2012.
  • Gross margin increased 53 basis points from third quarter of fiscal 2013
  • Operating income increased 30.6% to $56.1 million compared to $43.0 million in the same period last fiscal year
  • Net income increased 27.6% to $32.1 million compared to $25.1 million in the same period last fiscal year
  • Earnings per diluted share increased 27.5% to $0.65 compared to $0.51 in the same period last fiscal year

Fiscal Year 2013 Highlights

  • Net sales increased 15.8%, or $828.3 million, year-over-year to $6.06 billion compared to $5.24 billion in fiscal 2012. Adjusted for the additional week in fiscal 2013, net sales increased 13.6% over fiscal 2012.
  • Operating income increased 19.6% to $185.5 million compared to $155.2 million in fiscal 2012
  • Net income increased 18.1% to $107.9 million compared to $91.3 million in fiscal 2012
  • Earnings per diluted share increased 17.2% to $2.18 compared to $1.86 in fiscal 2012

“UNFI crossed the $6 billion annual net sales mark, and most importantly demonstrated real progress across all of our core strategies resulting in over 18% net income growth compared to the prior year,” said Steven Spinner, President and Chief Executive Officer.

Net sales for the fourth quarter of fiscal 2013 increased 22.2% to $1.64 billion from $1.34 billion in fiscal 2012. Adjusted for net sales in the 53 rd week of fiscal 2013 of $118.7 million, net sales increased 13.4% over fiscal 2012.

Gross margin was 17.3% for the fourth quarter of fiscal 2013, a 53 basis point increase from the third quarter of fiscal 2013 and an 11 basis point increase from gross margin of 17.2% for the fourth quarter of fiscal 2012. Gross margin for the fourth quarter of fiscal 2013 increased due to improvements in purchasing and logistics efficiencies, partially offset by a continued shift in the Company’s customer mix to lower margin conventional supermarkets.

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