United Natural Foods, Inc. Files 10-Q for Period Ending January 27, 2024

TL;DR

<b>United Natural Foods, Inc. (UNFI) has filed its quarterly report (10-Q) for the period ending January 27, 2024.</b>

AI Summary

UNITED NATURAL FOODS INC (UNFI) filed a Quarterly Report (10-Q) with the SEC on March 6, 2024. Filing is a 10-Q for United Natural Foods, Inc. (UNFI). The reporting period concluded on January 27, 2024. The filing date was March 6, 2024. The company's fiscal year ends on July 31. UNFI is classified under SIC code 5141 (Wholesale-Groceries & General Line).

Why It Matters

For investors and stakeholders tracking UNITED NATURAL FOODS INC, this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for UNFI, crucial for investors and analysts to assess the company's performance and outlook. Understanding the financial health and strategic direction outlined in this report is key to evaluating UNFI's position within the wholesale grocery sector.

Risk Assessment

Risk Level: medium — UNITED NATURAL FOODS INC shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting rather than an immediate crisis, but the nature of the wholesale grocery business involves inherent market and operational risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand UNFI's current financial standing and potential challenges.

Key Numbers

• 2024-01-27 — Reporting Period End Date (Conformed Period of Report)
• 2024-03-06 — Filing Date (Filed as of date)
• 0731 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• UNITED NATURAL FOODS INC (company) — Filer name
• UNFI (company) — Ticker symbol
• 2024-01-27 (date) — Conformed period of report
• 2024-03-06 (date) — Filed as of date
• 5141 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

United Natural Foods, Inc. operates in the wholesale grocery sector, distributing a wide range of natural, organic, and specialty foods.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine any disclosed risk factors for potential impacts on future operations.
3. Compare key metrics to previous periods to identify performance changes.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending January 27, 2024, following previous filings such as the 10-K for the fiscal year ended July 30, 2023.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 UNFI New York Stock Exchange Indicate

Filing Documents

• unfi-20240127.htm (10-Q) — 1601KB
• exhibit102-q2fy24.htm (EX-10.2) — 63KB
• exhibit103-q2fy24.htm (EX-10.3) — 98KB
• exhibit311-q2fy24.htm (EX-31.1) — 9KB
• exhibit312-q2f24.htm (EX-31.2) — 9KB
• exhibit321-q2f24.htm (EX-32.1) — 4KB
• exhibit322-q2fy24.htm (EX-32.2) — 4KB
• unfi-20240127_g1.jpg (GRAPHIC) — 11KB
• 0001020859-24-000006.txt (&nbsp;) — 8420KB
• unfi-20240127.xsd (EX-101.SCH) — 48KB
• unfi-20240127_cal.xml (EX-101.CAL) — 71KB
• unfi-20240127_def.xml (EX-101.DEF) — 236KB
• unfi-20240127_lab.xml (EX-101.LAB) — 552KB
• unfi-20240127_pre.xml (EX-101.PRE) — 397KB
• unfi-20240127_htm.xml (XML) — 1534KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Operations (unaudited) 4 Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 6 Condensed Consolidated Statements of Cash Flows (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds , and Issuer Purchases of Equity Securities 40 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 43 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNITED NATURAL FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par values) January 27, 2024 July 29, 2023 ASSETS Cash and cash equivalents $ 34 $ 37 Accounts receivable, net 990 889 Inventories, net 2,311 2,292 Prepaid expenses and other current assets 246 245 Total current assets 3,581 3,463 Property and equipment, net 1,766 1,767 Operating lease assets 1,430 1,228 Goodwill 20 20 Intangible assets, net 685 722 Deferred income taxes 34 32 Other long-term assets 155 162 Total assets $ 7,671 $ 7,394 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 1,722 $ 1,781 Accrued expenses and other current liabilities 247 283 Accrued compensation and benefits 168 143 Current portion of operating lease liabilities 187 180 Current portion of long-term debt and finance lease liabilities 12 18 Total current liabilities 2,336 2,405 Long-term debt 2,176 1,956 Long-term operating lease liabilities 1,298 1,099 Long-term finance lease liabilities 7 12 Pension and other postretirement benefit obligations 15 16 Other long-term liabilities 147 162 Total liabilities 5,979 5,650 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value, authorized 5.0 shares; none issued or outstanding — — Common stock, $ 0.01 par value, authorized 100.0 shares; 61.9 shares issued and 59.4 shares outstanding at January 27, 2024; 61.0 shares issued and 58.5 shares outstanding at July 29, 2023 1 1 Additional paid-in capital 616 606 Treasury stock at cost ( 86 ) ( 86 ) Accumulated other comprehensive loss ( 35 ) ( 28 ) Retained earnings 1,196 1,250 Total United Natural Foods, Inc. stockholders' equity 1,692 1,743 Noncontrolling interests — 1 Total stockholders' equity 1,692 1,744 Total liabilities and stockholders' equity $ 7,671 $ 7,394 See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents UNITED NATURAL

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