Omicron's ended up over 20%, and then steadily have been improving our vacancy rates through Q3. I mean, we started the year in the mid-teens. We began this process in 2022 and have accelerated it within our fiscal 2023 plan. PROVIDENCE, RI - Shoppers are keeping an eye on their spending now more so than ever, and United Natural Foods, Inc. (UNFI) is endeavoring to help its retail customers meet their needs. Cash and cash equivalents $ 44 $ 41. Natural food and all-natural food are terms in food labeling and marketing with several definitions, often implying foods that are not manufactured by processing. Today, this platform contributes over 22% of our adjusted EBITDA before corporate allocations, and we expect this number will continue to grow. A sugar substitute is a food additive that provides a sweet taste like that of sugar while containing significantly less food energy than sugar-based sweeteners, making it a zero-calorie (non-nutritive) or low-calorie sweetener. Customers appreciate the hands-on engagement and personal support that UNFI shows provide. A higher gross margin rate before LIFO impact was more than offset by a higher operating expense burden. In our DCs, at the end of Q4, were down 4% and our driver vacancy rate had improved from 12% down to 8%. Yeah. Our fourth quarter gross margin rate, excluding the LIFO charge from both years, increased by around 20 basis points compared to last year's fourth quarter. Actual results may differ materially from the results discussed in these forward-looking statements. I'll just add that, as Sandy said, it's continued to accelerate through the fourth quarter and then in the early innings here in fiscal '23. Your next question comes from the line of John Heinbockel from Guggenheim. If I could just add a second question. 5, 101, and 105), available athttp://foodrisk.org/default/assets/File/NLEA-Proposed-60421-60478.pdf, Center for Science in the Public Interest, "Criteria for use of the terms Fresh, Pure, Natural etc. That scale is part of the proposition. United Natural Foods, Inc. (NYSE: UNFI) is the largest publicly traded wholesale distributor delivering healthier food options to people throughout the United States and Canada. PROVIDENCE, RI - Shoppers are keeping an eye on their spending now more so than ever, and United Natural Foods, Inc. (UNFI) is endeavoring to help its retail customers meet their needs. Thanks, guys. In conjunction with these investments, we're also prioritizing focus on our services platform, which encompasses professional services, our own brands, and innovation. The broader kind of observation across different verticals and different positionings of retailers, I wouldn't offer anything that would add value to what you already know. I'd like to ask you a little about labor costs and wage rates in the quarter and what the outlook is. As consumer demand for product information and insights grows, UNFI is working to increase access to additional information and provide product transparency on the shelf. Yeah. I'll follow up with you later. This is Sandy. The transaction pipeline is active, and we are focused on investments that bring new capabilities, improve our geographic depth, and further enhance our growth trajectory and cash flow resiliency. [8], The term is variously misused on labels and in advertisements. United Natural Foods is a leading distributor of natural, organic and specialty food and non-food products in the United States and Canada. Customized packaging options are available to support the individual needs of every customer. The Sheltons had a 20 year history of work in the natural foods industry and had a hand in opening some of the first natural foods markets in the country in the early 1970's. Plasticrelated chemicals impact wildlife by entering niche environments and spreading through different species and food chains. These forward-looking statements include plans, expectations, estimates, and projections that might involve significant risks and uncertainties. From Category Management to eCommerce, we're here to I mean, you have two major business lines as I see it, Natural Foods versus Conventional. It is. [9] The international Food and Agriculture Organization's Codex Alimentarius does not recognize the term 'natural' but does have a standard for organic foods. I will now turn the call over to UNFI management for some final closing comments. These were partially offset by about $0.09 of lower noncash pension income, $0.05 from a higher tax rate, and less than $0.01 from a slightly higher share count. This increase was composed of inflation, net of elasticity of about 8.8%, and a volume decline of less than 1%. Importantly, all approved projects have attractive projected returns above our cost of capital and are expected to enhance our long-term margin profile. But let me ask Chris to dive in a little bit more because he's had a lot of interaction with suppliers through the services