United Natural Foods, Inc. (NASDAQ:UNFI) Q1 2019 Earnings Conference Call Transcript

Dec 06, 2018 • 05:00 pm ET


United Natural Foods, Inc. (NASDAQ:UNFI) Q1 2019 Earnings Conference Call Transcript


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Good afternoon. My name is Jesse, and I will be your conference operator today. At this time, I would like to welcome everyone to the UNFI First Quarter Fiscal 2019 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks there be a question-and-answer session. (Operator Instructions) Thank you.

Steve Bloomquist, VP of IR, you may begin your conference.

Steve Bloomquist

Thank you, Jesse, and good evening, everyone. Thank you for joining us on our first quarter fiscal 2019 earnings conference call. We appreciate everyone's flexibility since we moved our call from yesterday to today in recognition of the financial markets being closed to honor former President George H. W. Bush. By now you should have received the copy of the earnings release issued this afternoon. Press release, webcast and a supplemental slide deck are available under the Investor's Section of the company's website at www.unfi.com.

Joining me for today's call are Steve Spinner, our Chairman and CEO; Sean Griffin, the CEO of SUPERVALU; Mike Zechmeister, our CFO; and Chris Testa, President of UNFI. Steve, Sean and Mike will provide the business update, speak about our performance in the quarter and address our fiscal '19 outlook for the combined company. We'll then take your questions after management's prepared remarks. Please limit your questions to one question with one follow-up.

(Forward-Looking Cautionary Statements)

With that, I'll turn the call over to Steve.

Steven Spinner

Thank you, Steve. Good evening, everyone, and thank you for joining our first quarter earnings call. I'll start with some comments on the quarter in our new combined fiscal 2019 outlook for the completion of the SUPERVALU acquisition, which replaces our original UNFI standalone guidance. Sean, will then provide some remarks about SUPERVALU including our integration process. Mike, will then go over some more details on our financials and outlook, which as mentioned now reflects the combined company, UNFI and SUPERVALU.

This acquisition was and it is all about the creation of value. We are transforming the way in which food is supplied throughout North America through synergy, scale, services, products, and people providing better food for a better future. Well, we are clearly disappointed by the near-term results at SUPERVALU. We started this process with a view point that in order to build a business for the future and to create considerable value for our constituents, you are to find which service shareholders over the long-term by becoming the premier wholesaler of products and services throughout North America, this thesis have not changed, in fact, as we begun to integrate our outlook for the combination is stronger than ever, we have no doubt that the combination of UNFI and SUPERVALU will translate into more significant value for shareholders than UNFI as a standalone company overtime.

I do want to recognize the incredible work done by our leadership team and all of the associates of UNFI and SUPERVALU. We work diligently to complete the acquisition of SUPERVALU, something we accomplished one week prior to