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United Natural Foods, Inc.$49.62($.13)(.26%)

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 United Natural Foods, Inc. Announces Fourth Quarter and Full Year Fiscal 2014 Results
   Wednesday, September 17, 2014 4:05:11 PM ET

--Fiscal 2014 Diluted EPS of $2.52 Increased 15.6% Year-over-Year

United Natural Foods, Inc. (UNFI ) (the "Company") today reported financial results for the fiscal quarter and fiscal year ended August 2, 2014.

Fiscal Year 2014 Highlights

-- Excluding the 53rd week in fiscal 2013, net sales increased 14.3% to $6.79 billion in fiscal 2014. Net sales increased 12.0% compared to $6.06 billion in fiscal 2013, an increase of $730.1 million.

-- Operating income increased 13.6% to $210.8 million in fiscal 2014 compared to $185.5 million in fiscal 2013.

-- Diluted EPS increased 15.6% to $2.52 in fiscal 2014 compared to $2.18 in fiscal 2013.

Fourth Quarter Fiscal 2014 Highlights

-- Excluding the 53rd week in fiscal 2013, net sales increased 15.8% for the fourth quarter of fiscal 2014 to $1.76 billion over the same period last fiscal year. Net sales increased 7.4%, or $122.3 million compared to $1.64 billion in the same period last fiscal year.

-- Fiscal 2014 fourth quarter net income increased 4.0% to $33.4 million from the same period last fiscal year.

-- Diluted EPS increased 3.1% to $0.67 for the fourth quarter of fiscal 2014, compared to $0.65 in the same period in fiscal 2013.

"During fiscal 2014 UNFI continued to enhance its product offering through the acquisition of Tony’s Fine Foods while building out capacity and infrastructure. These initiatives will serve us well as consumers and retailers continue to demand our natural, organic, ethnic and specialty SKUs," said Steven Spinner, President and Chief Executive Officer.

Net sales for the fourth quarter of fiscal 2014 increased 7.4% to $1.76 billion from $1.64 billion in the fourth quarter of fiscal 2013. Excluding approximately $118.7 million of net sales in the 53rd week of fiscal 2013, net sales increased 15.8% over the fourth quarter of fiscal 2013. The fourth quarter of fiscal 2014 included incremental net sales of approximately $64.0 million resulting from the Company’s acquisition of Tony’s Fine Foods ("Tony’s") in the fourth quarter of fiscal 2014 and Trudeau Foods in the first quarter of fiscal 2014.

Gross margin was 16.4% for the fourth quarter of fiscal 2014, a 29 basis point decrease from the third quarter of fiscal 2014 and an 88 basis point decrease from gross margin of 17.3% for the fourth quarter of fiscal 2013. Gross margin for the fourth quarter of fiscal 2014 was negatively impacted by foreign exchange from the declining value of the Canadian dollar on the Company’s business coupled with product and customer mix and the addition of Tony’s in July 2014.

Total operating expenses were 13.5% of net sales for the fourth quarter of fiscal 2014, a 36 basis point decrease compared to the fourth quarter of fiscal 2013. Total operating expenses increased $10.5 million or 4.6%, to $238.9 million in the fourth quarter of fiscal 2014 as compared to $228.4 million in the fourth quarter of fiscal 2013. Total operating expenses for the fourth quarter of fiscal 2014 included approximately $0.9 million of additional merger costs related to the acquisition of Tony’s, approximately $0.6 million of non-recurring costs associated with the start-up of the Hudson Valley, New York facility and approximately $0.5 million of non-recurring costs related to the start-up of the Company’s Racine, Wisconsin facility.

Operating income as a percentage of net sales for the fourth quarter of fiscal 2014 decreased 51 basis points to 2.9% compared to 3.4% for the fourth quarter of fiscal 2013. Net income for the fourth quarter of fiscal 2014 increased $1.3 million, or 4.0%, to $33.4 million, or $0.67 per diluted share, from $32.1 million, or $0.65 per diluted share, for the fourth quarter of fiscal 2013. Net income for the fourth quarter of fiscal 2014 includes a gain of $4.8 million associated with a non-cash transfer of land at the Company’s Racine, Wisconsin facility.

Fiscal Year 2014 Summary

Net sales for fiscal 2014 totaled $6.79 billion, a 12.0% increase compared to fiscal 2013. Excluding approximately $118.7 million of net sales from the additional week in fiscal 2013, net sales increased 14.3% over fiscal 2013.

