Or is there catch-up in there? 5 lbs. Our broad array of suppliers and products, including UNFIs owned brands ensures we have the right items and solutions to meet the needs of each of our customers and their unique go-to-market strategies. United Natural Foods (UNFI) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.25 per share. The other thing is the flip of the coin. Now that varies, because many of them are taking on new categories from us, that we have been able to deliver, because they value us is kind of a one-stop shop, and increasingly customers are seeing that value and taking advantage of it. Turning to slide seven, the progress we're making under our Fuel the Future strategy is evident in our fiscal 2022 results and our expectations for fiscal 2023. That's my first follow-up. We expect this to be partially offset by a negative non-cash impact of around $0.20 resulting from lower pension income and higher investment-driven depreciation and amortization, while other items and share count are expected to weigh on adjusted EPS by around $0.20 on a combined basis. We'll look at that as a tuck-in. Thanks for taking my question. I know there's a ton of variability, but if you plan out your business, how long are you now expecting for these kinds of elevated rates to last? As it relates to some of the supplier information, I'm not sure if we have, or if we disclosed that before. Our associates are the key to our culture of innovation, our ability to execute, and our ability to deliver on our mission of helping make our customers and suppliers stronger, our supply chain better, and our food solutions more inspired. Net leverage also fell slightly more than expected to under 2.6 times and we ended the year with approximately $1.7 billion of liquidity. As the report outlines, we are now in our second year of integrating both SASB and TCFD recommended disclosures, and we are continuing to evolve and improve our reporting. We began this process in 2022 and have accelerated it within our fiscal 2023 plan. These are important because they affect our need for third-party labor and over time, and they generally speak to the stability of the operation. By now, you should have received a copy of the earnings release issued this morning. And I was wondering if you could just help us unpack that a little bit and understand the factors driving that, maybe cross-selling could explain some of that as that benefits your other segments. We're also highly focused on enhancing our transparency and investor disclosures and as Steve noted we posted an Excel supplemental with our key financial information on a historical basis, alongside the rest of our earnings materials. Just another question on mix. That'll drive up our quality level and obviously with each investment a very disciplined rate of return. Where food-focused companies ranging from Campbell Soup to Supervalu have been reporting lower-than-expected earnings and outlooks in recent weeks, United Natural Foods is bucking the trend. These were partially offset by some leveraging on our fixed costs. Now I don't know when that happens exactly, and I wouldn't want to predict it. And I'll now turn the call back to CEO, Sandy Douglas, for any closing remarks. Get the latest business insights from Dun & Bradstreet. The strength of our pipeline is largely attributable to the breadth of our assortment, as well as the growth platforms we've spoken about on past calls, including owned brands, fresh, and our professional services. In conjunction with these investments, we're also prioritizing focus on our services platform, which encompasses professional services our own brands and innovation. I'd like to ask you a little about labor costs and wage rates in the quarter? As it relates to Q4 guidance, you're absolutely right, we generally don't provide quarterly guidance. I mean, how far along is it? Is that a drag before it becomes a benefit? The data, information and opinions presented have been obtained or derived from sources believed by Quantalytics to be reliable. Our final question comes from Kelly Bania with BMO. Over the last two years we've reduced net leverage over 1.2 turns and ended the year at under 2.6 times, which is just north of our current target leverage range of 2 times to 2.5 times that we detailed as part of our Fuel the Future strategy. You mentioned some of these investments, but could you help unpack that between gross margin, SG&A? Operator, please open the line for questions. We plan to fund these investments primarily by streamlining and redeploying funds from lower return uses within our existing expense base. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. The average hourly wage for a Head of Investor Relations at companies like UNITED NATURAL FOODS INC in the United States is $164 as of March 29, 2022, but the range typically falls between $144 and $190. We wouldn't disclose ahead of time how we plan to deploy that, but rest assured that those three tools are part of a long-range strategy to continue to make our supply chain more effective, more efficient, higher quality and the best in the business, we're supporting independent customers. And, you know, is it possible if inflation stays elevated that volume could be, I don't know, flat to down on a comp basis? Fiscal. And we believe that that combination of three levers is a significant opportunity for us going forward. ESG Building Better for Our World, Our Communities and Our People Learn More Overview Stock