These coverage options are provided in addition to your core benefits. Despite integration and synergy challenges, United Natural Foods Inc. If you are a current Supplier, please contact your Supplier Manager. They also come with a highly scalable technology infrastructure. Check out the top-notch sources that provide you the best information HR Portal Supervalu login If not satisfied with the sources related to HR Portal Supervalu login, leave your questions in the comment box.
With strong cash flows, proceeds from divestitures and commitment to reducing debt, the company anticipates reducing leverage by year three.
So far, customer feedback has been positive. With our affordable Group Legal plan, we give you extra peace of mind and savings when resolving common legal issues. Number No, the transaction is not subject to a financing condition.
We intend to divest these retail assets in a thoughtful and economic manner. We do not anticipate that this announcement will affect our customer contracts, including Whole Foods. Such efficiencies include those gained from combining our technology, infrastructure and operations systems. Web page addresses and e-mail addresses turn into links automatically. The greater scale of the combined company is expected to enable us to achieve significant synergies by driving further efficiencies in our distribution network and infrastructure.
To learn more about UNFI please complete all of the questions below and submit the form. We believe our customers will benefit from the significant opportunities this deal will offer, given the increased scale and product offerings it brings UNFI. If your question is not about professional services, please contact us here.
Related: UNFI sales increase in first quarter, but distributor sees net loss. These synergies will be derived from implementing the best practices of each organization with the intent to unlock process and resource improvements therefore enhancing overall efficiency and productivity.
We have to optimize the DC network. We have spent a great deal of time on diligence for this combination and worked with a number of advisors.
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Like This Post? Share It With Others!UNFI's fiscal second-quarter earnings, reported on Wednesday, also revealed a goodwill impairment charge related to the transaction that hurt net income and earnings per share.
Note that in the discussion that follows, all comparable numbers refer to the prior-year quarter, the fiscal second quarter of Data source: United Natural Foods.
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This item pushed net income and earnings per share into the red for the quarter, as seen in the table above. Check out the latest earnings call transcript for United Natural Foods. While Q2 was a disappointment that will have a carryover effect on how we're thinking about the balance of the year, the challenges that we're facing are short term in nature.
We can fix them. I'm encouraged by the many positive improvements we're seeing in this business and the opportunity that's ahead of us to create the largest and most sophisticated supply chain and services network for retail grocery throughout the U. Our teams are highly focused, and we are coming together quickly, [to] capture our synergies and execute our strategic vision.
UNFI adjusted its earnings outlook heading into the second half of its fiscal year. Thus, it may take a few additional quarters for shareholders to realize the promised value of this merger of grocery distribution specialists. Investing Best Accounts. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement.
Retired: What Now? Personal Finance. The Ascent. About Us.Second Quarter Fiscal Highlights. January 26. January 27. Net Sales. Net Loss Income. Adjusted EPS 1. Please refer to the tables in this press release for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. Spinner, Chairman and Chief Executive Officer.
We experienced higher than anticipated costs, largely associated with our network realignment projects resulting primarily from SUPERVALU's previous acquisitions, which we believe will be short-term in nature. I'm confident we have the people and resources focused on this integration and remain optimistic about our drive towards operating as one company with the broadest product selection, services offering and scaled supply chain.
Customer Channel 1. January 26, 2.
January 27, During the second quarter of fiscalthe presentation of net sales by customer channel was adjusted to reflect changes in the classification of customer types as a result of a detailed review of customer channel definitions. Gross margin for the second quarter of fiscal was When excluding this charge, gross margin in the second quarter of fiscal was The decline in the gross margin rate was driven by the addition of SUPERVALU at a lower gross profit rate as well as a shift in customer mix, including the faster growth of the supernatural channel relative to the other customer channels.
The decrease in operating expenses, as a percent of net sales, was driven by the benefit of acquisition synergies. The decrease in operating income, as a percent of net sales, was primarily driven by lower gross margins, as a percent of net sales, partially offset by lower operating expenses, as a percent of net sales.