Gross margin for the period was 16.6%, a 30 basis point decrease versus the prior fiscal year. The decline in gross margin was attributed to a combination of severe weather in the second quarter, the foreign exchange impact of weakness in the Canadian dollar on the Company’s Canadian business and the continued shift in sales growth towards supernatural, national supermarket and multi-unit independent customers. These challenges were partially offset by improved execution by the Company’s supply chain group, specifically with respect to procurement and inbound logistics.

Total operating expenses for fiscal 2014 were 13.5% of net sales, which was 35 basis points lower than in fiscal 2013. Total operating expenses increased $77.3 million, or 9.2%, to $916.9 million, compared to $839.6 million for fiscal 2013. Total operating expenses for fiscal 2014 included non-recurring costs of approximately $1.4 million related to the start-up of the Company’s Racine, Wisconsin facility, $0.8 million related to the start-up of the Company’s Hudson Valley, New York facility and $1.5 million of costs related to the acquisition of Tony’s. Total operating expenses for fiscal 2013 included approximately $6.3 million in expenses related to the labor action at the Company’s Auburn, Washington facility and $1.6 million related to the termination of a licensing agreement and the write-off of the associated intangible asset.

Operating income for fiscal 2014 was $210.8 million, an increase of 13.6% from $185.5 million in fiscal 2013. Operating income as a percentage of net sales was 3.1% for fiscal 2014 and fiscal 2013.

Net income for fiscal 2014 increased $17.6 million, or 16.3%, to $125.5 million, or $2.52 per diluted share, from $107.9 million, or $2.18 per diluted share, for fiscal 2013. Net income for fiscal 2014 includes a gain of $4.8 million associated with a non-cash transfer of land at the Company’s Racine, Wisconsin facility.

"Fiscal 2014 was a record year for UNFI from both a sales and earnings per share growth perspective, with earnings per share increasing by approximately 16%," commented Mr. Spinner. "As we look forward to fiscal 2015, we believe we are well-positioned to capitalize on new business opportunities and to continue to pursue additional merger and acquisition opportunities aligned with our strategy and our investment in new capacity," concluded Mr. Spinner.

Introduction of Fiscal 2015 Guidance

UNFI provided its financial outlook for fiscal 2015, ending August 1, 2015. The Company expects net sales in the range of approximately $8.13 to $8.38 billion, an increase of approximately 19.7% to 23.7 % over fiscal 2014. The Company estimates GAAP earnings per diluted share for fiscal 2015 in the range of approximately $2.88 to $3.01 per share, an increase of approximately 14.3% to 19.4% over fiscal 2014 GAAP earnings per diluted share of $2.52. Also, capital expenditures in fiscal 2015, net of the planned sale leaseback of the Company’s new Twin Cities-area distribution facility in Prescott, Wisconsin, are expected to be approximately $130 to $140 million, or approximately 1.6% to 1.7% of estimated fiscal 2015 net sales. Finally, the Company expects its fiscal 2015 tax rate to be in the range of 39.25% to 39.75%.

Conference Call & Webcast

The Company’s fourth quarter and full year fiscal 2014 conference call and audio webcast will be held today, Wednesday, September 17, 2014 at 5:00 p.m. EDT. The audio webcast of the conference call will be available to the public, on a listen-only basis, via the Internet at the Investors section of the Company’s website at www.unfi.com. The online archive of the webcast will be available on the Company’s website for 30 days.

About United Natural Foods

United Natural Foods, Inc. (http://www.unfi.com) carries and distributes more than 80,000 products to more than 40,000 customer locations throughout the United States and Canada. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores, independent retail operators and the food service channel. United Natural Foods, Inc. was ranked by Fortune in 2006 - 2010 as one of its "Most Admired Companies" and in 2012 as one of its "Most Admired American Companies", winner of the Supermarket News 2008 Sustainability Excellence Award, recognized by the Nutrition Business Journal for its 2009 Environment and Sustainability Award and chosen by Food Logistics Magazine as one of its 2012 Top 20 Green Providers.

