Q4 2024 United Natural Foods Inc Earnings Call Transcript
Key Points
- Delivered fourth-quarter results that drove fiscal 2024 performance to the upper end of the previously provided outlook.
- Extended agreement with the largest customer until mid-2032.
- Realized approximately $150 million in benefits from structural efficiency initiatives.
- Significantly reduced shrink and lengthened the maturity on the term loan until 2031.
- Onboarded new President and CFO, Matteo Tarditi, to strengthen leadership.
- Retail sales continued to see pressure with a decline of slightly more than 4% compared to the prior year.
- Inflation decelerated modestly to approximately 1.5%, with expectations for further slowing.
- Higher interest expense primarily driven by higher average interest rates.
- Free cash flow in Q4 was $71 million, a decrease from last year.
- Net leverage remains high at 4.0 turns, though it has declined from Q3.
Hello, and welcome to the UNFI Fiscal 2024 Q4 Earnings Call. (Operator Instructions)
I would now like to turn the conference over to Mr. Steve Bloomquist, Vice President of Investor Relations. You may begin.
Good morning, everyone. Thank you for joining us on UNFI's fourth-quarter fiscal 2024 earnings conference call. By now, you should have received a copy of the earnings release issued this morning. The press release and earnings presentation, which management will speak to, are available under the Investors section of the company's website at www.unfi.com. We've also included a supplemental disclosure file in Microsoft Excel with key financial information.
Joining me for today's call are Sandy Douglas, our Chief Executive Officer; and Matteo Tarditi, our President and Chief Financial Officer. Sandy and Matteo will provide a business update, after which we'll take your questions.
Before we
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