platform. We're also highly focused on enhancing our transparency and investor disclosures, and as Steve noted, we've posted an Excel supplemental with our key financial information on a historical basis alongside the rest of our earnings materials. No, I would say the exact same thing. Before we conclude the call, I did want to take a moment to thank Eric Dorne, our Chief Operating Officer, prior to his retirement at the end of this coming month, for his 11-plus years of service to UNFI and a leadership that he has shown throughout, Eric has been an amazing partner and a friend and a great executive here at UNFI, and we wish him good health and happiness in his future endeavors, and he will certainly be missed. Clearly, the industry been dealing with a lot of wage inflation and productivity issues, hiring new workers. Microsofts Activision Blizzard deal is key to the companys mobile gaming efforts. And we believe that that combination of three levers is a significant opportunity for us going forward. Turning to Slide 10, sales for the fourth quarter grew 8% and totaled $7.3 billion, setting a new fourth quarter record. This includes two specific additional requirements:[9], A specific ingredient can be called "natural" if it did not go through any processing except for the listed ones. Xfire video game news covers all the biggest daily gaming headlines. Cash and cash equivalents $ 44 $ 41. We remain confident in our growth strategy and creating shareholder value remains a top priority for us. Ive had a View the full release here: https://www.businesswire.com/news/home/20221006006003/en/, Throughout the two-day UNFI Natural Winter show in Las Vegas, Nev. over 2,000 UNFI customer attendees connected with UNFIs extensive network of suppliers offering a wide-ranging assortment across grocery, fresh, organic and specialty departments. We're also pleased with the 30% adjusted EBITDA growth achieved in retail when compared to last year's fourth quarter, and with its substantial sequential growth from the third quarter. Successfully establishing this program will allow us to fund our business at a lower cost with minimal operational change. Az eszkzre s az internetkapcsolatra vonatkoz adatok, pldul az IP-cme, A bngszsi s keressi tevkenysgei a Yahoo webhelyeinek s alkalmazsainak hasznlata kzben. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und seine Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. I mean, we saw some softness in units versus inflation. This should drive efficiency gains, gradually reduce the need for third-party labor and improve the customer experience. This is an encouraging indicator of share gain. The guidance, in general, restricts the use of natural foods that have "ingredients produced by nature, not the work of man or interfered with by man." This Zacks Rank #2 stock has a Value Score of A. We don't do quarterly guidance. Announces New Agreement with Cornerstone for Natural to Bring Smart Shelf Tag Program, United Natural Foods to Offer Retailers Innovative Smart Shelf Tags to Better Engage Consumers, Improve Product Transparency, and Help Drive Purchase Decisions, Goldman Sachs Assumes United Natural Foods at Neutral With $40 Price Target, https://www.businesswire.com/news/home/20221006006003/en/. And then just lastly, on the share repurchase. And then the use of technology and process improvement and automation, and all that comes together into what becomes our guidance. Obviously, some M&A got in the way of it all being used. Stories from Hormel Foods . The machine readable files are formatted to allow researchers, regulators, and application developers to more easily access and analyze data. Our global team of employees and partners is a group of smart, talented and motivated individuals committed to our company. So, there's a lot of those moving pieces buried in there, and we've tried to capture it as best we can with the guidance we provided at basically 4%, 4%, and 4% growth, and that's similar to what we provided at this time last year for FY '22. Flipping to Slide 11. This article is a transcript of this conference call produced for The Motley Fool. Thank you. United Natural Foods Inc (NYSE: UNFI) has opened a 125,000 square foot refrigerated distribution center in Londonderry, New Hampshire. Full-year inflation is anticipated to be in the low to mid-single digits, and we're again expecting modest contraction in overall industry volumes, which is related to changes in consumer behavior resulting from the broad-based challenges of elevated inflation. In April 2019, he also became Chief Marketing Officer. A key goal of this strategy is to bring ever greater value to our customers and suppliers, which we expect will drive new customer wins and increased sales across our existing customer base. Adjusted EPS growth primarily reflects higher adjusted EBITDA, which contributed about $0.08, a $0.07 benefit from lower net interest expense, and about $0.02 from lower expense from other items. All of those aspects that we try to bake into our guidance to try to come up with a number that we believe is reasonable given that economic backdrop, particularly given our desire to maintain that flexibility that Sandy mentioned so that we can continue to serve the customer as best as possible. But as you can hear throughout everything that we say, it is our strategy to grow our capability so that we will continue to earn the business of more customers and more categories. For our customers and suppliers, we are creating a one-stop shop for procurement, distribution, and services. Country: United States; Employees: #12: Natural Partners Inc. Natural Partners offers quality wholesale vitamins and supplements and a convenient way for health care practitioners to better serve their patients. Could you unpack that a little bit? And so, those are all factors going in, along with wage rates, as you called out. Cash and cash equivalents $ 44 $ 41. UNFI Professional Services offers the most comprehensive suite of services and solutions for grocery retailers in the market today. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. We achieved progress on this front in fiscal 2022 as our engagement scores improved during the year. But Eric, why don't you add any color that you might --. So, I wouldn't be able to unpack that for you in a credible way. As an automation technology leader, we look forward to working with the company to help streamline and improve operations across strategic assets within our distribution network. And as I mentioned earlier, our wholesale matrix, which involves new customers and new categories. But as the situation normalizes in the supply chain, the labor environment and inflation starts to recede, then we'll be dealing with a growth environment where there won't be an accelerating headwind on the value of products. Reg. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. And more broadly, just as you look at category performance, anything of note between conventional versus specialty, natural and organic? Throughout the two-day event over 2,000 UNFI customer attendees connected with UNFIs extensive network of suppliers offering a wide-ranging assortment across grocery, fresh, organic and specialty departments. The Motley Fool has no position in any of the stocks mentioned. Sure. pts. So, we are clearly making progress on this front, and that helps drive down the overall cost by eliminating third-party labor and the need for reactive versus proactive labor management. As far as looking out over a multiyear period, it's a dynamic situation. Thank you, Steve, and good morning, everyone. And that's how we get to an accretive growth-oriented company that we're -- not only believe we are, but I think are proven we are. And as supply chain settles down, there won't be a case for it. The New England region is a GAAP EPS fell about 9%, while adjusted EPS grew nearly 2% to $1.27. [2], There are different standards for various types of food, such as dairy products. The way I think about that is these are largely noncash, particularly the pension, noncash items, and we're proactively managing those to derisk because we believe that's in the best interest for the company and the shareholders. (Photo: Business Wire). UNFI Brands+ have over 5,000 products across 200 categories which allow more choices for consumers and more opportunities for retailers. Sure. [13], FSIS is a subsection of the United States Department of Agriculture (USDA), which is tasked with the responsibility of "ensuring that the nation's commercial supply of meat, poultry, and egg products is safe, wholesome, and correctly labeled and packaged. So, I wanted to go on the buyback and some of the comments on potential M&A tuck-ins. And the guide relative to capex in '23 is catching up with that and making strategic investment in automation and technology. It was more our ability to get the materials, think for forklifts, and other capital items for the supply chain. I hope you've heard and take away from today's call that UNFI has momentum as we enter fiscal 2023. All right. And lastly, I'd like to point out that during today's call, management will refer to certain non-GAAP financial measures. Their ELI Code Technology helps its clients communicate rich product content easily and accurately and their modular Business Management Software systems help their clients be more efficient, productive, and profitable by connecting, integrating, tracking, and reporting on all aspects of their business operations. But certainly, nothing unusual and not expected in our numbers. Motley Fool Transcribing for But to drive sales, we would expect suppliers to start to invest in promotions, and promotions will drive units. We're looking at overall customer quality of orders and the improvement there on order accuracy and order quality going out to the buildings. It wasn't really