United Natural Foods Inc. (UNFI) reported financial results for the fourth quarter (13 weeks) and fiscal year (52 weeks) ending July 30, 2022.
Fiscal 2022 full-year highlights
- Net sales increased 7.3% to $28.9 billion.
- Net income increased 66.4% to $248 million; Earnings per diluted share (EPS) increased 64.1% to $4.07.
- Adjusted EBITDA increased 7.7% to $829 million.
- Adjusted EPS increased 15.6% to $4.83.
- Net debt reduction of $174 million; adjusted EBITDA leverage ratio finished year under 2.6x.
Fourth-quarter fiscal 2022 highlights
- Net sales increased 8.0% to $7.3 billion.
- Net income decreased 9.3% to $39 million; EPS decreased 8.7% to $0.63.
- Adjusted EBITDA increased 3.4% to $213 million.
- Adjusted EPS increased 1.6% to $1.27.
UNFI Chief Executive Officer Sandy Douglas stated in the announcement, “Our fourth quarter capped a year of improving operational performance driving strong financial results. Our commitment to delivering higher customer service levels amidst significant industry and economic uncertainty helped us achieve market share gains. We also generated meaningful growth across our key financial metrics, including mid-teens adjusted earnings growth, while we reduced net leverage to under 2.6x and increased liquidity to approximately $1.7 billion.
“As we look to the new fiscal year, we see great opportunity to further harness our competitive advantages, including our scale, network, data, diversification and talent, to continue to improve our execution and drive ever higher levels of value for our customers, suppliers, associates and our shareholders. We plan to build on our momentum by investing to accelerate long-term growth, efficiency, and value creation, while continuing to strengthen our balance sheet.”
Douglas concluded, “As we embark on year two of our Fuel the Future strategy, we are pleased to announce our fiscal 2023 outlook and our capital reinvestment plans, while we seek to opportunistically repurchase shares through our newly authorized program.”