United Natural Foods Inc (UNFI) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the UNFI first-quarter fiscal 2026 earnings conference call. (Operator Instructions). I'd now like to turn the call over to Steve Bloomquist, Vice President of Investor Relations. You may begin.

感謝您的耐心等待，歡迎參加 UNFI 2026 財年第一季財報電話會議。（操作說明）現在我將把電話交給投資者關係副總裁史蒂夫·布魯姆奎斯特。你可以開始了。

Good morning, everyone, and thank you for joining us on UNFI's first-quarter fiscal 2026 earnings conference call. By now, you should have received a copy of the earnings release from 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.

各位早安，感謝各位參加 UNFI 2026 財年第一季財報電話會議。現在，您應該已經收到今天早上發布的財報副本了。新聞稿和業績報告（管理層將在報告中發言）可在公司網站 www.unfi.com 的「投資者關係」欄位中查閱。我們還附上了一份包含關鍵財務資訊的補充揭露文件（Microsoft Excel 格式）。

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.

今天與我一起參加電話會議的有我們的執行長桑迪·道格拉斯；以及我們的總裁兼財務長馬泰奧·塔迪蒂。Sandy 和 Matteo 將為大家帶來最新的業務狀況報告，之後我們將回答大家的問題。

Before we begin, I'd like to remind everyone that comments made by management during today's call may contain forward-looking statements. These forward-looking statements include plans, expectations, estimates, and projections that might involve significant risks and uncertainties. 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.

在開始之前，我想提醒大家，管理階層在今天電話會議上發表的評論可能包含前瞻性陳述。這些前瞻性陳述包括計劃、預期、估計和預測，其中可能涉及重大風險和不確定性。這些風險在公司的獲利報告和提交給美國證券交易委員會的文件中均有討論。實際結果可能與這些前瞻性聲明中討論的結果有重大差異。

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.

我想指出，在今天的電話會議中，管理階層將提及某些非GAAP財務指標。定義以及與最可比較的 GAAP 財務指標的調整表已包含在我們的新聞稿和收益報告的結尾部分。

I'd now ask you to turn to slide 6 of our presentation as I turn the call over to Sandy.

現在請大家翻到我們簡報的第 6 張投影片，我將把通話交給 Sandy。

Thanks, Steve, and thank you, everyone, for joining us this morning. In the first quarter of fiscal 2026, UNFI delivered solid results, including adjusted EBITDA and free cash flow meaningfully above prior year levels, while net leverage declined approximately 1 turn compared to the prior year quarter.

謝謝史蒂夫，也謝謝各位今天早上收看我們的節目。在 2026 財年第一季度，UNFI 取得了穩健的業績，包括調整後的 EBITDA 和自由現金流均顯著高於上年同期水平，而淨槓桿率與上年同期相比下降了約 1 倍。

Importantly, we delivered these results amidst an operating environment that remains highly dynamic. Our first-quarter net sales performance was driven by sustained natural and organic product growth, new business projects, and strong retail execution across our customer base.

重要的是，我們在高度動態的營運環境下取得了這些成果。第一季淨銷售業績主要得益於天然和有機產品的持續成長、新業務項目以及在客戶群中強勁的零售執行力。

Positive sales in our Natural Products segment largely offset declines in our Conventional Products segment, consistent with our expectations as part of our accelerated network optimization efforts, most notably at Allentown, which have proceeded ahead of schedule. As we improve our network, we're focused on continuing to improve service levels for our customers and suppliers in a growing $90 billion target market and on further increasing our long-term profitability.

天然產品部門的積極銷售在很大程度上抵消了常規產品部門的下滑，這符合我們的預期，因為這是我們加速網路優化工作的一部分，尤其是在阿倫敦，該工作已提前完成。隨著我們不斷改進網絡，我們將專注於在不斷增長的900億美元目標市場中，持續提高我們為客戶和供應商提供的服務水平，並進一步提高我們的長期盈利能力。

Our adjusted EBITDA growth in the first quarter continued to be driven by improving execution, effectiveness, and efficiency across the business. This reflects actions taken within our value delivery office to help support gross margins as well as continued progress managing shrink.

第一季調整後 EBITDA 的成長持續得益於公司各部門執行力、效率和效益的提升。這反映了我們價值交付辦公室為支持毛利率而採取的行動，以及在控制損耗方面取得的持續進展。

Free cash flow results improved by over $100 million compared to last year's first quarter, even as we took necessary steps to stock up on the inventory our customers need in advance of the high-volume holiday selling season that is now well underway. This performance enabled us to both improve fill rates and reduce net leverage sequentially compared to the end of fiscal 2025 and from prior year levels.