our capability to execute. Analyst Report: United Natural Foods Inc.United Natural Foods Inc. is the largest wholesale distributor to the natural, organic and specialty food industry in the U.S. and Canada. As we noted today in our earnings release, our board has approved a new $200 million share repurchase authorization that we can utilize over the next four years. UNITED NATURAL FOODS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par amounts) July 30, 2022. In '23, it looks like that number is about $100 million higher. United Natural Foods Q4 2022 Earnings Call Sep 27, 2022, 8:30 a.m. According to the Nutrition Business Journal, produce accounted for 39 percent of U.S. organic food sales in 2020followed by dairy and eggs (13 percent), packaged/prepared foods (12 percent), beverages (12 percent), bread/grains (10 percent), snack foods (6 percent), condiments (5 percent), and meat/fish/poultry (4 percent). As the largest grocery wholesaler in North America, distributing approximately 260,000 unique SKUs from around 12,000 suppliers to over 30,000 customer locations, we can procure product and administer promotions in a highly efficient manner, which makes UNFI a valuable partner for both suppliers and customers. These risks are discussed in the company's earnings release and SEC filings. [3] As of August 2005, the USDA had a section governing "natural claims" in its Food Standards and Labeling Policy Book. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. In addition, the tags increase product transparency, create a touchpoint between suppliers and shoppers, and can help grocery retailers build consumer loyalty and trust. I know you're going to do five DCs over four years. Find the latest U.S. news stories, photos, and videos on NBCNews.com. By becoming a stronger partner to our customers and suppliers, the value of working with UNFI increases. Steve Bloomquist -- Vice President, Investor Relations. Tovbbi informcirt s a belltsi lehetsgek kezelshez kattintson a Belltsok kezelse gombra. We look forward to updating everyone again in December. To learn more about how UNFI is Fueling the Future of Food, visit www.unfi.com. Very helpful. Klicken Sie auf Einstellungen verwalten, um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Our reported gross margin rate fell about 40 basis points to 14.5% as a result of a higher LIFO impact. We also see meaningful opportunity to benefit from increased efficiency and growth enablement across this portfolio by strengthening best practices, employing technology, and investing in automation. Is that a better macro or the investments start to roll off notably or something else? Let me just address the tuck-in M&A question. Country: United States; Employees: #12: Natural Partners Inc. Natural Partners offers quality wholesale vitamins and supplements and a convenient way for health care practitioners to better serve their patients. It also gives standards for some food processing techniques, such as fermentation or pasteurization. And as that unfolds throughout the year, just like we did in FY '22, we'll just adjust and announce accordingly. So, I wanted to get back to the investments you're making in both technology and the DCs. Yeah., I think our perspective around -- think about it as three levels of practice improvement in our supply chain. UNFI is more than a grocery distributor, they are our partner in so many aspects of our business, said Saj Khan, Vice President of Grocery Operations and Purchasing at Nugget Markets. Yeah. And your final question comes from the line of Peter Saleh from BTIG. According to the Nutrition Business Journal, produce accounted for 39 percent of U.S. organic food sales in 2020followed by dairy and eggs (13 percent), packaged/prepared foods (12 percent), beverages (12 percent), bread/grains (10 percent), snack foods (6 percent), condiments (5 percent), and meat/fish/poultry (4 percent). He aimed to produce the best tasting beef by practicing the highest standards of ranching. And increasingly, customers are seeing that value and taking advantage of it. Through its Professional Services portfolio, UNFI offers a variety of tools and solutions that help retailers drive store traffic, save time and money, reinvest in their businesses, and enhance shoppers overall experience. Thanks, Scott. Microsofts Activision Blizzard deal is key to the companys mobile gaming efforts. We're growing and performing within a quickly evolving environment by steadfastly focusing on the four operating principles that I outlined on our last call, which underpin our execution of the Fuel the Future strategy. Your line is open. Additionally, a significant portion of our largest pipeline opportunities include both natural and conventional, which indicates continued opportunity to drive cross-selling expansion from the over $1 billion in cross-selling sales that benefited our 2022 results. Hewitt suggested that before large-scale mechanized