US Foods reports increase in sales

ROSEMONT - US Foods Holding Corp., one of the largest food service distributors in the U.S., reported first quarter financial results Thursday, including net sales of $8.5 billion, an increase of 9.5% compared to the same period a year ago.

Diluted earnings per share was 32 cents, compared to 7 cents in the first quarter of 2022. The company also said it repurchased $34 million in shares as part of its $500 million repurchase program.

"We grew total case volume by nearly 6% and independent restaurant case volume by 8%, while improving our cost structure and profitability," said Dave Flitman, CEO.

Gross profit was $1.4 billion, an increase of 19.2% from the prior year, primarily as a result of cost of goods sold optimization, increased freight income from improved inbound logistics, optimized pricing and food cost inflation in multiple product categories, US Foods said.