與去年第一季相比，自由現金流業績改善了 1 億美元以上，即便我們採取了必要的措施，提前儲備了客戶在即將到來的假期銷售旺季所需的庫存。這項業績使我們能夠提高訂單滿足率，並環比降低淨槓桿率，與 2025 財年末相比以及與前一年相比均有所改善。

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 continued to make progress in both areas. I'll start with how we're adding value for our customers and suppliers.

由於第一季業績穩健，我們正穩步朝著全年目標邁進，我們將繼續專注於執行我們的策略，為客戶和供應商創造價值，同時成為一家更有效率、更有成效的公司。第一季度，我們在這兩個領域都繼續取得了進展。我先來談談我們如何為客戶和供應商創造價值。

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.

在 UNFI，我們的目標不僅僅是安全地接收、儲存和運輸食品。我們致力於為客戶提供產品、洞察、專案和服務，幫助他們執行策略，並在競爭激烈的環境中成功脫穎而出。

We know this environment is increasingly challenging, especially for traditional grocers. This is why we aren't stopping with what we can do for our customers and suppliers today. We're focused on what we can do to help them succeed for years to come.

我們知道，這種環境對傳統雜貨店來說尤其具有挑戰性。這就是為什麼我們不會止步於今天能為客戶和供應商做的事情。我們專注於如何幫助他們在未來幾年取得成功。

Our commercial organization is working to revamp and strengthen our merchandising capabilities as a competitive advantage for our customers because we believe tailored merchandising and competitive pricing on key items is critical to helping retailers more effectively differentiate and compete. This focus also helps our suppliers successfully build their brands across the diversified 30,000-plus retail locations that we serve.

我們的商業部門正在努力改進和加強我們的商品銷售能力，以此作為我們客戶的競爭優勢，因為我們相信，針對關鍵商品量身定制的商品銷售和具有競爭力的價格對於幫助零售商更有效地實現差異化和競爭至關重要。這種關注也有助於我們的供應商在我們服務的 30,000 多個零售點成功打造品牌。

A critical part of our broader merchandising capability is supported by our Private Brands portfolio. During the quarter, we appointed a new leader for this business with deep knowledge of how Private Brands can help retailers differentiate and drive value for consumers.

自有品牌組合是我們更廣泛的商品銷售能力的重要組成部分。本季度，我們為該業務任命了一位新領導，他對自有品牌如何幫助零售商脫穎而出並為消費者創造價值有著深刻的了解。

We also continued taking action to improve the experience for independent customers and emerging suppliers who are critical to the vitality of our industry. In fact, an early focus of our lean management Kaizen workshops has been to troubleshoot some of the areas that suppliers have told us are important to them, such as time-to-shelf.

我們也繼續採取措施，改善獨立客戶和新興供應商的體驗，他們對我們行業的活力至關重要。事實上，我們精實管理改善研討會的早期重點之一就是解決供應商告訴我們對他們來說很重要的一些領域的問題，例如上架時間。

Following a recent Kaizen continuous improvement workshop, we took swift action to improve item setup forms and processes to streamline the new items that are processed. This type of action not only directly helps our suppliers but also our customers by ensuring that they get access to innovative products that their shoppers want.

在最近一次 Kaizen 持續改進研討會之後，我們迅速採取行動，改進了物料設定表格和流程，以簡化新材料的處理。這種做法不僅直接幫助我們的供應商，也透過確保他們能夠獲得顧客想要的創新產品來幫助我們的客戶。

Turning to our focus on improving effectiveness and efficiency. In the first quarter, we took additional steps on our operational road map to pair advanced supply chain technologies with processes and capabilities that empower UNFI associates to champion operational excellence. We recently deployed the supply chain technology Relex across about half of our distribution network, with the second half expected to be completed by fiscal year-end.

接下來，我們將重點放在提高效率和效益上。第一季度，我們在營運路線圖上採取了更多措施，將先進的供應鏈技術與流程和能力相結合，使 UNFI 員工能夠倡導卓越營運。我們最近在大約一半的分銷網絡中部署了供應鏈技術 Relex，預計另一半將在財年結束前完成部署。

This solution is helping us partner with our customers and suppliers to make smarter procurement decisions by using an AI-based platform to predict demand, avoid waste, and reduce out of stocks. It is helping to deliver improved fill rates and inventory effectiveness as we expected, and we anticipate further benefits as we complete the rollout this year.

