US Foods Reports 212M Gain in Q4 Fiscal Year 2022 Earnings; Dave Flitman Details
ROSEMONT, IL - With our eyes to the foodservice distribution industry, ANUK has spotted another impressive profit increase. US Foods Holding pulled back the curtain on its fourth quarter and full fiscal year 2022 report, revealing its gross profit reached $1.5 billion for Q4. This marks a 17.1 percent increase of $212 million over the year prior.
“US Foods’ strong financial results this quarter reflect the growing positive momentum that our team built over the past year,” said Dave Flitman, Chief Executive Officer. “In the fourth quarter, we grew case volume across nearly all customer types and doubled growth in independent restaurants over the prior quarter. That performance, coupled with gross margin optimization and cost structure improvements, drove 34 percent growth in Adjusted EBITDA. For the full year, we exceeded the high end of our guidance by delivering Adjusted EBITDA of $1.31 billion, demonstrating the continued dedication of our team of 29,000 talented associates and solid execution against our long-range plan. I am excited to lead this next chapter for US Foods as we build upon our significant progress in delivering value to our shareholders, customers, associates, and communities.”
The distributor’s Q4 gross profit increase of $212 million was primarily a result of optimized pricing, increased freight income from improved inbound logistics, cost of goods sold optimization, and food cost inflation in multiple product categories.
According to the release, the company also saw net sales of $8.5 billion for the quarter, an increase of 11.5 percent from the prior year, driven by food cost inflation of 8.4 percent compared to the prior year.
Fiscal year 2022 saw a gross profit of $5.5 billion, increasing by $837 million, or 18.0 percent, from the prior year.
For more details on the results, click here.
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