UNITED NATURAL FOODS INC, DEF 14A filed on 11/6/2024
Proxy Statement (definitive)
v3.24.3
Cover
 12 Months Ended
Aug. 03, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name United Natural Foods, Inc.
Entity Central Index Key 0001020859
v3.24.3
Pay vs Performance Disclosure
number in Millions
 12 Months Ended 36 Months Ended
Aug. 03, 2024
USD ($)
Jul. 29, 2023
USD ($)
Jul. 30, 2022
USD ($)
Aug. 08, 2021
Jul. 31, 2021
USD ($)
Aug. 03, 2024
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table
Year
Summary Compensation Table Total for PEO(1)
Compensation Actually Paid to PEO(4)
Average Summary Compensation Table Total for non-PEO NEOs
$(1)
Average Compensation Actually Paid to non-PEO NEOs
$(4)(5)
Value of Initial Fixed $100 Investment Based on: (6)
(in millions)
1st PEO
$ (2)
2nd PEO
$(3)
1st PEO
$ (2)
2nd PEO
$(3)
Total Shareholder Return
$		Peer Group Total Shareholder Return
$
Net Income
$(7)
Adjusted EBITDA
$(8)
20247,619,334 n/a5,237,814 n/a2,724,029 843,517 74 171 (112)518 
20236,201,442 n/a(1,706,501)n/a1,958,589 (4,707,368)104 180 24 640 
20228,722,292 6,312,014 8,947,422 709,289 3,053,051 2,223,744 214 222 248 829 
2021n/a8,403,365 n/a17,558,584 2,794,629 4,726,282 167 164 149 770 
          
Company Selected Measure Name adjusted EBITDA          
Named Executive Officers, Footnote Mr. Spinner served as PEO in fiscal 2021-2022, retiring on August 9, 2021, at which time Mr. Douglas became the new PEO.          
Peer Group Issuers, Footnote Represents hypothetical $100 investment at the beginning of the measurement period. Peer group represents the S&P SmallCap 600 Food Distributors Index also used in the Company’s Annual Report under Part II Item 5 for the Comparative Stock Performance graph.          
Adjustment To PEO Compensation, Footnote “Compensation actually paid” begins with the Summary Compensation Table totals reported for the PEOs and the average of the Other NEOs for each year and were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, no adjustment is made for dividends as dividends do not apply.
 Fiscal 2024Fiscal 2023Fiscal 2022Fiscal 2021
NEODouglas PEO #1Average NEODouglas PEO #1Average NEODouglas PEO #1Spinner PEO #2Average NEOSpinner PEO #2Average NEO
Summary Compensation Table Total Pay $7,619,334 2,724,029 6,201,442 1,958,589 8,722,292 6,312,014 3,053,051 8,403,365 2,794,629 
Subtract Grant Date Fair Value of Stock Awards Granted in Fiscal Year(5,029,570)(1,444,325)(5,135,192)(1,324,846)(5,899,913)— (1,419,963)(5,099,971)(1,366,224)
Add Fair Value at FYE of Outstanding Awards Granted in Current Fiscal Year4,471,036 939,207 2,001,105 494,269 6,125,044 — 1,281,636 11,570,416 3,054,335 
Add Change in Fair Value of Outstanding Awards Granted in Prior Years(1,590,840)(526,667)(4,670,685)(5,146,889)— (10,699,745)(913,495)3,096,530 310,091 
Add Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Years(232,145)(132,362)(103,172)(640,179)— 5,097,020 592,254 (411,756)(66,548)
Add Fair Value as of Prior Fiscal of Awards that failed to meet Vesting Conditions— (716,365)— (48,313)— — (369,738)— — 
Compensation Actually Paid $5,237,814 843,517 (1,706,501)(4,707,368)8,947,422 709,289 2,223,744 17,558,584 4,726,282 
          
Non-PEO NEO Average Total Compensation Amount $ 2,724,029 $ 1,958,589 $ 3,053,051   $ 2,794,629  
Non-PEO NEO Average Compensation Actually Paid Amount $ 843,517 (4,707,368) 2,223,744   4,726,282  
Adjustment to Non-PEO NEO Compensation Footnote “Compensation actually paid” begins with the Summary Compensation Table totals reported for the PEOs and the average of the Other NEOs for each year and were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, no adjustment is made for dividends as dividends do not apply.
 Fiscal 2024Fiscal 2023Fiscal 2022Fiscal 2021
NEODouglas PEO #1Average NEODouglas PEO #1Average NEODouglas PEO #1Spinner PEO #2Average NEOSpinner PEO #2Average NEO
Summary Compensation Table Total Pay $7,619,334 2,724,029 6,201,442 1,958,589 8,722,292 6,312,014 3,053,051 8,403,365 2,794,629 
Subtract Grant Date Fair Value of Stock Awards Granted in Fiscal Year(5,029,570)(1,444,325)(5,135,192)(1,324,846)(5,899,913)— (1,419,963)(5,099,971)(1,366,224)
Add Fair Value at FYE of Outstanding Awards Granted in Current Fiscal Year4,471,036 939,207 2,001,105 494,269 6,125,044 — 1,281,636 11,570,416 3,054,335 
Add Change in Fair Value of Outstanding Awards Granted in Prior Years(1,590,840)(526,667)(4,670,685)(5,146,889)— (10,699,745)(913,495)3,096,530 310,091 
Add Change in Fair Value as of Vesting Date of Stock Awards Granted in Prior Years(232,145)(132,362)(103,172)(640,179)— 5,097,020 592,254 (411,756)(66,548)
Add Fair Value as of Prior Fiscal of Awards that failed to meet Vesting Conditions— (716,365)— (48,313)— — (369,738)— — 
Compensation Actually Paid $5,237,814 843,517 (1,706,501)(4,707,368)8,947,422 709,289 2,223,744 17,558,584 4,726,282 
          