此解決方案利用基於人工智慧的平台預測需求、避免浪費和減少缺貨，從而幫助我們與客戶和供應商合作，做出更明智的採購決策。正如我們預期的那樣，它有助於提高訂單滿足率和庫存效率，我們預計隨著今年推廣工作的完成，將會有更多好處。

At the same time, we continue to scale lean daily management across our Distribution Network with 34 DCs now on-boarded through first quarter's end. In these DCs, we continue to see encouraging improvements in our KPIs for safety, quality, delivery, and cost, all as a result of empowering our associates to see and solve problems faster and more effectively.

同時，我們繼續在整個配送網路中推廣精益日常管理，截至第一季末，已有 34 個配送中心加入其中。在這些配送中心，我們不斷看到安全、品質、交付和成本方面的關鍵績效指標得到令人鼓舞的改善，這完全得益於我們賦予員工權力，讓他們能夠更快、更有效地發現和解決問題。

Together, Relex and lean are driving effectiveness and efficiency across our network. Our customer fill rates have improved and are now trending above fiscal 2024 and 2025 levels on average. We still have work to do, but we see even more opportunities to improve as we continue to scale these initiatives in the months ahead.

Relex 和精實理念的結合，正在提升我們整個網路的效率和效能。我們的客戶訂單滿足率有所提高，目前平均已超過 2024 財年和 2025 財年的水準。我們還有很多工作要做，但隨著我們在未來幾個月繼續擴大這些措施的規模，我們看到了更多改進的機會。

During the first quarter, we also continued to optimize our network following the actions we took last fiscal year to streamline parts of our footprint while also strategically investing to support future growth. These actions were completed at an accelerated pace relative to our initial expectations.

第一季度，我們持續優化網絡，延續上個財年精簡部分業務佈局的舉措，同時進行策略性投資以支持未來的成長。這些行動的完成速度比我們最初的預期要快得多。

Our optimization efforts are enabling us to serve customers and suppliers through strategically located facilities with broad assortments while removing redundant and wasteful costs. These actions have enabled us to continue to make network improvements and contributed meaningfully to our improved results.

我們的最佳化措施使我們能夠透過策略性佈局的設施和廣泛的產品種類為客戶和供應商提供服務，同時消除冗餘和浪費的成本。這些舉措使我們能夠不斷改進網絡，並對我們取得更好的業績做出了重要貢獻。

During the first quarter, we ramped operations at our new automated Natural Product distribution center in Sarasota, Florida, which is expected to help address strong demand in that area. By combining the power of an optimized portfolio with the right mix of technology, processes, and people, we are building a more responsive and resilient supply chain to support customer and supplier needs today and into the future.

第一季度，我們在佛羅裡達州薩拉索塔新建的自動化天然產品配送中心加快了運營，預計這將有助於滿足該地區的強勁需求。透過將優化的產品組合與合適的技術、流程和人員相結合，我們正在建立一個更具回應性和韌性的供應鏈，以滿足客戶和供應商當前及未來的需求。

At next week's Investor Day, we'll provide a closer look at the key capabilities that we're building to add more value for customers and suppliers and continue to drive effectiveness and efficiency across our business. We also look forward to giving everyone a chance to hear directly from several of the talented UNFI leaders who are leading this important work.

在下週的投資者日上，我們將詳細介紹我們正在建立的關鍵能力，這些能力旨在為客戶和供應商創造更多價值，並持續提高我們業務的效率和效益。我們也期待讓大家有機會直接聆聽幾位才華洋溢的聯合國糧食及農業組織領導人的發言，他們正在領導這項重要的工作。

Together, all of us at UNFI remain focused on becoming the food retail industry's most valued partner. Our first-quarter performance reinforces our confidence in our ability to continue to create sustainable long-term value for our customers, suppliers, associates, and shareholders.

UNFI 的全體員工將繼續齊心協力，致力於成為食品零售業最有價值的合作夥伴。第一季的業績增強了我們對自身能力的信心，我們將繼續為客戶、供應商、員工和股東創造可持續的長期價值。

With that, let me turn it over to Matteo to provide more detail about our first-quarter performance. Matteo?

接下來，我將把發言權交給 Matteo，讓他詳細介紹我們第一季的表現。馬特奧？

Thank you, Sandy, and good morning, everyone. Our first-quarter results reflect our focus on building capabilities to better support our customers while simultaneously improving profitability and free cash flow, resulting in meaningful progress on our de-leveraging efforts. We're also affirming our annual outlook for all key financial metrics.

