UNFI’s Q1 2023 net sales growth. / Photo provided by: UNFI
Wholesaler United Natural Foods Inc. (UNFI) reported Wednesday that sale only First quarter of the company’s fiscal year 2023 The increase was driven primarily by inflation and new business.
The company’s net sales for the fiscal first quarter ended Oct. 1. 29, an increase of 7.6% year-on-year, reaching US$7.5 billion. Net income fell 13.2% year-over-year, compared with $66 million in the same period last year, the company announced. Diluted earnings per share (EPS) fell 14.4% to $1.07, according to UNFI.
Turning to gross profit, UNFI increased $54 million, or 5.2 percent, to nearly $1.1 billion; UNFI reported a 6.1 percent increase in gross profit before LIFO was adopted. Adjusted EBITDA rose 3.5% to $207 million, while adjusted earnings per share rose 2.7% to $1.13.
Distributors of Natural and Organic Foods It reiterated its previous outlook for the full fiscal year on the earnings call.
“Our results for the quarter reflect our continued execution of our strategy in a dynamic operating environment as we improve supply rates and operational performance,” UNFI CEO Sandy Douglas said in a statement. And seeing more customers buying from us in more categories than ever before.” “We continue to invest in people and technology as part of our commitment to becoming a more effective, efficient and disciplined business, with the ability to capture an increasing share of our $140 billion core addressable market and provide Shareholders create more value”
This quarter, UNFI Enter into a commercial agreement to implement an industry-leading warehouse automation system.This in Providence, Rhode Island Issuerr Also joining forces with Square Roots this quarter, A vertical farming company adding Square Roots’ indoor farms on-site at selected UNFI distribution centers.
“Looking ahead, our client pipeline is very strong and we expect to acquire new clients and expand existing clients in the second half of the year,” Douglas said. “We are confident in the opportunity in front of us and our ability to seize it. We remain energized and focused on meeting the needs of our customers ahead of the peak holiday sales season, while providing our fiscal 2023 guidance.”