UNFI Sees Sales and Income Rise in Q3 2022

Grocery wholesaler United Natural Foods, Inc. (UNFI) has shared its Q3 2022 fiscal results, highlighted by an increase in net sales and net income. UNFI provides grocery products, including private brands, to more than 30,000 retail locations throughout North America.

“Our third quarter performance further demonstrates UNFI’s agility and its focus on servicing customers despite a challenging operating environment. It’s apparent that our Fuel the Future strategy is working and beginning to benefit our customers,” said UNFI CEO Sandy Douglas. “As we look towards a successful end to our fiscal year, we continue to make progress in simplifying our business and focusing resources on the most important areas that create value for our customers, suppliers, and shareholders.”

UNFI’s net sales increased 9.2% in Q3 2022 compared to the same period last year, citing new business. Net income for the third quarter of fiscal 2022 was $67 million, compared to $48 million in Q3 2021.

Gross margin rate in the third quarter of fiscal 2022 was 14.0% of net sales. Operating expenses in the third quarter of fiscal 2022 were $969 million, or 13.4% of net sales, compared to $868 million, or 13.1% of net sales, in the third quarter of fiscal 2021. UNFI attributed the increase to higher transportation and labor costs in Q3.

In March, UNFI released its ESG 2022 plan.