For more information on United Natural Foods, Inc., visit the Company’s website at www.unfi.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements are described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on October 1, 2013, its quarterly reports on Form 10-Q filed with the SEC on December 11, 2013, March 12, 2014 and June 11, 2014, and other filings the Company makes with the SEC, and include, but are not limited to, the Company’s dependence on principal customers; the Company’s sensitivity to general economic conditions, including the current economic environment, changes in disposable income levels and consumer spending trends; the Company’s ability to reduce its expenses in amounts sufficient to offset its increased focus on sales to conventional supermarkets and the resulting lower gross margins on those sales; the Company’s reliance on the continued growth in sales of natural and organic foods and non-food products in comparison to conventional products; the Company’s ability to timely and successfully deploy its warehouse management system throughout its distribution centers and its transportation management system Company-wide; increased fuel costs; the Company’s sensitivity to inflationary and deflationary pressures; the relatively low margins and economic sensitivity of the Company’s business; the potential for disruptions in the Company’s supply chain by circumstances beyond its control; the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; union-organizing activities that could cause labor relations difficulties; the ability to identify and successfully complete acquisitions of other natural, organic and specialty food and non-food products distributors; management’s allocation of capital and the timing of capital expenditures; and the Company’s ability to successfully deploy its operational initiatives to achieve synergies from the acquisition of Tony’s Fine Foods. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by applicable laws. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced projections, but it is not obligated to do so.

Non-GAAP Financial Measures: To supplement its financial statements presented on a generally accepted accounting principles ("GAAP") basis, the Company has included in this press release non-GAAP financial measures, including operating expenses excluding expenses related to the labor action at the Company’s Auburn, Washington facility and the termination of a licensing agreement and the write-off of the associated intangible asset, as well as net sales growth adjusting for the 53rd week in fiscal 2013 and estimated capital expenditures for fiscal 2015 net of a planned sale leaseback transaction. The reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are presented within the text of this press release. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting its operating expenses and estimated capital expenditures for the applicable periods excluding, in the case of operating expenses the expenses associated with its Auburn, Washington labor dispute and the termination of the licensing agreement, and in the case of its estimates of capital expenditures proceeds from the planned sale leaseback of its Prescott, Wisconsin facility, facilitates making period-to-period comparisons and is a meaningful indication of its historical and estimated operating performance. The Company’s management utilizes this non-GAAP financial information to compare the Company’s operating performance during the 2013 fiscal year versus the comparable periods in the 2014 fiscal year and to internally prepared projections.

                                                                                                                                                      
                                                                                                                                 UNITED NATURAL FOODS, INC.
                                                                                                                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                                                                                                                            (In thousands, except per share data)
                                                                                                                                                                                              
                                                                                                             Three months ended                                                                                                      Fiscal year ended
                                                                     ---------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------
                                                                                    August 2,                                August 3,                                                   August 2,                               August 3,
                                                                                      2014                                                        2013                                                        2014                                                       2013
                                                                     ------------------------------------                        ------------------------------------                        ------------------------------------                        ---------------------------------
                                                                                                                                                                                                                                                                         
Net sales                                                                  $ 1,764,666                                                 $ 1,642,398                                                 $ 6,794,447                                              $ 6,064,355
Cost of sales                                                                1,474,493                                1,357,945                                5,666,802                             5,039,279  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
    Gross profit                                                               290,173                                                     284,453                                                   1,127,645                                                1,025,076
Operating expenses                                                             238,871                                                     228,362                                                     916,857                                                  837,953
Restructuring and asset impairment expenses                             --                           --                           --                                 1,629  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
    Total operating expenses                                                   238,871                                  228,362                                  916,857                               839,582  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
    Operating income                                                            51,302                                   56,091                                  210,788                               185,494  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
Other expense (income):
  Interest expense                                                               1,809                                                       1,955                                                       7,753                                                    5,897
  Interest income                                                                 (134 )                                                      (158 )                                                      (508 )                                                   (632 )
  Other, net                                                                    (4,269 )                                                     1,010                                   (3,865 )                                                  6,113  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
    Total other (income) expense, net                                           (2,594 )                                                     2,807                                    3,380                                11,378  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
Income before income taxes                                                      53,896                                                      53,284                                                     207,408                                                  174,116
  Provision for income taxes                                                    20,521                                   21,207                                   81,926                                66,262  
                                                                     --------------------------------------                      --------------------------------------                      --------------------------------------                      -----------------------------------
Net income                                                                 $    33,375                              $    32,077                              $   125,482                           $   107,854  
                                                                     ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================                      ==== ========= ====================
                                                                                                                                                                                                                                                                         
Basic per share data:
-----------------------------------------------
Net income                                                                 $      0.67                              $      0.65                              $      2.53                           $      2.19  
                                                                     ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================                      ==== ========= ====================
Weighted average basic shares of common stock                                   49,675                                   49,320                                   49,602                                49,217  
                                                                     ======================================                      ======================================                      ======================================                      ===================================
Diluted per share data:
-----------------------------------------------
Net income                                                                 $      0.67                              $      0.65                              $      2.52                           $      2.18  
                                                                     ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================                      ==== ========= ====================
Weighted average diluted shares of common stock                                 49,972                                   49,646                                   49,888                                49,509  
                                                                     ======================================                      ======================================                      ======================================                      ===================================
                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                         
                                                                                UNITED NATURAL FOODS, INC.
                                                                     CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                                                                           (In thousands, except per share data)
                                                                                                             
