Foodservice distributor US Foods Holding recently announced the results for its fourth quarter and full fiscal year 2022. In it, the company revealed it increased its total case volume by 2.6 percent and its gross profit increased by 17.1 percent, reaching $1.5 billion for its Q4. US Foods’ gross profit for its full fiscal year 2022 also increased by 18 percent to $5.5 billion.
“US Foods’ strong financial results this quarter reflect the growing positive momentum that our team built over the past year,” said Dave Flitman, Chief Executive Officer. “In the fourth quarter, we grew case volume across nearly all customer types and doubled growth in independent restaurants over the prior quarter. That performance, coupled with gross margin optimization and cost structure improvements, drove 34 percent growth in Adjusted EBITDA. For the full year, we exceeded the high end of our guidance by delivering Adjusted EBITDA of $1.31 billion, demonstrating the continued dedication of our team of 29,000 talented associates and solid execution against our long-range plan. I am excited to lead this next chapter for US Foods as we build upon our significant progress in delivering value to our shareholders, customers, associates, and communities.”
US Foods’ Q4 gross profit of $1.5 billion increased by $212 million from the prior year, primarily as a result of optimized pricing, increased freight income from improved inbound logistics, cost of goods sold optimization, and food cost inflation in multiple product categories. According to the release, net sales of $8.5 billion for the quarter increased 11.5 percent from the prior year, driven by food cost inflation of 8.4 percent compared to the prior year.
Fiscal year 2022 saw its gross profit of $5.5 billion increase by $837 million, or 18.0 percent, from the prior year.
For more details on the results, click here.
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