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US Foods Executes Growth Strategy; Andrew Iacobucci Details

US Foods Executes Growth Strategy; Andrew Iacobucci Details


ROSEMONT, IL
Friday, August 19th, 2022

US Foods recently published its Q2 financial results for the fiscal year 2022. In it, the distributor detailed its long-term blueprint to boost its market share and supply chain efficiency alongside an $8.8 billion increase in its net sales.

Andrew Iacobucci, Interim Chief Executive Officer, US Foods“Our results this quarter demonstrate significant progress on the execution of our long-range plan,” said Interim Chief Executive Officer Andrew Iacobucci. “Our strategic initiatives are driving results as we grew market share with gains in key customer types, implemented key supply chain initiatives to improve service levels, and expanded our omnichannel strategy with continued CHEF’STORE growth. We remain well-positioned to deliver profitable growth and value for our shareholders in a challenging macroenvironment, and I am confident in our ability to achieve our 2022 outlook and long-range plan.”

The distributor revealed that its net sales increased 15.2 percent to $8.8 billion in its report. In addition, the company reported:

  • Net income available to common shareholders improved to $61 million
  • Diluted EPS was $0.27; Adjusted Diluted EPS was $0.67
  • Total case volume and independent restaurant case volume were flat
  • Gross profit increased 18.3 percent to $1.4 billion

US Foods revealed that its net sales increased 15.2 percent to $8.8 billion in its results for the second quarter fiscal year 2022

US Foods also provided an inside look at its six-month fiscal 2022 performance, revealing:

  • Net income available to common shareholders was $45 million
  • Adjusted EBITDA increased 20.8 percent to $609 million
  • Diluted EPS was $0.20; Adjusted Diluted EPS was $0.99
  • Net sales increased 19.1 percent to $16.6 billion
  • Total case volume increased 1.7 percent; independent restaurant case volume increased 4.3 percent
  • Gross profit increased 18.7 percent to $2.6 billion

To see the full financial report, click here.

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