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US Foods Reveals 7.9B Net Sales in Third Quarter Fiscal 2021 Earnings Report; Pietro Satriano Comments

US Foods Reveals 7.9B Net Sales in Third Quarter Fiscal 2021 Earnings Report; Pietro Satriano Comments


ROSEMONT, IL
Tuesday, November 9th, 2021

Recently, US Foods released its Q3 results for its fiscal 2021 year. As our industry continues to open safely and consumers are venturing out more, the foodservice distributor saw a total case volume increase of 18.5 percent, leading to a 34.9 percent increase of net sales to reflect $7.9 billion.

Pietro Satriano, Chairman and Chief Executive Officer, US Foods“In the third quarter, US Foods’ continued operational and financial discipline helped drive increased volumes and profitable growth,” said Chairman and Chief Executive Officer Pietro Satriano. “While supply chain headwinds persist and are expected to continue into 2022, we’re pleased to see tangible and enduring signs that the industry is recovering, which allows us to refocus our energy and resources on our Great Food. Made Easy. strategy. We are focused on profitably growing market share, smartly optimizing our margins, and improving operational efficiencies. Together, these initiatives are designed to position US Foods to benefit from a strengthening economy and create value for our shareholders.”

US Food’s total case volume increased 20.8 percent from the prior year while total organic case volume increased 17.8 percent. According to the release, independent restaurant case volume also increased, showing a 33.5 percent growth while organic independent restaurant case volume increased 29.4 percent.

US Foods released its Q3 results for its fiscal 2021 year, revealing a total case volume increase of 18.5 percent and a 34.9 percent increase of net sales to reflect $7.9 billion

Net sales were reported to have increased by 30.5 percent, reflecting $21.8 billion for the quarter. The increase in both case volume and net sales was primarily the result of increased restaurant traffic from lifting governmental in-person dining restrictions and increased leisure and business travel. Net sales also benefited from food cost inflation of 7.5 percent in the first nine months of fiscal 2021.

Additionally, operating expenses were $3.1 billion, an increase of $308 million or 10.9 percent from the prior year. The increase was primarily due to higher supply chain labor costs, higher non-labor distribution costs directly attributed to the increase in total case volume, and the addition of Smart Foodservice, which US Foods acquired in March 2020 for $970 million. US Foods recently renamed the division to CHEF’STORE® in February 2021.

A few other takeaways mentioned in the third quarter report include:

  • Gross profit increased 27.4 percent to $1.2 billion
  • Net income available to common shareholders was $55 million
  • Adjusted EBITDA increased 39.2 percent to $291 million
  • Diluted EPS was $0.24; Adjusted Diluted EPS was $0.48

To dive deeper into the report, click here.

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