UNITED NATURAL FOODS, INC. | |||
(Exact Name of Registrant as Specified in its Charter) | |||
Delaware | 000-21531 | 05-0376157 | |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
313 Iron Horse Way, Providence, RI 02908 | |||
(Address of Principal Executive Offices) (Zip Code) |
N/A |
Exhibit No. | Description | |
99.1 | ||
UNITED NATURAL FOODS, INC. | |
By: | /s/ Michael P. Zechmeister |
Name: | Michael P. Zechmeister |
Title: | Chief Financial Officer |
13-Week Period Ended | |||||||||||||
($ in thousands, except for per share data) | April 28, 2018 | April 29, 2017 | Change | ||||||||||
Net Sales | $ | 2,648,879 | $ | 2,369,556 | $ | 279,323 | 11.8 | % | |||||
Operating Income | $ | 82,157 | $ | 64,946 | $ | 17,211 | 26.5 | % | |||||
Adjusted Operating Income(1) | $ | 82,308 | $ | 68,892 | $ | 13,416 | 19.5 | % | |||||
Net Income | $ | 51,891 | $ | 36,587 | $ | 15,304 | 41.8 | % | |||||
Adjusted EBITDA(1) | $ | 104,041 | $ | 90,364 | $ | 13,677 | 15.1 | % | |||||
Earnings Per Diluted Share (EPS) | $ | 1.02 | $ | 0.72 | $ | 0.30 | 41.7 | % | |||||
Adjusted EPS(1) | $ | 1.04 | $ | 0.77 | $ | 0.27 | 35.1 | % |
13-Week Period Ended | |||||||
Customer Channel | Y-o-Y Growth | April 28, 2018 | |||||
Supernatural chains | 24.3% | $ | 992 | ||||
Independently owned natural products retailers | 6.1% | 664 | |||||
Conventional supermarket | 3.7% | 718 | |||||
Other | 8.3% | 275 | |||||
Total | $ | 2,649 |
39-Week Period Ended | |||||||
Customer Channel | Y-o-Y Growth | April 28, 2018 | |||||
Supernatural chains | 19.4% | $ | 2,776 | ||||
Independently owned natural products retailers | 6.1% | 1,922 | |||||
Conventional supermarket | 4.9% | 2,150 | |||||
Other | 5.2% | 787 | |||||
Total | $ | 7,634 | * |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||
(in thousands) | April 28, 2018 | April 29, 2017 | Change | April 28, 2018 | April 29, 2017 | Change | |||||||||||||||||
Cash Flow from Operations | $ | (20,047 | ) | $ | 66,188 | $ | (55,166 | ) | $ | 163,097 | |||||||||||||
Less: Capital Expenditures | 14,111 | 17,330 | 29,646 | 40,004 | |||||||||||||||||||
Free Cash Flow | $ | (34,158 | ) | $ | 48,858 | $ | (83,016 | ) | $ | (84,812 | ) | $ | 123,093 | $ | (207,905 | ) |
Current Guidance | Previous Guidance | |||||||
Fiscal Year (FY) Ending July 28, 2018 | FY 2018 | Y-o-Y Growth | FY 2018 | Y-o-Y Growth | ||||
Net Sales ($ in billions) | $10.23 - $10.28 | 10.3% - 10.8% | $10.01 - $10.16 | 8.0% - 9.5% | ||||
EPS | $3.39 - $3.44 | 32.2% - 34.2% | $3.27 - $3.35 | 27.7% - 30.9% | ||||
Adjusted EPS(1) | $3.18 - $3.23 | 23.6% - 25.6% | $3.06 - $3.14 | 19.5% - 22.7% | ||||
Effective Tax Rate | 23.8% - 24.1% | 23.8% - 24.3% | ||||||
Adjusted Effective Tax Rate(1) | 32.1% - 32.4% | 33.0% - 33.3% | ||||||
Capital Expenditures as a % of Net Sales | 0.6% - 0.7% | 0.6% - 0.7% |
• | Adjusted EPS excludes the restructuring and impairment charges and the estimated impact of the one-time tax benefit related to the remeasurement of U.S. net deferred tax liabilities resulting from the Tax Act. |
• | Adjusted Effective Tax Rate excludes the impact of the estimated benefit related to the remeasurement of net deferred tax liabilities as a result of the Tax Act. |
INVESTOR CONTACT: | |||
Faten Freiha | |||
Director, Investor Relations and Corporate Strategy | |||
401-528-8634 |
13-Week Period Ended | 39-Week Period Ended | |||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | |||||||||||||
Net sales | $ | 2,648,879 | $ | 2,369,556 | $ | 7,634,435 | $ | 6,933,438 | ||||||||
