With its fiscal year 2022 in the books, United Natural Foods, Inc. (UNFI) has released its fourth quarter and full-year results. In the report, the distributor details $28.9 billion full-year net sales, equating to a 7.3 percent rise for the fiscal year ending July 30, 2022.
“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,” Chief Executive Officer Sandy Douglas stated. “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.”
According to the report, UNFI’s Q4 saw net sales increase by 8 percent, up $538 million from $6.7 billion to $7.2 billion. Adjusted EBITDA increased 3.4 percent to $213 million. UNFI’s 2022 fiscal year ended with $28.9, up $1.9 billion from $26.9 for its 2021 fiscal year.
“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,” continued Douglas. “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.”
UNFI also revealed it will repurchase up to $200 million of its shares over four years. This program replaces the company’s previous repurchase program announced on October 6, 2017.
“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,” Douglas concluded.
For the full report, click here.
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