UNFI Q2 net income falls 71% to $19M; cuts FY2023 profit outlook, withdraws FY2024 targets

UNITED NATURAL FOODS INC

2023-Q2 EPS reported $1.38 revenue$15,348,000,000

Net sales rose 5.4% to $7.8B, driven by inflation and new business; gross profit down $6M.
Adjusted EBITDA $181M (-17.7% YoY); adjusted EPS $0.78 (-42.6% YoY); GAAP EPS $0.31.
Raising FY2023 sales outlook but lowering profitability guidance; withdrawing FY2024 targets.
Reduced net debt by $427M sequentially, aided by accounts receivable monetization.
CEO cites lack of repeat procurement gains from prior-year inflation and supply chain volatility.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNITED NATURAL FOODS INC reported the second quarter of fiscal 2023 (13 weeks) ended January 28, 2023 results: revenue $7,816, net income $19, EPS $0.31. Guidance lowered.

Period: the second quarter of fiscal 2023 (13 weeks) ended January 28, 2023
Revenue: $7,816
Net income: $19
EPS: $0.31
Guidance: lowered
Result: reported results

Exact text from the filing

to shareholder returns,” Mr. Douglas concluded. 13-Week Period Ended Percent Change ($ in millions, except for per share data) January 28, 2023 January 29, 2022 Net sales $ 7,816 $ 7,416 5.4 % Chains $ 3,322 $ 3,243 2.4 % Independent retailers $ 1,980 $ 1,905 3.9 % Supernatural $ 1,659 $ 1,453 14.2 % Retail $ 660 $ 643 2.6 % Other $ 609 $ 581 4.8 %

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Source: SEC EDGAR

accession 0001020859-23-000010

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