United Natural Foods(US:UNFI)2024-10-01 16:15Financial Performance - Q4 FY24 - Net sales increased by 10% to $8,155 million, including approximately $582 million from an extra week, or 2.1% excluding the 53rd week impact[4, 5, 7] - Gross profit increased by 15.5% to $1,116 million, or 7% excluding the 53rd week[4] - Adjusted EBITDA increased by 53.8% to $143 million, including $10 million from the extra week, or 43% excluding the 53rd week[4, 5, 8] - Adjusted EPS increased from $(0.25) to $0.01, primarily driven by higher Adjusted EBITDA[4, 8] Financial Performance - FY24 - Net sales increased by 2.3% to $30,980 million, or 0.4% excluding the 53rd week[4] - Gross profit increased by 1.7% to $4,201 million, or 0.3% excluding the 53rd week[4] - Adjusted EBITDA decreased by 19.1% to $518 million, or 20.6% excluding the 53rd week[4] - Adjusted EPS decreased from $2.23 to $0.14[4] Future Outlook & Strategy - The company anticipates total sales will be roughly flat from FY25 to FY27 as organic growth offsets the revenue impact of network optimization focused on conventional network[6] - The company expects average annual adjusted EBITDA growth from FY25 to FY27 to be in the high-single digit range[6] - The company is targeting recurring free cash flow generation of around 0.5% or higher as a percentage of net sales[6] - The company expects to generate around $100 million in free cash flow in FY25, an increase of about $200 million from FY24[6] - The company is seeking to reduce net leverage to 2.5x or less by fiscal year end 2027[6, 9]