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United Natural Foods Inc. (UNFI+1.98%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $7,871 million, an increase from $7,552 million in the same quarter the previous year. This growth was driven by an increase in unit volumes and inflation.
Cost of sales for the quarter was $6,833 million, resulting in a gross profit of $1,038 million. The gross profit margin decreased to 13.2% from 13.6% in the prior year, primarily due to lower product margin rates and customer and product mix.
Operating expenses were $1,015 million, down from $1,023 million in the previous year, reflecting cost-saving initiatives and higher sales leverage.
Restructuring, acquisition, and integration-related expenses rose to $12 million from $4 million, driven by employee severance and separation costs.
Net loss attributable to United Natural Foods, Inc. was $21 million, or $0.35 per diluted share, compared to a net loss of $39 million, or $0.67 per diluted share, in the previous year.
Adjusted EBITDA increased to $134 million from $117 million, reflecting improvements in gross profit and operating expenses.
The company reported total assets of $7,966 million, an increase from $7,528 million at the end of the previous fiscal year.
Total debt increased to $2,247 million, mainly due to additional borrowings under the ABL Credit Facility to fund seasonal working capital needs.
Cash and cash equivalents at the end of the period were $37 million, with total liquidity of $1,174 million, including unused credit under the ABL Credit Facility.
The report also details ongoing legal proceedings, including involvement in opioid-related lawsuits and a securities class action, which the company intends to defend vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United Natural Foods Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.