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Oct 28, 2023
UNFI Q1 2024 Earnings Report
UNFI's financial performance exceeded expectations due to improved operational execution and early delivery of savings from near-term value creation initiatives, offsetting anticipated procurement gains decline.
Key Takeaways
UNFI reported a slight increase in net sales but a significant decrease in net income and adjusted EBITDA for Q1 2024. Improved operational execution and early realization of value creation initiatives helped offset the decline in procurement gains due to lower inflation.
Net sales increased by 0.3% to $7.6 billion.
Net loss was $39 million, with a loss per diluted share (EPS) of $(0.67).
Adjusted EBITDA decreased by 43.5% to $117 million.
Adjusted EPS decreased to $(0.04).
UNFI
UNFI
Forward Guidance
The company is updating its full-year outlook for fiscal 2024 for net loss and EPS to reflect non-cash asset charges and a gain on sale and reaffirming its expectations for net sales, Adjusted EBITDA, Adjusted EPS and capital and cloud implementation expenditures.