The increase in interest expense, net was driven by the acquisition financing. Effective tax rate for continuing operations for the second quarter of fiscal was The second quarter of fiscal effective tax rate reflects a tax benefit based on consolidated pre-tax loss from continuing operations. The decrease in net income was primarily the result of goodwill and asset impairment charges as well as restructuring, acquisition, and integration related expenses and increased interest expense.
Fiscal Year Ending August 3, 53 weeks. FY A webcast of the conference call and supplemental materials will be available to the public, on a listen only basis, via the internet at the Investors section of the Company's website www. An online archive of the webcast and supplemental materials will be available for days.
For more information on the acquisition, please visit www. UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers.
By providing this deeper 'full-store' selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Vice President, Investor Relations.United Natural Foods executives remain bullish on the long-term benefits of the Supervalu merger but confessed its newly acquired wholesaling unit arrived in considerably worse shape than expected.
These struggles come amid broader issues of rising costs for labor and freight and financing, and supplier woes such as out-of-stocks and reduced promotional spending.
Spinner acknowledged this puts still more pressure on UNFI to make the transformative Supervalu deal work, particularly in its early days. Amid the upheaval of the food retailing industry behind changing consumer preferences, the omnichannel revolution and the resulting premium on scale, Supervalu prepped itself for a takeout by unloading some retail operations and acquiring wholesale competitors Unified Grocers and Associated Grocers of Florida.
Integration hiccups have continued with Unified and Associated Grocers of Florida, with some customers saying they have experienced out-of-stock issues. Margins are down at both businesses, UNFI executives said.
Out-of-stocks were approximately 80 basis points higher than the first quarter of last year, UNFI said, while limited price elasticity at retail — signals of competitive pricing market and low inflation — is resulting in reductions in supplier promotional spending.
UNFI also struggled with rising labor and fuel costs in the quarter, Spinner said. Griffin said sales and operating expenses were also impacted by the Unified integration and ongoing projects at the company, including the wind down of its service agreement with Albertsons.United Natural Foods CEO Steven Spinner - Mad Money - CNBC
We experienced higher levels of shrink in certain distribution centers and we also had a general lack of product cost inflation. Elaborating on supplier issues, Spinner pointed to capacity constraints along with retailers' unwillingness to absorb higher costs.
Inflation was a modest 71 basis points, CFO Michael Zechmeister said, below a year historical average of 1. Independent channel net sales grew 4. Gross margin for the quarter was When adjusted for this charge, gross margin in the quarter was The decline in the gross margin rate was driven by a shift in customer mix, including the growth of the supernatural channel, and increased inbound freight expense, partially offset by higher levels of vendor support and greater fuel surcharge income.
Food Retailers market study to identify the retailers that are capturing the highest affinity among shoppers from coast to coast. Lamb Offers Alternative for Meat Shoppers. Sign up for our e-newsletters Exclusive industry info and insights straight to your inbox. Like us on Facebook Your go-to resource for all things grocery. Digital Edition Take a peek at the latest issue of the magazine.UNFI filed similar claims separately against U.
Bank for its collusive action, led by Goldman Sachs, in these matters. UNFI is completely committed to the SUPERVALU combination and firmly believes in its many benefits and synergies, as we have repeatedly exhibited, but we are also determined to pursue our claims against the defendants for their unlawful acts surrounding the deal.
Trouble for UNFI's Supervalu Acquisition
Rather than respect its contractual obligations and the law, we believe Goldman Sachs played by its own set of rules both when dealing with us and CDS market participants, for its own benefit.
UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers.
By providing this deeper 'full-store' selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. View source version on businesswire. Jeff Swanson Vice President, Communications jeffrey.
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In addition, the ImageWatch extension has been updated to work with Visual Studio 2017 Python Development IntelliSense for Python code now no longer requires a completion database. Test Explorer Real time test discovery is a new Visual Studio feature for managed projects that uses the Roslyn compiler to discover tests and populate the Test Explorer in real-time without requiring you to build your project.
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Scott Galloway, Founder, L2Louis Paskalis, SVP, Customer Engagement and Investment, Bank of America, takes the stage to discuss the year ahead and what's most important when it comes to the nexus of marketing and technology.