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. {{configCtrl2.info.metaDescription}} Sign up today to receive the latest news and updates from UpToDate. Our wholesale new business pipeline also remains strong, with diversification across regions, as well as a solid representation from both new and existing customers. As we've highlighted previously, our cross-selling capabilities are critical to our ability to deliver on this goal. I hope you've heard and take away from today's call that UNFI has momentum as we enter fiscal 2023. Over the last two years, we've reduced net leverage over 1.2 turns and ended the year at under 2.6 times, which is just north of our current target leverage range of two to 2.5 times and the detail is part of our Fuel the Future strategy. This article is a transcript of this conference call produced for The Motley Fool. Artificial sweeteners may be derived through manufacturing of plant extracts or processed by chemical synthesis.Sugar substitute products are commercially We appreciate you joining us for today's year-end call. Got it. The Del Monte representative suggested the grocers try cooperative buying. United Natural Foods, Inc. (NYSE: UNFI) (UNFI) today announced a new agreement with Cornerstone for Natural to bring their Smart Shelf Tag program to UNFIs suppliers and retailers. [4][5], While almost all foodstuffs are derived from the natural products of plants and animals,[6] 'natural foods' are often assumed to be foods that are not processed, or do not contain any food additives, or do not contain particular additives such as hormones, antibiotics, sweeteners, food colors, preservatives, or flavorings that were not originally in the food. The natural and organic food industry has faced multiple challenges as retailers deal with consolidation and increased competition. Good morning. As we've seen over the past few years, these preferences can quickly evolve, and our diversified customer base enables greater stability and resiliency for our business. 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. ShopRite originated in 1946, when a Del Monte Foods sales representative talked to independent grocers in Newark, New Jersey.The grocers were having problems getting reasonable prices for wholesale goods. Good morning, everyone. The Motley Fool has no position in any of the stocks mentioned. In some countries like the United Kingdom, the term "natural" is defined and regulated;[2] in others, such as the United States, the term natural is not enforced for food labels, although there is USDA regulation of organic labeling. Cornerstone for Natural (www.CornerstoneForNatural.com), a division of Cornerstone Consulting, Inc., is the industrys leading business management software (BWS) and enterprise resource management (ERP) software provider. For our customers and suppliers who are listening in, we thank you for your continued partnership and the business we do together. Is it to offset dilution, or is it to actually reduce the outstanding share count? 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. I think that -- I think an important point for our customers is that we represent the 32,000 retail locations that we serve. Meyer Natural Foods carries the highest regard for each animal, and we belive that those raised as nature intended consistently deliver the best taste. Hey, guys. ASSETS. July 31, 2021. Thank you. 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. United Natural Foods Inc (NYSE: UNFI) has opened a 125,000 square foot refrigerated distribution center in Londonderry, New Hampshire. Thanks for taking our questions. To learn more about how UNFI is Fueling the Future of Food, visit www.unfi.com. 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. Your next question comes from the line of Edward Kelly from Wells Fargo. Yeah. But note: United Natural Foods may not be the best stock to buy. It was more our ability to get the materials, think for forklifts, and other capital items for the supply chain. We've demonstrated our ability to take share in a $140 billion addressable market with upside from our services platform, and plan to grow share within this market by continually looking for better ways to meet the needs of our many constituents. Very helpful. As far as productivity goes, I prefer not to share direct numbers on that, but that is built into our business model that will really guide us through the network as we deploy this over the next five years. On the -- your units being down, I think, less than 1% versus the industry. Thanks, Sandy. But suffice to say we put all that together and we get to about 4% sales increase for next year or the year we're in now, and we think that's the right guidance given all those factors. "[12], The Canadian Food Inspection Agency restricts the use of "natural" to foods that have not been significantly altered by processing and gives examples of processes that do or do not significantly alter food. In addition, the tags increase product transparency, create a touchpoint between suppliers and shoppers, and can help grocery retailers build consumer loyalty and trust. Our strong finish to 2022, operational momentum, investment initiatives, and improved balance sheet set us up well to deliver another year of growth across our key financial metrics despite the challenging operating environment that persists. Kelly Bania -- BMO Capital Markets -- Analyst. The New England region is a "[14], Furthermore, the FDA has not developed any rules or regulations on the defining features of what qualifies a product as "natural". The vacancy rate declined from 9% at the end of Q3 to 8% at year-end. In total, we expect to have around $400 million to help fund additional investments, debt repayment, and opportunistic shareholder returns even after considering the elevated capital expenditures embedded in our outlook. This will be a regular part of our quarterly reporting deliverables. United Natural Foods, Inc. After funding internal investments, we plan to evaluate external investments, including potential smaller, strategic, accretive, tuck-in M&A opportunities. Thank you. [Operator instructions] Your first question comes from the line of Bill Kirk from MKM Partners. As to the specifics of the program, I'll call on Eric. Editors Note: Photos from the show are available by contacting UNFIs media relations team at communications@unfi.com. I mean, you have two major business lines as I see it, Natural Foods versus Conventional. Hi. 