United Natural Foods, Inc. (UNFI) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

These risks are discussed in the company's earnings release and SEC filings. Actual results may differ materially from the results discussed in these forward-looking statements. I'd like to point out that during today's call, management will refer to certain non-GAAP financial measures. Definitions and reconciliations to the most comparable GAAP financial measures are included in our press release and the end of our earnings presentation. I now ask you to turn to slide six of our presentation as I turn the call over to Sandy. Thanks, Steve, and thank you, everyone, for joining us this morning. In the first quarter of fiscal 2026, UNIFI delivered solid results, including adjusted EBITDA and free cash flow meaningfully above prior year levels, while net leverage declined approximately one turn compared to the prior year quarter. Importantly, we delivered these business. This reflects actions taken within our value delivery office to help support gross margins as well as continued progress managing shrink. As a result of our solid Q1 performance, we're firmly on track to achieve our full year outlook, and we remain focused on executing our strategy, adding value for our customers and suppliers while becoming a more effective and efficient company. During the first quarter, we continue to make progress in both areas. I'll start with how we're adding value for our customers and suppliers. At UNFI, we aim to do more than safely receive, store, and transport food. We're working to bring our customers the products, insights, programs, and services that will help them execute their strategies and successfully differentiate themselves in a highly competitive environment. We know this environment is increasingly challenging, especially for traditional grocers. This is why we ar...