US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, on Nov. 8 announced results for the third quarter of fiscal 2021, during which time case volume, net sales and gross profit all increased.
“In the third quarter, US Foods’ continued operational and financial discipline helped drive increased volumes and profitable growth," said chairman and chief executive Pietro Satriano. “While supply chain headwinds persist and are expected to continue into 2022, we’re pleased to see tangible and enduring signs that the industry is recovering, which allows us to refocus our energy and resources on our 'Great Food. Made Easy.' strategy."
US Foods third-quarter fiscal 2021 highlights
- Total case volume increased 18.5%; independent restaurant case volume increased 25.1%.
- Net sales increased 34.9% to $7.9 billion.
- Gross profit increased 27.4% to $1.2 billion.
- Net income available to common shareholders was $55 million.
- Adjusted EBITDA increased 39.2% to $291 million.
- Diluted EPS was $0.24; Adjusted Diluted EPS was $0.48.
US Foods operating expenses for the quarter were $1.1 billion, an increase of $210 million, or 23.4% from the prior year. The increase was primarily due to higher supply chain labor costs, higher non-labor distribution costs directly attributed to the increase in total case volume, and a reduction in the allowance for doubtful accounts in the prior year period.