Page 1

United Natural Foods , Inc. Reports Second Quarter Fiscal 2021 Results March 10 , 2021 PROVIDENCE , R.I .-- ( BUSINESS WIRE ) -- United Natural Foods , Inc. ( NYSE : UNFI ) ( the " Company " or " UNFI " ) today reported financial results for the second quarter of fiscal 2021 ( 13 weeks ) ended January 30 , 2021 . Second Quarter Fiscal 2021 Highlights ( comparisons to second quarter fiscal 2020 ) ⚫ Net sales increased 7.1 % to $ 6.89 billion • Net income of $ 59 million , an increase of $ 90 million Adjusted EBITDA of $ 206 million , a 57.3 % increase • Earnings per diluted share ( EPS ) of $ 1.00 , a $ 1.57 per share increase • Adjusted EPS of $ 1.25 , a $ 1.00 per share increase • Expects to finish fiscal 2021 toward the upper end of prior ranges for adjusted EBITDA and adjusted EPS Extended distribution partnership with Whole Foods through September 2027 " Our strong second quarter results demonstrate that UNFI continues to execute at a high level as we again leveraged strong year- over - year sales increases into even stronger bottom line growth , " said Steven L. Spinner , Chairman and Chief Executive Officer . " We anticipate the underlying momentum in our business and the increasing benefits we're realizing from our build out the store strategy to continue for the balance of this fiscal year , and we're also very pleased to have extended our strong partnership with Whole Foods through September 2027. " 13 - Week Period Ended January 30 , February 1 , Net Sales 2021 $ 6,888 $ 2020 Percent Change 6,431 7.1 % Chains ( 1 ) $ 3,097 $ 2,909 6.5 % Independent retailers $ 1,701 $ 1,561 9.0 % Supernatural $ 1,298 $ 1,211 7.2 % Retail $ 621 $ 539 15.2 % Other ( 1 ) $ 568 $ 566 0.4 % Eliminations ( 1 ) $ ( 397 ) $ ( 355 ) 11.8 % Net Income ( Loss ) $ 59 $ ( 31 ) N / M Adjusted EBITDA ( 2 ) $ 206 $ 131 57.3 % Earnings ( Loss ) Per Diluted Share $ 1.00 $ ( 0.57 ) N / M Adjusted EPS ( 2 ) $ 1.25 $ 0.25 400.0 % ( N / M indicates not meaningful ) ( 1 ) In the first quarter of fiscal 2021 , the presentation of net sales by customer channel was recast to present the Chains and Other channel exclusive of the intercompany eliminations and present total eliminations separately . There was no impact to the Condensed Consolidated Statements of Operations . The Company believes this modified basis better reflects its channel presentation , as it further aligns with segment presentation and how sales channel information would appear following the potential disposition of Retail , assuming all banners retain a supply agreement . In addition , during the fourth quarter of fiscal 2020 , the presentation of net sales by customer channel was recast to be presented on a basis consistent with customer size . International customers other than Canada , and alternative format sales continue to be classified within Other . The main effect of the change was to re - categorize the former Supermarkets and Independents channels , previously classified by the majority of product carried by those customers between conventional and natural products , respectively , to classify those stores by the number of customer locations we supply . There was no impact to the Condensed Consolidated Statements of Operations as a