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United Natural Foods, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 26, 2013 10:39 AM Flag

    United Natural Foods, Inc. Announces Second Quarter Fiscal 2013 Results

    United Natural Foods, Inc. Announces Second Quarter Fiscal 2013 Results

    Q2 FISCAL 2013 NET SALES INCREASED 12.3% YEAR OVER YEAR TO $1.45 BILLION
    PROVIDENCE, R.I., Feb. 26, 2013 /PRNewswire/ --

    Highlights

    Net income in the second quarter of fiscal 2013 increased 2.8% over the prior year comparable quarter to $22.6 million
    Diluted EPS was $0.46 for the second quarter of fiscal 2013, an increase of 2.2% compared with diluted EPS of $0.45 for the second quarter of fiscal 2012
    Impact of the Auburn, Washington labor action during the second quarter of fiscal 2013 was additional pre-tax operating expenses of $3.6 million, or $0.04 per diluted share
    Operating margin was 2.7% of net sales for the second quarter of fiscal 2013. Adjusted for the effect of the Auburn, Washington labor action, operating margin was 2.9% of net sales, an increase of 4 basis points compared with the second quarter of fiscal 2012
    United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") today reported net sales for the second quarter of fiscal 2013 ended January 26, 2013 of $1.45 billion, an increase of 12.3%, or $158.8 million, over $1.29 billion in net sales recorded in the second quarter of fiscal 2012.

    "We were extremely focused on bringing resolution to our labor dispute in Auburn, Washington during the second quarter. By working together, we were able to reach a fair and equitable agreement. Our associates are back to work and the facility is back at full capacity," said Steven Spinner, UNFI's President and Chief Executive Officer. "We continue to move forward together as a Company and our results demonstrate our sustained sales growth, expense control and execution."

    Gross margin was 16.7% for the second quarter of fiscal 2013, unchanged from the first quarter of fiscal 2013 and representing a 62 basis point decline from gross margin of 17.3% for the second quarter of fiscal 2012. Gross margin for the second quarter of fiscal 2013 was impacted by the continued shift in customer mix to the conventional supermarket and supernatural channels.

    Total operating expenses were 14.0% as a percentage of net sales for the second quarter of fiscal 2013, a decrease of 40 basis points compared with the second quarter of fiscal 2012. This improvement was driven by the Company's ongoing initiatives to enhance productivity and reduce operating expenses throughout the organization, which were partially offset by $3.6 million in operating expenses related to the labor action at the Company's Auburn, Washington facility. Excluding the Auburn, Washington labor action costs, operating expenses for the second quarter of fiscal 2013 were 13.8% of net sales, a decrease of 65 basis points compared with the second quarter of fiscal 2012, which were 14.4% of net sales.

    Operating income for the second quarter of fiscal 2013 as a percentage of net sales decreased 21 basis points to 2.7% compared to the second quarter of fiscal 2012. Adjusting for the additional costs related to the labor action in Auburn, Washington, operating income for the second quarter of fiscal 2013 was 2.9% of net sales, an increase of 4 basis points compared to the second quarter of fiscal 2012. Net income for the second quarter of fiscal 2013 increased by $0.6 million, or 2.8%, to $22.6 million, or $0.46 per diluted share including the negative impact of $0.04 per diluted share related to the Auburn, Washington labor action, from $22.0 million, or $0.45 per diluted share, for the second quarter of fiscal 2012.

    The following table details the amounts and effect of the labor action costs related to our Auburn, Washington facility described above and the reconciliation of total operating expenses and operating income, in each case including the labor action costs (GAAP basis), to total operating expenses and operating income, excluding the labor action costs (non-GAAP basis) for the three months January 26, 2013 compared to the prior year quarter:

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UNFI
32.54-0.53(-1.60%)Feb 10 4:00 PMEST