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. Is that just a conservative way to look at it? Yeah. Your next question comes from the line of John Heinbockel from Guggenheim. "[15], The Food, Drug, and Cosmetic Act prohibits labeling that is false or misleading. 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. (Photo: Business Wire). Stories from Hormel Foods . 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. 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. 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). We believe diversification is one of our strengths as well. UNITED NATURAL FOODS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except for par amounts) July 30, 2022. Clearly, the industry been dealing with a lot of wage inflation and productivity issues, hiring new workers. Your line is open. We believe this will help us better serve our customers and enhance our long-term profitability. As we enter the second year of our Fuel the Future strategy, we remain focused on driving operational improvement to optimize the value of our scaled and diversified platform across the $140 billion addressable market that we're pursuing in our core business. From Category Management to eCommerce, we're here to UNFI is North America's premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, ecommerce providers, and food service customers. And the interchange between food service and food sourced at retail, taking home, is still very dynamic in this environment. This is a significant focus of our 2023 investment program and a driver of the agreement that we just announced with Symbotic. Obviously, more pension income and some share increases, etc., which are mostly cash -- noncash items anyway. Terrific. The DC was not operational in Q4 of last year. 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. Good morning. Our wholesale growth was complemented by retail sales growth of over 1%. Yeah. Yeah. We've been upgrading our DC network over the last many years, as you know, and we will continue to take that approach to manage the risk as we continue to deploy the technology. [10], The idea of eating "natural foods" was promoted by cookbook writers in the United States during the 1970s with cookbooks emphasizing "natural," "health" and "whole" foods in opposition to processed foods which were considered bad for health. Your next question comes from the line of Andrew Wolf from C.L. The Motley Fool has a disclosure policy. OK. Your line is open. So, I'll start on that, Eric. All Meyer products are produced with no added hormones or antibiotics throughout the life of the animal - a reflection of our commitment to good stewardship. But, John, do you want to talk about confidence level in that, and how to think about it? We look forward to updating you on our progress in early December. And we're seeing some of that now, we expect more of that ahead of time, and that impacts our P&L. All lines have been placed on mute to prevent any background noise. Do you have the right people in place to execute on these projects for '23 that you're projecting? Our solid growth expectations and strategic balance sheet management are expected to provide a significant discretionary capacity during fiscal 2023. According to McKinsey, U.S. grocery sales are expected to grow at an average annual rate of 4% from 2021 through 2026, with independent grocers expected to grow in line with the expectation for the overall market. Sandy and John will provide a strategy and business update, after which we'll take your questions. Well, let me throw out a couple of facts from what we said earlier and see if it answers your question. In April 2019, he also became Chief Marketing Officer. This Zacks Rank #2 stock has a Value Score of A. The natural and organic food industry has faced multiple challenges as retailers deal with consolidation and increased competition. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Your next question comes from the line of Kelly Bania from BMO Capital Markets. And we believe that that combination of three levers is a significant opportunity for us going forward. Retail is changing, and we need to change with it, said David Williams, Cornerstones EVP of Business Development. Our broad customer base also allows us to meet consumers where they prefer to shop. The New England region is a Hi, Bill. Type a symbol or company name. Yeah. King and Associates -- Analyst. Eight major food allergens milk, egg, peanut, tree nuts, wheat, soy, fish and crustacean shellfish are responsible for most of the serious food allergy reactions in the United States. This is especially important as the macroeconomic backdrop and consumer preferences continue to evolve. 