謝謝你，桑迪，大家早安。我們第一季的業績反映了我們專注於提升自身能力以更好地支持客戶，同時提高獲利能力和自由現金流，從而在去槓桿化方面取得了實質進展。我們也確認了所有關鍵財務指標的年度展望。

Today, I will provide additional insight into our first-quarter results, our financial position and capital structure, and our fiscal 2026 outlook. With that, let's review our Q1 results.

今天，我將進一步介紹我們第一季的業績、財務狀況和資本結構，以及我們對 2026 財年的展望。接下來，讓我們回顧一下第一季的業績。

Starting with slide 8. Our first-quarter sales came in at $7.8 billion, roughly flat to last year. This includes Natural segment growth of 11%, reflecting strong unit growth which outperformed the market. This growth, as Sandy mentioned, was driven by the performance of our customers, some new business products for existing customers, as well as the continued secular strength in our Natural, Organic, and Specialty products.

從第 8 張投影片開始。我們第一季的銷售額為78億美元，與去年同期基本持平。其中包括天然產品細分市場成長 11%，反映出強勁的銷售成長，超過了市場平均水準。正如桑迪所提到的，這一增長是由我們客戶的業績、為現有客戶推出的一些新業務產品以及我們天然、有機和特種產品持續強勁的增長所推動的。

In Conventional, as we anticipated and previously discussed, sales declined about 12%, primarily driven by our accretive transition out of our Allentown distribution center, which was completed ahead of our expectations. While this move pressured the top line, it supports improved profitability and free cash flow. Overall, Wholesale inflation was about 3%. Unit volumes declined about 5%, driven primarily by network optimization and mix was positive during the quarter.

正如我們之前預期和討論的那樣，傳統業務的銷售額下降了約 12%，這主要是由於我們從阿倫敦配送中心的增值轉型提前於預期完成所致。雖然此舉對營收造成了壓力，但有助於提高獲利能力和自由現金流。整體而言，批發通膨率約為 3%。本季單位銷售量下降約 5%，主要原因是網路優化，產品組合呈現正面態勢。

In Retail, total sales fell 5% in the quarter, partly due to store closures over the past 12 months, reflecting our strategic decision to strengthen the store network and improve future free cash flow. Same-store sales declined 3%, but we are optimistic about the impact that David Best and the strengthened leadership team will have on this business.

零售業務方面，本季總銷售額下降了 5%，部分原因是過去 12 個月內關閉了部分門市，這反映了我們加強門市網路和改善未來自由現金流的策略決策。同店銷售額下降了 3%，但我們對 David Best 和加強後的領導團隊將對這項業務產生的影響持樂觀態度。

Moving to slide 9, let's review profitability drivers in the quarter. Our gross margin rate in the first quarter was 13.4%, up 20 basis points versus the prior year quarter. This rate represents continued progress and execution to optimize our portfolio, our event supplier programs, and higher levels of temporary procurement gains resulting from vendor price increases.

接下來請看第 9 張投影片，我們來回顧一下本季的獲利驅動因素。第一季我們的毛利率為 13.4%，比上年同期成長 20 個基點。這一比例代表著我們在優化產品組合、活動供應商計劃以及因供應商價格上漲而帶來的更高水準的臨時採購收益方面取得的持續進展和執行。

Our operating expense rate was 12.7% of net sales compared to 12.9% last year. This improvement reflects the benefit of our effectiveness and efficiency initiatives driven by our value delivery office, network optimization, including continued strategic automation investments, and acceleration of lean daily management across UNFI. In addition, throughput, a key indicator of supply chain productivity measured by cases moving through the DCs over an hour, increased by over 2% compared to last year's first quarter and by nearly 10% from Q1 2024.

我們的營業費用率佔淨銷售額的12.7%，而去年為12.9%。這項改進體現了我們透過價值交付辦公室所推動的效率提升措施、網路優化（包括持續的策略自動化投資）以及在 UNFI 加速推行精實日常管理所帶來的益處。此外，吞吐量（衡量供應鏈生產力的關鍵指標，以一小時內透過配送中心的貨物數量來衡量）與去年第一季相比成長了 2% 以上，與 2024 年第一季相比成長了近 10%。

Adjusted EBITDA for the first quarter was $167 million, up nearly 25% year-over-year. On a rate basis, adjusted EBITDA was 2.1% of net sales up 40 basis points year-over-year. All in, adjusted EPS for Q1 was $0.56 compared to $0.16 last year. This was driven by higher profitability, including the benefit of lower net interest and depreciation expense, partially offset by a higher tax rate.

