US Foods Reports Q1 Fiscal Year 2024 Results, Hits 8.9B in Net Sales; Dave Flitman and Dirk Locascio Detail

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Thu. May 9th, 2024 - by Anne Allen

ROSEMONT, IL - On the heels of a strategic acquisition play, US Foods Chief Executive Officer Dave Flitman and Chief Financial Officer Dirk Locascio recently provided an update regarding the distributor’s latest financial results.

Dave Flitman, Chief Executive Officer, US Foods
Dave Flitman, Chief Executive Officer, US Foods

“Our results for the first quarter were in line with our expectations, demonstrating the strength of our business model and our ability to win in any environment as we overcame both internal and external headwinds to start the year,” said Dave Flitman, Chief Executive Officer. “Our team remains focused on capturing profitable market share with our target customer types and driving further progress on our strategic initiatives to improve profitability.”

US Foods’ net sales reached $8.9 billion for the quarter, showing an increase of 4.8 percent from the prior year. As a press release detailed, this was driven by case volume growth and food cost inflation of 1.5 percent.

US Foods recently reported significant gains in its results for the fourth quarter and full fiscal year 2023
US Foods has released its first quarter results for 2024, revealing net sales of $8.9 billion

“Our differentiated model and strong value proposition are resonating with our customers which has helped propel us to grow share with independent restaurants for 12 consecutive quarters,” Flitman continued “We continue to make significant improvements in our operational performance as we achieved a 30 percent improvement in our safety results and drove nearly 4 percent improvement in delivery productivity, in line with our goal to increase productivity by 3 percent to 5 percent annually.”

Other Q1 highlights include:

  • Gross profit increased 4.9 percent to $1.5 billion
  • Total case volume increased 4.2 percent; independent restaurant case volume increased 4.6 percent
  • Net income available to common shareholders was $82 million
  • Adjusted EBITDA increased 5.6 percent to $356 million
The distributor continues to expand its market presence, recently completing its acquisition of IWC Food Service in April

“We closed on our previously announced acquisition of IWC Food Service in April and are excited to welcome the team to US Foods. IWC expands our presence in the central Tennessee market and serves the greater Nashville area, one of the fastest growing markets in the country,” Flitman added.

Locascio, Chief Financial Officer, also gave his input.

Dirk Locascio, Chief Financial Officer, US Foods
Dirk Locascio, Chief Financial Officer, US Foods

“We executed well in the first quarter despite the challenging start to the year by staying focused on what we can control,” Locascio said. “We continue to execute our strategy and focus on driving profitability improvement, accelerating free cash flow generation, and maintaining our strong balance sheet. Given our performance for the first quarter and outlook for the full year, we are reaffirming our fiscal year 2024 guidance.”

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