UNFI Q2 2023 Earnings Report

Reported second quarter fiscal 2023 results, with sales increasing but profitability decreasing due to procurement and inventory challenges.

Key Takeaways

UNFI reported a 5.4% increase in net sales to $7.8 billion for the second quarter of fiscal 2023, driven by inflation and new business. However, net income decreased by 71.2% to $19 million, and adjusted EPS decreased by 42.6% to $0.78. The company is reducing its profitability expectations for fiscal 2023 and withdrawing its fiscal 2024 targets due to procurement and supply chain challenges.

Net sales increased by 5.4% to $7.8 billion, driven by inflation and new business.

Net income decreased by 71.2% to $19 million; EPS decreased 71.3% to $0.31.

Adjusted EBITDA decreased 17.7% to $181 million.

Reduced net debt by $427 million sequentially, including the benefits from Accounts Receivable monetization.

Total Revenue

$7.82B

Previous year: $7.42B