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. This includes volume with new customers added earlier in the year, added categories and new store openings, and supernatural and incremental cross-selling made possible, as Sandy stated, by the SUPERVALU acquisition. Seven of the grocers agreed, paying $1,000 each to launch Wakefern Food Corp., which was It's Sandy. We are more than 20,000 employees across the globe, united by a sense of purpose and a desire to make a difference. And our DC and operations leadership have embraced that, and we're seeing the results of it. And as that unfolds throughout the year, just like we did in FY '22, we'll just adjust and announce accordingly. Yeah. So take a peek at this free list of interesting companies with high ROE and low debt. 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. But the big driver is category expansion and new customers. But as it relates to looking backwards, the difference between the channels is driven by new customers and new categories. Can you just walk us through the different puts and takes in that figure as we think about your assumptions around things like distribution costs, labor mix, and other components of your cost structure? Stories from Hormel Foods . And thanks for all the color on the call this morning. A united front has been formed between UNFI and CoupDog, as the duo helps its retail customers advance by providing access to its state-of-the-art digital coupon And so, just wondering if you think that volume does come back as inflation subsides? In conjunction with these investments, we're also prioritizing focus on our services platform, which encompasses professional services, our own brands, and innovation. As we enter the new fiscal year, we strongly believe we have the right leadership team to maximize the value creation of our Fuel the Future strategy, and we're committed to doing just that. Hey, good morning. Our modest volume loss was significantly better than that of the broader industry, for which Nielsen reported units declined by close to 3% for the same period. Like last quarter, this growth, excluding LIFO, was driven by the continued impact from inflation and the benefits from our efficiency initiatives. Your line is open. And then it's just the -- where we think we're going to end up with that. OK. And maybe as a follow-up, I don't think you changed the '24 outlook, right, for either top line or EBITDA, so that sort of implies a step-up -- a nice step up in the growth rate in '24 EBITDA growth. 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. Good morning. An extraordinary brand-building community for CPGs to activate into, segmented all over the market, various brand positioning, etc. I think at the highest level, we have a multitrack approach. 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. Announces New Agreement with Cornerstone for Natural to Brin.. United Natural Foods to Offer Retailers Innovative Smart Shelf Tags to Better En.. United Natural Foods and CoupDog Team Up to Invigorate Digital Coupon Experience for Gr.. United Natural Foods Appoints Erin Horvath as new Chief Supply Chain Transformation Off.. United Natural Foods Appoints Erin Horvath as New Chief Supply Chain Transformation Off.. United Natural Foods to Participate at Wolfe Research October Consumer Conference. The core of our business is our wholesale offer, and we drive that to be incredibly efficient for our customers so they can be highly competitive. It's baked into the guidance. {{configCtrl2.info.metaDescription}} Sign up today to receive the latest news and updates from UpToDate. 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? I think the way to think about our guidance for '23 is that there's a fair amount of market uncertainty out there, and the way we have developed our guidance is to be pragmatic and make sure that we have the flexibility during the year to provide good returns, and at the same time, be flexible enough to meet whatever needs our customers have. But we have a plan to improve productivity in this area, and it's a combination of all those things working together and the innovative associate programs that we put out there around flex work and early payment of wages and other programs that our associates are telling us they like. [11], In the United Kingdom, the Food Standards Agency has published criteria for the use of several terms in food labeling. I think the -- from a buyback perspective, as we announced with the $200 million, we're excited about that. We remain committed to the growth rates that we talked about, and we'll evaluate '24 guidance when we get there. 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. Copyright 2022 Surperformance. What I'd say about that is, first, let's start with the fact that we're talking to a wholesaler. Good morning. 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. Turning to Slide 13. All rights reserved. The way we think about it, there are a lot of levers. Automation, we've already talked about. And then as Sandy suggested, we're focused on the growth opportunities first. And I'm going to give the detail of this to Chris, but another very good question. We expect to further derisk this plan and project pension income will continue to decline in fiscal 2023 and beyond as a result. And that's a healthy thing for suppliers because units represent consumption occasions for brands, and that's the business they're in. We are more than 20,000 employees across the globe, united by a sense of purpose and a desire to make a difference. Plasticrelated chemicals impact wildlife by entering niche environments and spreading through different species and food chains. We pass all of it through to our customers, and then we have an administrative fee that goes back to our