farming and modern food production methods, people ate "fresh, natural and unrefined foods for granted" and but have since abandoned this way of eating for highly processed foods which are devoid of flavor and nutrition. Based on inbound interest from potential customers, we believe today's backdrop accentuates the benefits of working with an industry leader who has a customer-centric focus, ample scale, diverse capabilities, and strong momentum. I guess when we're talking about small potential tuck-in deals, how does that impact or does it stop or slow the repurchase program? Plasticrelated chemicals impact wildlife by entering niche environments and spreading through different species and food chains. Your line is open. Yeah, John. OK. Our operating expense rate before the impact of pension withdrawal charges in the prior-year quarter increased by about 30 basis points compared to last year. Given timing, is it fair to assume that this could be a material contributor to your implied expectations for the EBITDA growth step up in fiscal '24 to fiscal '23? And as we improve, we expect this to create the flywheel effect I described last quarter, in which the business will expand and gain market share, which will further enhance our competitive advantages while improving our free cash flow generation and investment capabilities, and in turn, create incremental shareholder value. Marketing Week offers the latest marketing news, opinion, trends, jobs and challenges facing the marketing industry. Just a couple of questions. The DC was not operational in Q4 of last year. Our broad array of suppliers and products, including UNFI's owned brands, ensures we have the right items and solutions to meet the needs of each of our customers and their unique go-to-market strategies. The content for an ELi QR Code is sourced from the supplier, automatically populates for each individual UPC, and may include promotional offers, nutrition and allergen information, testimonials, traceability information, brand stories, videos, and images. Thanks, Sandy. And thanks for all the color on the call this morning. I don't know if I said that correctly. Get Comcast Corp (CMCSA:NASDAQ) real-time stock quotes, news, price and financial information from CNBC. [18], This article is about food advertised as "natural". There continues to be quite a big disparity between your top-line growth with supernatural and independents versus chains and your own retail segment. Type a symbol or company name. As we've highlighted previously, our cross-selling capabilities are critical to our ability to deliver on this goal. This Zacks Rank #2 stock has a Value Score of A. According to the Nutrition Business Journal, produce accounted for 39 percent of U.S. organic food sales in 2020followed by dairy and eggs (13 percent), packaged/prepared foods (12 percent), beverages (12 percent), bread/grains (10 percent), snack foods (6 percent), condiments (5 percent), and meat/fish/poultry (4 percent). With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes. And I guess the only other thing I'd add is that we see it as a business development and growth enabler. And I think given the opportunity that we see with our share price today, I think there is a great chance to add value to our shareholders through that program. Brmikor mdosthatja a kivlasztott belltsait az Adatvdelmi lehetsgek oldalon. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. From a wholesale perspective, I think the reason why our units are a little better is that it's an indicator, as John said, that we're gaining some share. Andrew, this is Eric. As Sandy just highlighted, we're pleased with the finish we delivered to fiscal 2022. Although the first store was only 2,000 square feet and had just eight employees, community support helped the store expand to its current 10,000 square feet. It's Sandy. And then can you just remind us how that works its way into your financials? I guess one other thing I'd add is that we -- one of the things, and I mentioned this in the prepared remarks, that we've been focused a lot on is attracting count. Our wholesale growth was complemented by retail sales growth of over 1%. UNFI is excited to share details of our strategy for moving food forward and bringing everything that's healthy and better for you with organic, natural, conventional & specialty products. With that, I'll turn the call over to John for detail on our financial results, capital allocation strategy, and outlook. Well, let me throw out a couple of facts from what we said earlier and see if it answers your question. Our global team of employees and partners is a group of smart, talented and motivated individuals committed to our company. That was our strategy in '22, and it worked well for us, and we intend to repeat it in '23. United Natural Foods is a leading distributor of natural, organic and specialty food and non-food products in the United States and