Cost of sales | 2,240,792 | 2,003,195 | 6,487,610 | 5,873,116 | ||||||||||||
Gross profit | 408,087 | 366,361 | 1,146,825 | 1,060,322 | ||||||||||||
Operating expenses | 325,779 | 297,469 | 957,964 | 891,820 | ||||||||||||
Restructuring and asset impairment expenses | 151 | 3,946 | 11,393 | 3,946 | ||||||||||||
Total operating expenses | 325,930 | 301,415 | 969,357 | 895,766 | ||||||||||||
Operating income | 82,157 | 64,946 | 177,468 | 164,556 | ||||||||||||
Other expense (income): | ||||||||||||||||
Interest expense | 4,468 | 4,225 | 12,368 | 13,188 | ||||||||||||
Interest income | (121 | ) | (82 | ) | (308 | ) | (278 | ) | ||||||||
Other expense (income), net | (24 | ) | 478 | (1,305 | ) | 760 | ||||||||||
Total other expense, net | 4,323 | 4,621 | 10,755 | 13,670 | ||||||||||||
Income before income taxes | 77,834 | 60,325 | 166,713 | 150,886 | ||||||||||||
Provision for income taxes | 25,943 | 23,738 | 33,831 | 59,600 | ||||||||||||
Net income | $ | 51,891 | $ | 36,587 | $ | 132,882 | $ | 91,286 | ||||||||
Basic per share data: | ||||||||||||||||
Net income | $ | 1.03 | $ | 0.72 | $ | 2.63 | $ | 1.81 | ||||||||
Weighted average basic shares of common stock outstanding | 50,424 | 50,601 | 50,563 | 50,554 | ||||||||||||
Diluted per share data: | ||||||||||||||||
Net income | $ | 1.02 | $ | 0.72 | $ | 2.61 | $ | 1.80 | ||||||||
Weighted average diluted shares of common stock outstanding | 50,751 | 50,801 | 50,816 | 50,718 |
April 28, 2018 | July 29, 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 21,758 | $ | 15,414 | ||||
Accounts receivable, net | 635,190 | 525,636 | ||||||
Inventories | 1,195,860 | 1,031,690 | ||||||
Deferred income taxes | — | 40,635 | ||||||
Prepaid expenses and other current assets | 41,953 | 49,295 | ||||||
Total current assets | 1,894,761 | 1,662,670 | ||||||
Property & equipment, net | 574,197 | 602,090 | ||||||
Goodwill | 362,916 | 371,259 | ||||||
Intangible assets, net | 196,979 | 208,289 | ||||||
Other assets | 49,993 | 42,255 | ||||||
Total assets | $ | 3,078,846 | $ | 2,886,563 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 543,631 | $ | 534,616 | ||||
Accrued expenses and other current liabilities | 176,127 | 157,243 | ||||||
Current portion of long-term debt | 12,423 | 12,128 | ||||||
Total current liabilities | 732,181 | 703,987 | ||||||
Notes payable | 329,000 | 223,612 | ||||||
Deferred income taxes | 37,348 | 98,833 | ||||||
Other long-term liabilities | 27,274 | 28,347 | ||||||
Long-term debt, excluding current portion | 140,740 | 149,863 | ||||||
Total liabilities | 1,266,543 | 1,204,642 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value, authorized 5,000 shares; none issued or outstanding | — | — | ||||||
Common stock, par value $0.01 per share, authorized 100,000 shares; 51,006 shares issued and 50,441 shares outstanding at April 28, 2018, 50,622 shares issued and outstanding at July 29, 2017 | 510 | 506 | ||||||
Additional paid-in capital | 479,220 | 460,011 | ||||||
Treasury stock at cost | (22,237 | ) | — | |||||
Accumulated other comprehensive loss | (12,634 | ) | (13,963 | ) | ||||
Retained earnings | 1,367,444 | 1,235,367 | ||||||
Total stockholders’ equity | 1,812,303 | 1,681,921 | ||||||
Total liabilities and stockholders’ equity | $ | 3,078,846 | $ | 2,886,563 |
39-Week Period Ended | ||||||||
April 28, 2018 | April 29, 2017 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 132,882 | $ | 91,286 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
Depreciation and amortization | 65,982 | 63,930 | ||||||