                                                                                                       August 2,                                                   August 3,
                                                                                                         2014                                                        2013
                                                                                        ------------------------------------                        ------------------------------------
ASSETS
------------------------------------------------------------------
Current assets:
Cash and cash equivalents                                                                     $    16,116                                                 $    11,111
Accounts receivable, net                                                                          449,870                                                     339,590
Inventories                                                                                       834,722                                                     702,161
Deferred income taxes                                                                              32,518                                                      23,822
Prepaid expenses and other current assets                                                          45,064                                   38,534  
                                                                                        --------------------------------------                      --------------------------------------
Total current assets                                                                            1,378,290                                                   1,115,218
Property and equipment, net                                                                       483,960                                                     338,594
Goodwill                                                                                          274,548                                                     201,874
Intangible assets, net                                                                            134,989                                                      49,540
Other assets                                                                                       25,446                                   24,682  
                                                                                        --------------------------------------                      --------------------------------------
Total assets                                                                                  $ 2,297,233                              $ 1,729,908  
                                                                                        ======= ========= ====================                      ======= ========= ====================
                                                                                                                                                                       
LIABILITIES AND STOCKHOLDERS’ EQUITY
------------------------------------------------------------------
Current liabilities:
Accounts payable                                                                              $   385,890                                                 $   283,851
Accrued expenses and other current liabilities                                                    136,959                                                     113,397
Current portion of long-term debt                                                                     990                                    1,019  
                                                                                        --------------------------------------                      --------------------------------------
Total current liabilities                                                                         523,839                                                     398,267
Notes payable                                                                                     415,660                                                     130,594
Deferred income taxes                                                                              50,995                                                      41,474
Other long-term liabilities                                                                        30,865                                                      27,336
Long-term debt, excluding current portion                                                          32,510                                   33,091  
                                                                                        --------------------------------------                      --------------------------------------
Total liabilities                                                                               1,053,869                                  630,762  
                                                                                        --------------------------------------                      --------------------------------------
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; 49,771                                      498                                                         493
issued and outstanding shares at August 2, 2014; 49,330 issued and
outstanding shares at August 3, 2013
Additional paid-in capital                                                                        402,875                                                     380,109
Unallocated shares of Employee Stock Ownership Plan                                                   (14 )                                                       (39 )
Accumulated other comprehensive loss                                                               (5,152 )                                                    (1,092 )
Retained earnings                                                                                 845,157                                  719,675  
                                                                                        --------------------------------------                      --------------------------------------
Total stockholders’ equity                                                                      1,243,364                                1,099,146  
                                                                                        --------------------------------------                      --------------------------------------
Total liabilities and stockholders’ equity                                                    $ 2,297,233                              $ 1,729,908  
                                                                                        ======= ========= ====================                      ======= ========= ====================
                                                                                                                                                                       