Info Financials Governance We appreciate you joining us for today's year-end call. Turning to slide 10, sales for the fourth quarter grew 8% and totaled $7.3 billion setting a new fourth quarter record. Quantalytics is not a registered investment adviser, brokerage firm, or investment company. The vacancy rate declined from 9% at the end of Q3 to 8% at year-end. Kelly Bania, your line is open. That concludes the Q&A portion of today's call. Hi, thank you. We also see meaningful opportunity to benefit from increased efficiency and growth enablement across this portfolio by strengthening best practices, employing technology and investing in automation. This includes the addition of several new experienced leaders with backgrounds in large produce operations. | August 10, 2022 I mean we saw some softness in units versus inflation, John went over how could unpack our sales report and we were -- we clearly have more customers now than we did a year ago, so that implies that the customers we've had for more than a year, have unit performance is weaker than the company's. So we can better share those results with our customers and make them competitive. I mean, are you dipping into your own pocket to help out your customers in a sense? As for fresh, UNFI's produce sales in the third quarter outpaced the U.S. produce market by more than 300 basis points, which we believe reflects the continued investments we're making in people, processes, and infrastructure to improve the quality and freshness of the produce we sell. Sandy, you mentioned, trying to get promotions and KVAs to your clients -- your customers. Before we conclude the call, I did want to take a moment to thank Eric Dorne, our Chief Operating Officer, prior to his retirement at the end of this coming month. So I wanted to go on the buyback and some of the comments on potential M&A tuck-ins. to 10 lbs. We're pleased that owned brands are gaining momentum, as sales increases accelerated throughout the quarter. But also on the technology side, I'm not sure you got into details on what you're doing on the system side like back-office and stuff, but how are you guys thinking about the risks and do you think you'd modeled any of that in to the outlook? But to drive sales, we would expect suppliers to start to invest in promotions, and promotions will drive units. But certainly nothing unusual and not expected in our numbers. That's really helpful. From a capital standpoint and Eric is here, and you can comment, Eric, I think it offers us an opportunity to get both effective and more efficient as we redesign the supply chain. Eric Larson -- Seaport Research Partners -- Analyst. And then those that are more value oriented are certainly seeing that side of the customer base emphasize value for money. Thanks for taking my questions. Good morning, my name is Rob and I'll be your conference operator today. And then another question on automation, is there any reason why you couldn't use it that sits with the bulk of your package assortment over time? GROUP LEADERSHIP Wholesale-Food Group. The Company serves a wide variety of retail formats Sure, Kelly. The outlook for next year, we wouldn't provide it at that level. Relative to retailers, they're really operating where they're positioned. A key goal of this strategy is to bring ever greater value to our customers and suppliers, which we expect will drive new customer wins and increase sales across our existing customer base. While deploying this capital we've also strengthened our balance sheet. So there is a lot of those moving pieces buried in there and we've tried to capture it as best we can with the guidance we provided at basically 4.4% and 4% growth. This growth reflects elevated SG&A investments that we believe will better position us for accelerated growth beyond fiscal 2023. If you think about a conventional customer that wants to get into natural products, we can flip the switch on that, a conventional customer that wants to expand its meat and produce with us. Thanks. A key part of our mission that lies at the heart of everything we do. And then, finally, I would say that -- and this has been particularly important in the last couple years and when the network is as stressed as it is having backup and the ability to move distribution from one center to another has been helpful in times of stress. And that frankly wasn't two expectations, right? Nice quarter. Your next question comes from the line of Mark Carden from UBS. After the speakers' remarks, there will be a question-and-answer session. And their dedication is evident in everything they do. In comparison, the broader S&P500 index increased 4% over the same period. By . Good morning. The adjusted operating margin [], Fiscal 2022 Q2 net sales rose 7.5% from the prior year to $7.42 billion as strong growth across all sales channels more than made up for modest anticipated market contraction and continued deterioration in fill rates. Okay, thank you. So as Sandy said, as the trends continue, we expect promotion to be a lever that our suppliers continue to pull throughout the year. D-RATED STOCKS are those stocks our Big Data multi-factor models score as moderately probable to fall in price. Successfully establishing this program will allow us to fund our business at a lower cost with minimal operational change. Motley Fools Premium Investing services are getting our leverage to a position where we think there is a brand. 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