United Natural Foods, Inc. Reveals First Quarter Fiscal 2023 Results; Sandy Douglas Details
PROVIDENCE, RI - Strategic investments and expansions headline United Natural Foods, Inc.’s (UNFI) latest period of growth. The foodservice distributor recently released its financial results for the first quarter of fiscal 2023, which ended October 29, 2022.
“Our performance this quarter reflects continued execution of our strategy in a dynamic operating environment as we improved fill rates and operating performance and saw more customers buying more categories from us than ever before,” said Sandy Douglas, Chief Executive Officer. “We are leveraging our scale, diversification, and capabilities to enhance connectivity between customers and suppliers, finding unique ways to create more value for both. We continued to invest in people and technology as part of our commitment to becoming a more effective, more efficient, and more disciplined business, well-positioned to capture a growing share of our $140 billion core addressable market and create even more value for shareholders.”
Most notably, UNFI recorded $7.5 billion in net sales for the quarter, up $535 million from the $6.9 billion recorded during the same period last year. A press release noted that this growth was primarily driven by inflation and new business.
Other highlights from the report include:
- Gross profit increased $54 million, or 5.2 percent, to nearly $1.1 billion; prior to LIFO, gross profit increased 6.1 percent
- Net income decreased 13.2 percent to $66 million; Earnings per diluted share (EPS) decreased 14.4 percent to $1.07
- Adjusted EBITDA increased 3.5 percent to $207 million
- Adjusted EPS increased 2.7 percent to $1.13
- Entered into commercial agreement to implement an industry-leading warehouse automation system
“Looking ahead, our customer pipeline is robust, with new customer acquisition and expansion from existing customers expected in the second half of the year,” Douglas continued. “We have enduring confidence in the opportunities before us and in our ability to capture them. We remain energized and focused on meeting the needs of our customers during the important holiday selling season, while delivering our fiscal 2023 guidance.”
For more information, read the press release here.
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