UNFI posts $274M loss for FY20, announces departure of CEO

UNITED NATURAL FOODS INC. reported a $274 million loss in the company's fiscal 2020.
UNITED NATURAL FOODS INC. reported a $274 million loss in the company's fiscal 2020.

PROVIDENCE – United Natural Foods Inc. reported a $274 million loss for the company’s fiscal 2020 year that ended Aug. 1, the company reported Monday.

The loss comes a year after United Natural Foods posted a $285 million loss for fiscal 2019. Yearly loss per diluted share was $5.10 for 2020, compared with $5.56 a year earlier.

The company’s net sales for the fiscal year totaled $26.5 billion, an increase from $22.3 billion one year prior.

“Fiscal 2020 was a monumental year for UNFI as the demonstrated flexibility and strength of our supply chain network led to full year results that exceeded our expectations,” said Chairman and CEO Steven L. Spinner. “At the same time, we’re focused on keeping our associates safe and maintaining the food supply chain for communities across North America through the unprecedented events of 2020, including the pandemic, civil unrest, and natural disasters. We’re continuing to execute with passion and purpose on our strategy and expect further growth in fiscal 2021.”

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Fiscal fourth-quarter profit totaled $52.4 million, or 89 cents per diluted share, an increase from $19.2 million, or 36 cents per diluted share one year prior. Quarterly revenue totaled $6.8 billion, an increase from $6.7 billion one year prior.

STEVEN L. SPINNER will depart his role as UNFI CEO effective July 31, or sooner if a successor is named. / COURTESY UNITED NATURAL FOODS INC.
STEVEN L. SPINNER will depart his role as UNFI CEO effective July 31, or sooner if a successor is named. He is expected to remain with the company as executive chairman. / COURTESY UNITED NATURAL FOODS INC.

The company also announced that Spinner will step down from his role as CEO effective July 31, or earlier upon the appointment of a successor. Spinner is expected to remain executive chairman after exiting the CEO role.

“It has been my honor to lead UNFI over these past 12 years and a pleasure to have worked alongside our exceptional associates, said Spinner. “We serve an important mission of delivering food to millions of people every single day. When reflecting on my tenure as CEO, I’m most proud of our people and our culture, where our shared beliefs drive everything we do. The future has never been stronger for UNFI as our integration work is nearing completion and we now look toward expansion of new services, technologies, brands and our vast supply chain network. In close collaboration with the Board, I decided now is the right time for the Company to transition to its next leader. As we enter the next chapter, I have great confidence in the strength of our team and the opportunities ahead and look forward to my continued service as Executive Chairman.”

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