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US Foods Reports First Quarter Fiscal 2021 Earnings
ROSEMONT, Ill. (BUSINESS WIRE) May 10, 2021 – US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal 2021. In this press release, we refer to certain organic financial results. Organic financial results exclude contributions from Smart Foodservice, which was acquired on April 24, 2020.
First Quarter Fiscal 2021 Highlights
•Total case volume decreased 0.9%; independent restaurant case volume increased 8.1%
•Total organic case volume decreased 6.4%; organic independent restaurant case volume increased 0.2%
•Net sales decreased 0.7% to $6.3 billion
•Gross profit decreased 5.9% to $1.0 billion
•Net loss available to common shareholders was $39 million
•Adjusted EBITDA decreased 2.8% to $172 million
•Diluted EPS loss was $0.18; Adjusted Diluted EPS was $0.12
"During the first quarter, we saw a meaningful recovery in case volume with our restaurant and hospitality customers. This momentum has continued into the early part of the second quarter as restrictions on in-person dining continue to be lifted in markets across the country," said Chairman and CEO Pietro Satriano. "Over the last 12 months, our scale and differentiated strategy have allowed us to gain market share with both large and small customers as operators continue to utilize our technology, innovative products and consultative services to help them manage their business."
First Quarter Fiscal 2021 Results
Total case volume decreased 0.9% from the prior year, while total organic case volume decreased 6.4%. Independent restaurant case volume increased 8.1%, while organic independent restaurant case volume increased 0.2%. Net sales of $6.3 billion decreased 0.7% from the prior year, primarily as a result of the negative impact of COVID-19 on case volume. Both case volume and Net sales improved throughout the quarter as COVID-19 vaccine distributions became more widespread and restrictions on in-person dining eased in various markets. Smart Foodservice contributed Net sales of $261 million, or 4.1%, for the quarter.
Gross profit of $1.0 billion decreased $63 million, or 5.9%, from the prior year, primarily as a result of the negative impact of COVID-19 on case volume, an unfavorable year-over-year LIFO adjustment, changes to our customer mix and higher logistics costs. These factors were partially offset by contributions from Smart Foodservice, which was not owned by the company in the prior year period. Gross profit as a percentage of Net sales was 15.9%. Adjusted Gross profit was $1.0 billion, a decrease of $29 million or 2.8% from the prior year, driven by the negative impact of
The following information was filed by Us Foods Holding Corp. (USFD) on Monday, May 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.