Share-based compensation | 21,712 | 18,702 | ||||||
Loss on disposals of property and equipment | 111 | 825 | ||||||
Gain associated with disposal of investments | (699 | ) | — | |||||
Excess tax deficit from share-based payment arrangements | — | 1,403 | ||||||
Restructuring and asset impairment | 3,370 | 711 | ||||||
Goodwill impairment | 7,872 | — | ||||||
Deferred income taxes | (21,866 | ) | (160 | ) | ||||
Change in accounting estimate | (20,909 | ) | — | |||||
Provision for doubtful accounts | 8,805 | 4,847 | ||||||
Non-cash interest expense | 594 | 79 | ||||||
Changes in assets and liabilities, net of acquired businesses: | ||||||||
Accounts receivable | (119,149 | ) | (61,820 | ) | ||||
Inventories | (165,049 | ) | (19,758 | ) | ||||
Prepaid expenses and other assets | 10,317 | (9,135 | ) | |||||
Accounts payable | 6,396 | 79,023 | ||||||
Accrued expenses and other liabilities | 14,465 | (6,836 | ) | |||||
Net cash (used in) provided by operating activities | (55,166 | ) | 163,097 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (29,646 | ) | (40,004 | ) | ||||
Purchase of businesses, net of cash acquired | (29 | ) | (9,198 | ) | ||||
Proceeds from disposals of property and equipment | 47 | 34 | ||||||
Proceeds from disposal of investments | 756 | — | ||||||
Long-term investment | (3,397 | ) | (2,000 | ) | ||||
Net cash used in investing activities | (32,269 | ) | (51,168 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repayments of long-term debt | (9,043 | ) | (8,531 | ) | ||||
Repurchase of common stock | (22,237 | ) | — | |||||
Proceeds from borrowings under revolving credit line | 500,061 | 154,412 | ||||||
Repayments of borrowings under revolving credit line | (394,671 | ) | (276,443 | ) | ||||
Increase in bank overdraft | 23,890 | 19,075 | ||||||
Proceeds from exercise of stock options | 602 | 165 | ||||||
Payment of employee restricted stock tax withholdings | (4,522 | ) | (1,295 | ) | ||||
Excess tax deficit from share-based payment arrangements | — | (1,403 | ) | |||||
Capitalized debt issuance costs | — | (180 | ) | |||||
Net cash provided by (used in) financing activities | 94,080 | (114,200 | ) | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (301 | ) | (203 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6,344 | (2,474 | ) | |||||
Cash and cash equivalents at beginning of period | 15,414 | 18,593 | ||||||
Cash and cash equivalents at end of period | $ | 21,758 | $ | 16,119 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 12,368 | $ | 13,188 | ||||
Cash paid for federal and state income taxes, net of refunds | $ | 45,021 | $ | 58,199 |
Reconciliation of Operating Expenses and Operating Expenses as a Percentage of Net Sales to Adjusted Operating Expenses and Adjusted Operating Expenses as a Percentage of Net Sales (unaudited) | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||
April 28, 2018 | April 29, 2017 | Change | April 28, 2018 | April 29, 2017 | Change | ||||||||||||||||
Net Sales | $ | 2,648,879 | $ | 2,369,556 | 11.8 | % | $ | 7,634,435 | $ | 6,933,438 | 10.1 | % | |||||||||
Total operating expenses | $ | 325,930 | $ | 301,415 | 8.1 | % | $ | 969,357 | $ | 895,766 | 8.2 | % | |||||||||
Restructuring and asset impairment expenses | 151 | 3,946 | 11,393 | 3,946 | |||||||||||||||||
Adjusted total operating expenses | $ | 325,779 | $ | 297,469 | 9.5 | % | $ | 957,964 | $ | 891,820 | 7.4 | % | |||||||||
Total operating expenses as a percentage of net sales | 12.30 | % | 12.72 | % | 12.70 | % | 12.92 | % | |||||||||||||