Compensation Actually Paid vs. Total Shareholder Return PVP#1.png.jpg          
Compensation Actually Paid vs. Net Income
PVP Net Income GIF.gif
          
Compensation Actually Paid vs. Company Selected Measure
PVP EBITDA GIF.gif
          
Total Shareholder Return Vs Peer Group PVP#1.png.jpg          
Tabular List, Table
Financial Performance Measures
Adjusted EBITDA
Net Sales
Adjusted EPS
Adjusted ROIC
          
Total Shareholder Return Amount $ 74 104 214   167  
Peer Group Total Shareholder Return Amount 171 180 222   164  
Net Income (Loss) $ (112,000,000) $ 24,000,000 $ 248,000,000   $ 149,000,000  
Company Selected Measure Amount 518 640 829   770  
PEO Name     Mr. Spinner Mr. Spinner   Mr. Douglas
Additional 402(v) Disclosure The values reflected in this column represent the “Total” compensation set forth in the Summary Compensation Table on page 47.“Compensation actually paid” begins with the Summary Compensation Table totals reported for the PEOs and the average of the Other NEOs for each year and were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, no adjustment is made for dividends as dividends do not apply.Other NEOs for fiscal 2021 are Mr. Howard (CFO), Mr. Dorne (COO), Ms. Sutton, (Chief Legal Officer, General Counsel and Corporate Secretary) and Mr. Testa (President); Other NEOs for fiscal 2022 are Mr. Howard (CFO), Mr. Dorne (COO), Mr. Stigers (CEO, Cub), Ms. Sutton, (former Chief Legal Officer, General Counsel and Corporate Secretary) and Mr. Testa (President); Other NEOs for fiscal 2023 are Mr. Howard (CFO), Ms. Benedict (CHRO), Mr. Martin (President, Wholesale), Mr. Testa (President) and Mr. Stigers (former CEO, Cub), and Other NEOs for fiscal 2024 are Mr. Tarditi (CFO), Ms. Benedict (CHRO), Mr. Martin (President, Wholesale), Mr. Persaud (President and CEO, Retail), Ms. Horvath (former COO) and Mr. Howard (former CFO).As reported on Registrant’s Consolidated Statements of Income for the applicable fiscal reporting year, as provided under Part II Item 8 of the Company’s Annual Report.For performance-based awards, the fair values reflect the probable outcome of the performance vesting conditions as of each measurement date.          
Measure:: 1            
Pay vs Performance Disclosure            
Name Adjusted EBITDA          
Non-GAAP Measure Description The Company has identified adjusted EBITDA as the Company-selected measure, as it represents the most important financial performance measure used to link compensation actually paid to the PEO and the Other NEOs in 2024 to the Company’s
performance. See Annex B for the definition of adjusted EBITDA, a non-GAAP measure, and reconciliation to the most directly comparable GAAP measure.
          
Measure:: 2            
Pay vs Performance Disclosure            
Name Net Sales          
Measure:: 3            
Pay vs Performance Disclosure            
Name Adjusted EPS          
Measure:: 4            
Pay vs Performance Disclosure            
Name Adjusted ROIC          
Douglas [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount $ 7,619,334 $ 6,201,442 $ 8,722,292      
PEO Actually Paid Compensation Amount 5,237,814 (1,706,501) 8,947,422      
Spinner [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     6,312,014   $ 8,403,365  
PEO Actually Paid Compensation Amount     709,289   17,558,584  
PEO | Douglas [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (5,029,570) (5,135,192) (5,899,913)      
PEO | Douglas [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 4,471,036 2,001,105 6,125,044      
PEO | Douglas [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (1,590,840) (4,670,685) 0      
PEO | Douglas [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (232,145) (103,172) 0      
PEO | Douglas [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 0 0 0      
PEO | Spinner [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0   (5,099,971)  
PEO | Spinner [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0   11,570,416  
PEO | Spinner [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (10,699,745)   3,096,530  
PEO | Spinner [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     5,097,020   (411,756)  
PEO | Spinner [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0   0  
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (1,444,325) (1,324,846) (1,419,963)   (1,366,224)  
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount 939,207 494,269 1,281,636   3,054,335  
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (526,667) (5,146,889) (913,495)   310,091  
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount (132,362) (640,179) 592,254   (66,548)  
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount $ (716,365) $ (48,313) $ (369,738)   $ 0  
v3.24.3
Insider Trading Policies and Procedures
 12 Months Ended
Aug. 03, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true