US Foods Reports 9.1B Net Sales for Third Quarter Fiscal Year 2023 Earnings; Dave Flitman Details

US Foods has once again used its expert growth strategy to rack up significant gains. With the release of its third quarter fiscal 2023 and nine-month fiscal 2023 results, the distributor revealed $9.1 billion in net sales, a 2.1 percent increase for the quarter.

“Our strong third quarter and year-to-date earnings are a result of continued growth and market share gains in our target customer types, the operational efficiencies we have achieved over the last few quarters, and the dedication of our 29,000 associates who relentlessly focus on delivering best-in-class service to our customers and executing our strategic long-range plan initiatives,” said Dave Flitman, Chief Executive Officer. “We drove strong case volume growth in our target customer types again this quarter, with volume increasing nearly 6 percent for independent restaurants, 8 percent for healthcare, and 6 percent for hospitality. Building on our differentiated team-based selling model, industry-leading technology suite, and strong momentum, our team delivered the 10^th consecutive quarter of market share gains with independent restaurants. Importantly, we accelerated our market share gains in the third quarter with independent restaurants despite a slowing macro environment.”

According to a release, in addition to its net sales gains for the third quarter fiscal 2023, other highlights include:

• Total case volume increased 4 percent; independent restaurant case volume increased 5.8 percent
• Gross profit increased 5.6 percent to $1.5 billion
• Adjusted EBITDA increased 14.5 percent to $402 million

Part of US Foods' third quarter growth was driven by strategic acquisitions, which will spur further development for the company moving forward.

“Finally, we are excited to announce that we have signed a definitive agreement to acquire Saladino's Foodservice, our second tuck-in acquisition this year and look forward to welcoming the Saladino's team to US Foods, adding improved scale as we continue to enhance our position with new and existing customers in central California," Flitman continued. "As we move toward 2024, we are laser-focused on delivering our strategy to grow market share and margins, while we effectively deploy capital to deliver compounded shareholder value over the long term.”

For the nine-month fiscal 2023, the distributor recorded a 4.4 percent increase in net sales, bringing the total to $26.7 billion. The period also showed:

• Total case volume increased 4 percent; independent restaurant case volume increased 6.1 percent
• Gross profit increased 12.9 percent to $4.6 billion
• Adjusted EBITDA increased 22 percent to $1.2 billion

To read the report in its entirety, click here.

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