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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (70452)3/8/2023 7:50:23 AM
From: E_K_S  Read Replies (2) of 78940
 
RE: UNFI earnings miss due to inventory accounting change to LIFO resulting from inflation in prices in supply chain. Stock -21% pre-market

United Natural Foods, Inc. Reports Second Quarter Fiscal 2023 Results

Second Quarter Fiscal 2023 Highlights (comparisons to second quarter fiscal 2022)

Net sales increased 5.4% to $7.8 billion, primarily driven by inflation and new business
Gross profit decreased $6 million, or 0.6%, to nearly $1.1 billion; prior to LIFO charge, gross profit rose 0.4%

Net income decreased 71.2% to $19 million; Earnings per diluted share (EPS) decreased 71.3% to $0.31

Adjusted EBITDA decreased 17.7% to $181 million
Adjusted EPS decreased 42.6% to $0.78

Reduced net debt by $427 million sequentially, including the benefits from Accounts Receivable monetization

Raising FY2023 sales outlook, reiterating capital expenditure outlook and lowering profitability outlook

Company still guides higher for 2023 revenues. They do have price escalation terms in their retail delivery/supply contracts but did not seem to help and/or manage these supply chain price increases.

Stock -21% pre-market. Will have to see where this normalizes once investors digest the report. Revenues continue to grow and the new LIFO accounting s/d help them pass thru current price increases as they hit supply chain.
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