Proving that growth is always possible despite challenges that must be overcome, United Natural Foods, Inc. (UNFI) has unveiled its first quarter fiscal 2021 results that show an increase in net sales to $6.67 billion. Also announced with its first quarter reports were upcoming plans to build new distribution centers, as UNFI continues to drive its expansion strategies forward.
“I am pleased with the start to fiscal 2021 as UNFI leveraged strong sales growth into year-over-year expanded adjusted EBITDA margins for the third consecutive quarter,” said Steven L. Spinner, Chairman and Chief Executive Officer. “We’ve done a great job protecting the safety of our associates and helping our customers succeed in an evolving operating environment while building for the future through new distribution centers, customer solutions, and innovation across our business. Our newest distribution center will be a campus in Allentown, Pennsylvania, to service Key Food beginning next fall and facilitate further growth in the greater New York metropolitan market.”
In addition to the six percent increase in net sales from first fiscal quarter 2020 to $6.67 billion, UNFI also reported an approximate increase of 200 percent for its eCommerce sales at Cub Foods. According to a press release, the company saw high customer demand from both existing and new customers which lead to increases on both fronts.
UNFI also saw a rise in adjusted EBITDA from $121.7 million for the first quarter of fiscal 2020 to $159.0 million in first quarter of fiscal 2021. Adjusted earnings per share (EPS) also increased from $0.47 from the same quarter last year to $0.51 in the first quarter 2021.
The company held its first quarter fiscal 2021 conference call and audio webcast on Wednesday, December 9, 2020, which will be available to the public on a listen-only basis through the Investors section of the UNFI website.
To read the report in its entirety, click here.
As UNFI continues to expand its growth strategies, Deli Market News will continue to report on the outcomes.