Canada. Good morning. Just another question on mix. Flipping to Slide 8. Joining me for today's call are Sandy Douglas, our chief executive officer; John Howard, our chief financial officer; Chris Testa, president of UNFI; Eric Dorne, our chief operating officer; and Kristyn Farahmand, SVP of investor relations and transformation finance. Stories from Hormel Foods . I think the variables that affect our opex outlook start with vacancy rates. However, when there's an opportunity to add a capability or a geographic piece that through acquisition gives us a better return than building it ourselves, we'll look at that as a tuck-in. United Natural Foods, Inc. Good morning. As to the specifics of the program, I'll call on Eric. Thank you. 60,421, 60,466 (Nov. 27, 1991) (codified at 21 C.F.R. The whole food can be called "natural" if the food is not a blend of foods (even if they are all-natural), has no added ingredients, and underwent only the specified processes. But right now, we feel good about the $350 million and our ability to accomplish those projects this fiscal year. But note: United Natural Foods may not be the best stock to buy. Viv is newer to retail as we started off as a direct-to-consumer brand. Notably, this market also continues to grow. Any challenges, right, with retrofitting a facility upfront, right, in terms of cost, right? But just how you're seeing that unfold for your customers would be helpful. But just a sense of how you guys are viewing that part of the business with respect to guidance, in particular? I look forward to reporting on our progress as 2023 unfolds. And we're seeing some of that now, we expect more of that ahead of time, and that impacts our P&L. As the largest full-service grocery partner in North America, UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. We certainly wouldn't want to put that on the backs of our customers, but we do look for opportunities within our margin and our opex to drive that productivity so we can better share those results with our customers and make them competitive. We are pleased to have this new capital allocation lever at our disposal as it will enable us to opportunistically repurchase shares as we embark on a reinvigorated growth strategy. You know, you've got -- you laid out the facts that we said correctly. Your next question comes from the line of Andrew Wolf from C.L. We're working to harness this data to help our customers and suppliers better understand their served markets and develop relevant and targeted strategies to grow their businesses. We ended the year with an improved balance sheet and ample liquidity to fund our growth initiatives and strategic capital allocation. Great. But right now, the way we've laid out our '23 guidance reflects what? One of the more unique aspects of UNFI shows is the Pitch Slam competition, presented by UNFI UpNext. Marketing Week offers the latest marketing news, opinion, trends, jobs and challenges facing the marketing industry. And then from there, what our services platform does is it allows us to add value-added services that help them grow faster, become more efficient, and generally more competitive. UNITED NATURAL FOODS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par amounts) July 30, 2022. We're going to look for those opportunities. 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Cmcsa: NASDAQ ) real-time stock quotes, news, opinion, trends, jobs and challenges facing the industry. Respect to guidance, in particular as far as looking out over multiyear... Your own retail segment have accelerated it within our fiscal 2023 and financial information from.... Into your financials in Londonderry, new Hampshire competition, presented by UNFI.. Go on the call this morning 2019, he also became Chief marketing Officer we began this process in and... For us going forward, visit www.unfi.com forward-looking statements include plans, expectations,,! Three levers is a GAAP EPS fell about 9 %, and outlook into your financials to our and... Will allow us to fund our growth strategy and creating shareholder value remains a top priority for us, other. And have accelerated it within our fiscal 2023 plan wildlife by entering niche environments and spreading through species. Customer experience results, capital allocation strategy, and projections that might involve significant risks and uncertainties az. A kivlasztott belltsait az Adatvdelmi lehetsgek oldalon Foods is a group of smart, talented and individuals... I guess the only other thing I 'd like to ask you a little about labor costs wage. Pldul az IP-cme, a bngszsi s keressi tevkenysgei a Yahoo webhelyeinek s alkalmazsainak hasznlata kzben % as direct-to-consumer. He also became Chief marketing Officer as our engagement scores improved during the year video game news all! For some final closing comments our financial results, capital allocation strategy, good!
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