UNFI Reports Q1 Results, Confirms FY2021 Outlook

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Providence, RI—United Natural Foods, Inc. (UNFI) has reported financial results for the first quarter of Fiscal Year 2021 ended October 31, 2020, in a press release.

Compared to Q1 FY2020, highlights of this quarter include:

  • Net Sales increased 6.0% to $6.67 billion
  • Net loss of $1 million, including $43 million in pre-tax charges and costs
  • Adjusted EBITDA increased 30.6% to $159 million
  • Loss per diluted share of $0.02, reflective of charges and costs
  • Adjusted earnings per share (EPS) increased by $0.47 to $0.51
  • Prior guidance affirmed for net sales, adjusted EBITDA, and adjusted EPS

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“I am pleased with the start to fiscal 2021 as UNFI leveraged strong sales growth into year-over-year expanded adjusted EBITDA margins for the third consecutive quarter,” said Steven L. Spinner, Chairman and Chief Executive Officer, in the press release. “We’ve done a great job protecting the safety of our associates and helping our customers succeed in an evolving operating environment while building for the future through new distribution centers, customer solutions, and innovation across our business. Our newest distribution center will be a campus in Allentown, PA to service Key Food beginning next fall and facilitate further growth in the greater New York metropolitan market.”

The company’s outlook for FY2021 includes 3.3% net sales growth over FY2020. The outlook assumes that customers will continue to eat at home more than out of the house for the rest of FY2021, which ends on July 31.

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