Adjusted total operating expenses as a percentage of net sales | 12.30 | % | 12.55 | % | 12.55 | % | 12.86 | % |
Reconciliation of Operating Income to Adjusted Operating Income (unaudited) | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||
April 28, 2018 | April 29, 2017 | Change | April 28, 2018 | April 29, 2017 | Change | ||||||||||||||||
Operating income | $ | 82,157 | $ | 64,946 | 26.5 | % | $ | 177,468 | $ | 164,556 | 7.8 | % | |||||||||
Restructuring and asset impairment expenses | 151 | 3,946 | 11,393 | 3,946 | |||||||||||||||||
Adjusted operating income | $ | 82,308 | $ | 68,892 | 19.5 | % | $ | 188,861 | $ | 168,502 | 12.1 | % |
Reconciliation of Net Income to Adjusted EBITDA (unaudited) | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||
April 28, 2018 | April 29, 2017 | Change | April 28, 2018 | April 29, 2017 | Change | ||||||||||||||||
Net income | $ | 51,891 | $ | 36,587 | 41.8 | % | $ | 132,882 | $ | 91,286 | 45.6 | % | |||||||||
Depreciation and amortization | 21,733 | 21,472 | 65,982 | 63,930 | |||||||||||||||||
Total other expense, net | 4,323 | 4,621 | 10,755 | 13,670 | |||||||||||||||||
Provision for income taxes | 25,943 | 23,738 | 33,831 | 59,600 | |||||||||||||||||
Restructuring and asset impairment expenses | 151 | 3,946 | 11,393 | 3,946 | |||||||||||||||||
Adjusted EBITDA | $ | 104,041 | $ | 90,364 | 15.1 | % | $ | 254,843 | $ | 232,432 | 9.6 | % |
Reconciliation of GAAP Earnings per Diluted Common Share to Adjusted Earnings per Diluted Common Share (unaudited) | |||||||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||||||
GAAP earnings per diluted common share | $ | 1.02 | $ | 0.72 | $ | 2.61 | $ | 1.80 | |||||||
Restructuring and asset impairment expenses (1) | — | 0.08 | 0.22 | 0.08 | |||||||||||
Tax impact of adjustments (2) | — | (0.03 | ) | (0.07 | ) | (0.03 | ) | ||||||||
Net tax expense (benefit) related to U.S. Tax Reform (3) | 0.02 | — | (0.41 | ) | — | ||||||||||
Adjusted earnings per diluted common share | $ | 1.04 | $ | 0.77 | $ | 2.35 | $ | 1.85 | |||||||
Reconciliation of GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate (unaudited) | |||||||||||
(in thousands,except percentages) | |||||||||||
April 28, 2018 | |||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||
Income before income taxes | $ | 77,834 | $ | 166,713 | |||||||
Provision for income taxes | 25,943 | 33.3 | % | 33,831 | 20.3 | % | |||||
Net tax (expense) benefit related to U.S. Tax Reform (1) | (1,008 | ) | (1.3 | )% | 20,883 | 12.5 | % | ||||
Adjusted provision for income taxes | $ | 24,935 | 32.0 | % | $ | 54,714 | 32.8 | % |
Fiscal Year Ending July 28, 2018 | ||||||||
Low Range | High Range | |||||||
GAAP diluted earnings per common share | $ | 3.39 | $ | 3.44 | ||||
Restructuring and asset impairment expenses (1) | 0.25 | 0.25 | ||||||
Tax impact of adjustments (2) | (0.08 | ) | (0.08 | ) | ||||
Net tax benefit related to U.S. Tax Reform (3) | (0.38 | ) | (0.38 | ) | ||||
Non-GAAP adjusted diluted earnings per common share | $ | 3.18 | $ | 3.23 | ||||
Reconciliation of 2018 Guidance for Estimated GAAP Effective Tax Rate to Estimated Non-GAAP Effective Tax Rate (unaudited) | ||||||
Fiscal Year Ending July 28, 2018 | ||||||
Low Range | High Range | |||||
Estimated GAAP Effective Tax Rate | 23.8 | % | 24.1 | % | ||
Net tax benefit related to U.S. Tax Reform (1) | 8.3 | % | 8.3 | % | ||
Adjusted Estimated GAAP Effective Tax Rate | 32.1 | % | 32.4 | % | ||
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