suppliers that's transparent in our value chain. We expect to monetize certain accounts receivable in the first quarter and approximately $240 million benefit from this, as reflected on the slide. And as noted previously, we're actively assessing opportunities to strategically accelerate capital allocation, which could drive upside to our outlook expectations. Operator, please open the line for questions. I don't know if we would necessarily look to a noncash item such as a pension income as something that we would use to drive margin expansion one way or the other. And then just lastly, on the share repurchase. As Sandy just highlighted, we're pleased with the finish we delivered to fiscal 2022. Cross-selling has more than doubled since 2020 and contributed over $1 billion of sales in fiscal 2022. Read breaking headlines covering politics, economics, pop culture, and more. That's at the heart of our model, and then from that strength of scale and earning business from the winning independent retail segment around the country, we then have the services platform to add value on top. As you can see on Slide 14, fiscal 2023 adjusted EPS is expected to benefit from about $0.44 from higher adjusted EBITDA, about $0.11 due to lower net interest expense, and by around $0.01 to a slightly lower expected tax rate. I think you said three, coming from Nielsen or somebody. I'll give you a general answer, and then I'll call on Eric to drill in a little bit. That's the whole purpose of them. Broadly speaking, we expect at some point for inflation to start to level off, and we expect suppliers then to want and need to drive margin through incremental sales. That was our strategy in '22, and it worked well for us, and we intend to repeat it in '23. With that, I'll turn the call over to John for detail on our financial results, capital allocation strategy, and outlook. And do you think you've modeled any of that into the outlook? It will also reduce our reported net leverage significantly while slightly reducing our funding costs and provide increased flexibility under our borrowing facilities but is not expected to impact our credit ratings. And then the use of technology and process improvement and automation, and all that comes together into what becomes our guidance. It's a good question. These symbols will be available throughout the site during your session. Artificial sweeteners may be derived through manufacturing of plant extracts or processed by chemical synthesis.Sugar substitute products are commercially I guess just anything that you guys are seeing here as pressure on the consumer continues to rise and unit volumes moderate a bit. We saw this in FY '22, and I think we're going to see some of this in FY '23, where there's just a lot of levers within our business. "[8] The USDA partnered with the Food and Drug Administration (FDA) to develop and issue regulations against the inappropriate usage of "natural" labels; yet, the FDA does not have specific rules for "natural" labeling. And so, it's yet another reason why we isolated the services portfolio, which Private Brands is at the center of so that we could take what is a good program and try to make it a great program. United Natural Foods, Inc. July 31, 2021. Given this inflationary environment, our customers have a high demand for value-type programs. This is Sandy. And I would just add, we would encourage them to. in food labeling", "Naturally better? 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. Can you talk to the cadence of the rollout of automation, right? Definitions and reconciliations to the most comparable GAAP financial measures are included in our press release and the end of our earnings presentation. We are partnering and exploring partnerships in each area so that we have more than one way to go. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. On the quarter, how much of the year-over-year SG&A increase as a percentage of sales, how much of that is maybe the Key Food's DC just being underutilized, and then that becomes more efficient? But note: United Natural Foods may not be the best stock to buy. And any signs of trade down or what you're seeing there? The decrease in noncash pension income was that we experienced as a result of the progress we've made in derisking the balance sheet, which has proceeded at an accelerated pace relative to our prior planning assumptions. And finally, I believe a key differentiator is the talent that UNFI has at all levels of the organization. Cash and cash equivalents $ 44 $ 41. Obviously, some M&A got in the way of it all being used. Just trying to understand how you're thinking about that going forward. Microsofts Activision Blizzard deal is key to the companys mobile gaming efforts. On a pristine Montana Angus cattle ranch, Meyer Natural Foods began as a pursuit of founder, Bob Meyer's, passion. Importantly, all approved projects have attractive projected returns above our cost of capital and are expected to enhance our long-term margin profile. I think we think about it through both of those lenses. As a result of this deleveraging, our ample liquidity of approximately $1.7 billion, and the increased investment capacity this position provides us, we are highly focused on refining our long-term capital allocation strategy to support our growth initiatives, to continue to strengthen our balance sheet and to opportunistically pursue share repurchases. Microsofts Activision Blizzard deal is key to the companys mobile gaming efforts. I'm going to answer your question in a strategic way, and then I'm going to ask John to give you the color. 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