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Author: TMFJMo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1388  
Subject: UNFI Earnings Out Date: 11/30/2012 8:54 AM
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Nothing to crazy one way or the other:

http://finance.yahoo.com/news/united-natural-foods-inc-annou...

EPS in line, beat on revenue, top line growth of about 16% (15% excluding the recent acquisitions). It looks like margins continue to get squeezed slightly. I'd like to check the call later and understand better what the margin picture looks like for these guys.

If I remember correctly they don't provide specific guidance for the coming quarters (I may be incorrect), but I'll check the call later to see what's up.

Best,

Jason
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Author: poinkie Big red star, 1000 posts Ticker Guide CAPS All Star SC1 Yellow Captain Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1333 of 1388
Subject: Re: UNFI Earnings Out Date: 11/30/2012 6:32 PM
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Thanks for the transcript, Jason.

I can't perfectly infer mood or tone from o my reading, this certainly read like the leadership has an extreme level of comfort with the business. I was very interested to read many of the interactions with the analysts. The exchanges were unbelievably congenial and mutually helpful - I haven't ever really heard a call when each side seemed to be so comfortably supporting the other to better understanding.

I have parts of the business I don't fully know yet but my confide coz much higher now. I have question maybe I' ll hold a few 'til I can dig later.

How many DC are there now? With 3 new coming online, can we infer rev growth per DC? I like the support of Canada alongside WFM growth.

They mention supernatural sells?!? That would be a good market.

Ever Best

K

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Author: TMFJMo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1334 of 1388
Subject: Re: UNFI Earnings Out Date: 12/3/2012 2:05 PM
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You got it Kent! I can't tell you how big a thrill it was to finally get the chance to meet you. I'm really glad you took the time out of your schedule to come over. I remember the feeling when I first visited :)

I think in general management keeps a pretty confident tone. Not only in this call but others too. You may have seen this presentation blesto posted earlier, but if not then check this post:

http://boards.fool.com/at-the-twenty-first-annual-baron-inve...

It's good stuff. In regard to DCs maybe this will help, it's from my original post:

"Biggest segment is the wholesale which distributes via 8 centers in the east, 9 in the west and 5 in Canada totaling about 6 million square feet of space."

So we could in theory get as granular as sales per square foot if we want. Supernaturals are definitely a big part of the biz.

Foolish best,

Jason

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Author: poinkie Big red star, 1000 posts Ticker Guide CAPS All Star SC1 Yellow Captain Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1335 of 1388
Subject: Re: UNFI Earnings Out Date: 12/3/2012 3:31 PM
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I'll go through the link, I hadn't yet. It was great to meet certainly, but you knew that already.

When I read through about the supernatural sales, I kept returning to paranormal images - e.g.: perhaps Angel 2nd Class Clarence stopping in for organic garnish to his flaming rum punch; I had never heard the term applied to the health & wellness category.

I'm catching up on work & have put UNFI on the top of my backlog. I'll post more here when avail..

Most memorable from the transcript to me:

Andrew Wolf- BB&T Analyst, "...add in what could have been sold if it was in stock, it looked to like the growth would have accelerated sequentially pretty stunning."

Best,

K

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Author: poinkie Big red star, 1000 posts Ticker Guide CAPS All Star SC1 Yellow Captain Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1370 of 1388
Subject: Re: UNFI Earnings Out Date: 1/17/2013 11:09 AM
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Hey J,

Point / Counterpoint?

Yesterday UNFI CEO posted an open letter defending his unionized labor negotiating/scab hiring (I'll look for link). UNFI is underfire in a well organized media storm.

The strike was mentioned on the conference call . It appears to be a protracted issue at impass but I've been impressed at Spinner's answers.

Today in part 2 of an interview aired today on NRP Morning Edition, WFM CEO JM urges those companies working with unions to resolve differences quickly and to embrace the unions requests.

http://www.npr.org/2013/01/17/169580493/part-2-conscious-cap...

Labor relations in the natural food story may have deeper overlapping layers. If UNFI issue heats up to garner public support, sounds like Mackey will come down on the side of employees. Put one in the UNFI risk column.

Best,

K

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Author: TMFJMo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1371 of 1388
Subject: Re: UNFI Earnings Out Date: 1/17/2013 6:25 PM
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Definitely a risk to a degree. I will add though that unionized workers make up the overwhelming minority of UNFI employees. Truthfully I like the fact that Spinner isn't a doormat when it comes to these issues. I tend to hold only a modicum of patience for unions. If they were so great then everyone would be in 'em and they would be growing, not shrinking. Right to work states would be up against the ropes, not spreading.

Mackey is a bit of an enigma. I listened to that first interview yesterday but missed this morning's. Given his comments on Obamacare I would have thought perhaps a different reaction. But it's also important to remember the value in happy and devoted employees too. The best analogy I can draw there is with tenants. We rent our house out in GA and I cannot stress the importance in a good relationship there. Sure there are the initial hurdles to clear before the tenant moves in. But given those are cleared, working together on little things as the relationship goes along makes for a much more stable and productive situation on both sides of the coin for the longer haul. You almost can't really put a price on it.

No doubt it's a give and take for these guys too.

Thanks for posting Kent!

J

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Author: poinkie Big red star, 1000 posts Ticker Guide CAPS All Star SC1 Yellow Captain Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1372 of 1388
Subject: Re: UNFI Earnings Out Date: 1/18/2013 11:17 AM
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Thanks for the color/commentary/explanation: Mackey is an enigma & looks like he kinda backed away from the most critical rhetoric later in the day.

Fun anectdotal story. I'm at a corporate food service campus up here in MN this morning - 3 kitchens/exec. chefs & <50 cooks - non-union:). They just received their first ever order from UNFI & the team was breaking down delivery pallets.

It was like X-mas. Lots of, "this is the coolest stuff!" & passing around both raw ingredients & packaged goods.

I'll be interested to see the re-order, how fast these products move & if they resonate with the customer (it isn't grocer/retail - so results won't be perfectly typical).

Best,

K

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Author: TMFJMo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1373 of 1388
Subject: Re: UNFI Earnings Out Date: 1/18/2013 12:58 PM
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Your expertise in the field and commentary are more appreciated than you know poinkie. Many thanks!

Best,

Jason

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