                                                                                                                                                                       
                                                                                       UNITED NATURAL FOODS, INC.
                                                                       CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                                                                
                                                                                                                                      Fiscal Year Ended
                                                                                    --------------------------------------------------------------------------------------------------------------------
(In thousands)                                                                                    August 2,                                August 3,
                                                                                                    2014                                                                           2013
                                                                                    ----------------------------------                                             ----------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                                $ 125,482                                                                      $ 107,854
  Adjustments to reconcile net income to net cash provided by
  operating activities:
  Depreciation and amortization                                                              48,758                                                                         42,398
  Deferred income tax expense                                                                   881                                                                          6,780
  Share-based compensation                                                                   14,608                                                                         15,104
  Excess tax benefit from share-based payment arrangements                                   (2,601 )                                                                       (1,952 )
  Loss (gain) on disposals of property and equipment                                            647                                                                           (513 )
  Gain associated with acquisition of land                                                   (4,840 )                                                               --
  Impairment of indefinite lived intangibles                                         --                                                                          1,629
  Provision for doubtful accounts                                                             3,152                                                                          4,227
  Non-cash interest expense                                                                   2,012                                                                            651
Changes in assets and liabilities, net of acquired companies:
  Accounts receivable                                                                       (70,717 )                                                                      (37,295 )
  Inventories                                                                               (97,819 )                                                                     (123,904 )
  Prepaid expenses and other assets                                                           2,024                                                                        (17,702 )
  Accounts payable                                                                           28,205                                                                         34,974
  Accrued expenses                                                                           12,627                                                      12,080  
                                                                                    ------------------------------------                                           ------------------------------------
Net cash provided by operating activities                                                    62,419                                                      44,331  
                                                                                    ------------------------------------                                           ------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                                                                     (147,303 )                                                                      (66,554 )
  Purchases of acquired businesses, net of cash acquired                                   (211,574 )                                                                       (8,135 )
  Proceeds from disposals of property and equipment                                           6,084                                                       2,368  
                                                                                    ------------------------------------                                           ------------------------------------
  Net cash used in investing activities                                                    (352,793 )                                                                      (72,321 )
                                                                                    ------------------------------------                                           ------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from borrowings under revolving credit line                                      853,884                                                                        610,046
  Repayments of borrowings under revolving credit line                                     (568,338 )                                                                     (594,107 )
  Repayments of long-term debt                                                               (1,226 )                                                                         (353 )
  Increase in bank overdraft                                                                 11,501                                                                          6,347
  Proceeds from exercise of stock options                                                     2,215                                                                          1,942
  Payment of employee restricted stock tax withholdings                                      (3,757 )                                                                       (3,484 )
  Excess tax benefit from share-based payment arrangements                                    2,601                                                                          1,952
  Capitalized debt issuance costs                                                            (1,523 )                                                               --  
                                                                                    ------------------------------------                                           ------------------------------------
  Net cash provided by financing activities                                                 295,357                                                      22,343  
                                                                                    ------------------------------------                                           ------------------------------------
  Effect of exchange rate changes on cash and cash equivalents                                   22                                                         636  
                                                                                    ------------------------------------                                           ------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                          5,005                                                      (5,011 )
                                                                                    ------------------------------------                                           ------------------------------------
                                                                                                                                                                                    
Cash and cash equivalents at beginning of period                                             11,111                                                      16,122  
                                                                                    ------------------------------------                                           ------------------------------------
Cash and cash equivalents at end of period                                                $  16,116                                                   $  11,111  
                                                                                    ======= ======= ====================                                           ======= ======= ====================
Supplemental disclosures of cash flow information:
  Cash paid for interest                                                                  $   6,599                                                   $   5,246  
                                                                                    ======= ======= ====================                                           ======= ======= ====================
  Cash paid for federal and state income taxes, net of refunds                            $  77,091                                                   $  64,367  
                                                                                    ======= ======= ====================                                           ======= ======= ====================
                                                                                                                                                                                    
                                                                                                                                                                                    

UNITED NATURAL FOODS, INC.

Non-GAAP Reconciliation of Gross Capital Expenditures to Capital Expenditures, Net of Planned Sale Leaseback

The following table represents a reconciliation of the Company’s estimated gross capital expenditures to its capital expenditures, net of the planned sale leaseback in the Company’s fiscal 2015 guidance:

                                                                                                                                  Low End of Range                                                                                                                                                              High End of Range
                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                 
(in millions)                                                              Fiscal       % of Net        Fiscal       % of Net                                                                   Fiscal       % of Net        Fiscal       % of Net
                                                                            2015                                                Sales                                                2015                                                Sales                                                                     2015                                                Sales                                                2015                                                Sales
                                                                         -------   -------------------- -------------------- --------   -------------------- -------------------- -------   -------------------- -------------------- --------                                                                  -------   -------------------- -------------------- --------   -------------------- -------------------- -------   -------------------- -------------------- --------
Gross capital expenditures                                                $ 165         2.0    %       $ 170         2.0    %                                                                  $ 175         2.1    %       $ 180         2.2    %
Planned proceeds from sale leaseback                                        (35 )      (0.4 )  %         (40 )      (0.4 )  %                                                                    (35 )      (0.4 )  %         (40 )      (0.5 )  %
                                                                         -----  -- -------------------- -------------------- ---- -- -- -------------------- -------------------- -----  -- -------------------- -------------------- ---- -- --                                                                -----  -- -------------------- -------------------- ---- -- -- -------------------- -------------------- -----  -- -------------------- -------------------- ---- -- --
Capital expenditures, net of planned sale leaseback                       $ 130                                               1.6    %                                             $ 130                                               1.6    %                                                                  $ 140                                               1.7    %                                             $ 140                                               1.7    %

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140917006310r1&sid=cmtx6&distro=nx&lang=en

SOURCE: United Natural Foods, Inc.

United Natural Foods, Inc. 
Mark Shamber 
Chief Financial Officer 
(401) 528-8634 
or 
ICR 
Katie Turner 
General Information 
(646) 277-1228


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