As US Foods continues to gain steam following several early-year acquisitions, the foodservice giant is not yet done adding new companies to the fold. The company has ended its second quarter for fiscal 2017 showing a net sales increase of 6.1% to $6.2 billion, as well as a 1.9% boost to gross profit, coming out to $1.1 billion.
In US Foods' Q3 2017 report, President and CEO Pietro Satriano shared that strong Adjusted EBITDA growth of 10% and above-market independent restaurant case growth of 4.7% were highlights of “another successful quarter” for the company, and expects more of the same as the year continues.
“We have successfully closed five acquisitions this year as we continue to focus on accretive M&A opportunities,” Satriano commented. “Continued growth with targeted customers, in combination with our portfolio of value-added services, innovative products, and enhanced digital platform, position us for success in the second half of the year.”
Additional highlights for the foodservice distributor’s second quarter included:
US Foods attributed much of the $20 million increase in gross profit to a combination of higher volume and margin expansion initiatives, while its net sales increase of 6.1% compared to this time last year were driven by total case volume growth, product mix changes, and year-over-year inflation in grocery, produce, poultry, and seafood. The company also noted that about 1.8% of its net sales were increased by sales from acquisitions completed in the last 12 months.
With an adjusted expectation for net sales growth now marked at 3-5%, with an interest expense of $175-$180 million, Deli Market News will keep bringing you the latest on this foodservice company on the rise.
