United Natural Foods, Inc. Releases Second Quarter Fiscal 2023 Report; Sandy Douglas Shares
PROVIDENCE, RI - United Natural Foods, Inc. (UNFI) has given us a closer look at its operations for the second quarter of fiscal 2023. As revealed in a recent report, UNFI’s net sales increased by $400 million to $7.8 billion, primarily driven by inflation and new business.
“Our second quarter sales grew over 5 percent compared to the prior year as more customers bought more categories, private brands, and professional services driving sales to over $7.8 billion,” said Sandy Douglas, Chief Executive Officer. “While I’m pleased with our continued sales growth, profitability in the quarter was lower than recent levels and our plan. Profits were challenged as we did not repeat the significant level of procurement gains from rapidly accelerating inflation and inventory gains, due to supply chain volatility, that we experienced in the second quarter of last year. As a result of these challenges, we are reducing our profitability expectations for fiscal 2023 and withdrawing our fiscal 2024 targets.”
UNFI’s second quarter fiscal 2023 results also highlighted:
- Gross profit decreased $6 million, or 0.6 percent, to nearly $1.1 billion
- Net income decreased 71.2 percent to $19 million
- Continuing transformation agenda to improve operational execution and profitability
“Our customer-focused growth strategy is continuing to resonate with our large and diversified customer base,” Douglas added. “We see significant opportunity to couple this continued revenue growth with a more efficient and profitable platform and structurally higher margins as we work to earn a higher share of our $140 billion core addressable market.”
“Our improvement efforts are already well underway,” continued Douglas. “We’ve assembled a highly skilled and motivated management team that is developing a multifaceted transformation plan to continue to drive improvements in our customer and supplier experience, and address legacy integration and capability gaps in our digital and physical infrastructure. We look forward to sharing our transformation agenda and how we expect it to generate sustained improvements to shareholder returns.”
Click here to view the report in full.
As the latest fiscal reports hit the newswire, ANUK will be here to relay the news.
