US Foods Unveils First Quarter Fiscal Year 2022 Earnings; Andrew Iacobucci and Bob Dutkowsky Discuss
ROSEMONT, IL - US Foods Holding experienced a significant sales increase as outlined by its recent Q1 2022 financial results. The report states that net sales rose by 23.9 percent, ultimately reaching $7.8 billion.
“Despite continuing challenges impacting our industry, we delivered one of our strongest quarters since the pandemic began,” stated Interim Chief Executive Officer Andrew Iacobucci, who stepped in just last week. “Our entire team is focused on advancing both tested and new initiatives to further strengthen our business, and I am confident we will continue to build on our momentum.”
According to the release, the foodservice ally increased its total case volume by 4.1 percent from the prior year, driven by a 3 percent increase in total restaurant volume, a 64 percent increase in hospitality volume, and a 1 percent increase in healthcare volume.
Net sales were $7.8 billion for the quarter, an increase of 23.9 percent from the prior year, and was driven by higher total case volume and food cost inflation of 17.3 percent compared to the same quarter a year ago.
Additionally, gross profit increased by 19.1 percent from the prior year and reached $1.2 billion during the quarter. Food cost inflation in multiple product categories also contributed to increased gross profit.
“Our results this quarter are a promising affirmation of our progress in implementing our long-range plan to profitably grow market share, further optimize gross margins, and improve operational efficiencies,” said Executive Chairman Bob Dutkowsky. “The significant changes we made during the pandemic to bolster our team, enhance our operating model, and evolve how we deliver for our customers are enhancing our ability to deliver stronger results; and I look forward to working with the leadership team to drive value for our shareholders.”
To read more about the company’s results, click here.
With impressive results like this, we can only assume that further growth is on the horizon for US Foods.