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United Natural Foods Q1 net sales up, will sell some Shoppers Food and Pharmacy stores

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Christian Fernsby ▼ | December 11, 2019
United Natural Foods reported financial results for the first quarter of fiscal 2020 ended November 2, 2019.
United Natural Foods
United Natural Foods   Net sales increased to $6.0 billion

Topics: United Natural Foods Shoppers Food

Net sales increased to $6.0 billion, including an incremental $3.1 billion from SUPERVALU.

Re-affirms guidance for full year net sales, Adjusted EPS, and Adjusted EBITDA.

Balance sheet reflects addition of approximately $1 billion in operating lease assets and liabilities as UNFI adopts new lease accounting standard (ASC 842).

GAAP results reflect non-cash goodwill and asset impairment charge.

United Natural Foods announced it has entered into definitive agreements to sell 13 of its 43 Shoppers Food and Pharmacy stores to three separate grocery operators.

Each of the transactions is expected to close between mid-December and the end of February 2020, subject to customary closing conditions.

In connection with the sale transactions, Shoppers intends to wind down operations at these locations, including the sale of any remaining inventory and closure of the stores prior to reopening under other banners.

UNFI will also close four additional Shoppers stores, which are expected to cease operations by the end of January 2020.

UNFI made the decision to not renew the lease at three of these locations and the fourth is being cancelled pursuant to agreement with the landlord.