Tue, Oct 1, 9:25 PM (81 days ago)
United Natural Foods, Inc. (UNFI) reported a net loss of $112 million for fiscal 2024, compared to a profit of $24 million in 2023, primarily due to increased operating expenses and restructuring costs. Net sales rose by 2.3% to $30.98 billion, driven by inflation and new business, although unit volumes declined. Gross profit increased slightly to $4.2 billion, maintaining a gross margin of 13.6%. Operating expenses grew to $4.1 billion, reflecting higher compensation and transformation costs. Adjusted EBITDA dropped to $518 million, down 19% from $640 million in the prior year. The company continues to focus on optimizing its distribution network and reducing debt, with total debt rising to $2.1 billion. UNFI's strategic initiatives aim to enhance cash flow and reduce leverage, while navigating risks related to customer dependency and competitive pressures. The company has also emphasized social responsibility and sustainability in its operations. Future outlook remains cautious amid economic volatility and shifting consumer habits.