第一季調整後 EBITDA 為 1.67 億美元，較去年同期成長近 25%。以利率計算，調整後的 EBITDA 佔淨銷售額的 2.1%，較去年同期成長 40 個基點。綜合來看，第一季調整後每股收益為 0.56 美元，去年同期為 0.16 美元。這主要得益於更高的獲利能力，包括較低的淨利息和折舊費用，但部分被較高的稅率所抵銷。

Turning to slide 10. Free cash flow in Q1 was a use of $54 million, which was an improvement of about $105 million compared to last year's first quarter. This was the result of higher adjusted EBITDA, more efficient working capital investment, and lower levels of year-over-year capital spending.

翻到第10張投影片。第一季自由現金流為 5,400 萬美元，比去年第一季改善了約 1.05 億美元。這是由於調整後 EBITDA 增加、營運資本投資效率提高以及同比資本支出水準降低所致。

We continue to expect capital investments to accelerate as we move further into the year based on the expected project schedule. The free cash flow performance in Q1, coupled with the higher adjusted EBITDA enabled us to lower our net leverage ratio sequentially to 3.2 times and by 1 full turn compared to this time last year.

根據預期的專案進度安排，我們預計隨著今年的深入，資本投資將繼續加速成長。第一季自由現金流表現良好，加上調整後 EBITDA 較高，使我們能夠將淨槓桿率環比降低至 3.2 倍，比去年同期降低了 1 倍。

Historically, we have seen net leverage increase as we move from Q4 to Q1, and build inventory heading into the holiday season. However, our focus on customer service, combined with improved procurement processes and early benefits of Relex, have led to higher average fee rates, while we continue to reduce net leverage. With the strong first-quarter performance, we remain confident that we will further reduce net leverage to our target of below 2.5 times by the end of the fiscal year as we enter the seasonally higher free cash flow generation quarters.

從歷史數據來看，隨著第四季到第一季的過渡，淨槓桿率會上升，並且會在假期季節到來之前建立庫存。然而，我們對客戶服務的重視，加上改進的採購流程和 Relex 的早期效益，導致平均收費率上升，同時我們繼續降低淨槓桿率。憑藉強勁的第一季業績，我們仍然有信心在進入季節性自由現金流較高的季度後，到本財年末將淨槓桿率進一步降低至 2.5 倍以下的目標水平。

Flipping to slide 11. We continue to deepen lean practices to drive benefits across safety, quality, delivery, and cost. We have now implemented a lean daily management in 34 DCs as of the end of the first quarter, a sequential increase of six facilities in the quarter. We're actively working to eliminate waste and improve distribution center effectiveness and efficiency, all driven by our strategy of adding value to our customers and suppliers.

翻到第11張幻燈片。我們將繼續深化精益實踐，以在安全、品質、交付和成本方面取得成效。截至第一季末，我們已在 34 個配送中心實施了精益日常管理，比第一季增加了 6 個設施。我們正積極努力消除浪費，提高配送中心的效率和效益，這一切都源自於我們為客戶和供應商創造價值的策略。

As Sandy stated, we continue to focus on building enhanced capabilities including customer stewardship, merchandising, supply chain, and technology. This builds on work done over the past few years to better understand the needs of all customers and suppliers and will be an important part of the content at the next week's Investor Day.

正如桑迪所說，我們將繼續專注於提升自身能力，包括客戶管理、商品銷售、供應鏈和技術。這是建立在過去幾年為更好地了解所有客戶和供應商的需求而開展的工作之上的，並將成為下週投資者日的重要內容之一。

Looking at slide 12. Our performance in Q1 keeps us solidly on track to deliver our full-year outlook for fiscal 2026. To review, our guidance ranges and increases compared to fiscal 2025 include sales of $31.6 billion to $32 billion. This includes the year-over-year loss of sales from our transition out of Allentown, which will improve profitability and free cash flow but suppress the growth in consolidated net sales by about 3%.

請看第12張投影片。第一季的業績使我們穩步朝著實現 2026 財年全年預期目標邁進。回顧一下，我們與 2025 財年相比的業績預期範圍和成長包括 316 億美元至 320 億美元的銷售額。這包括因我們退出阿倫敦而導致的同比銷售額下降，這將提高盈利能力和自由現金流，但會抑制合併淨銷售額增長約 3%。

Adjusted EBITDA of $630 million to $700 million, representing a year-over-year increase of about 20% and an average annual growth rate of close to 15% at the midpoint relative to our reported fiscal 2024 results. This implies about 35 basis points of margin expansion at the midpoint of our outlook.

調整後 EBITDA 為 6.3 億美元至 7 億美元，年成長約 20%，平均年增長率接近 15%（取中間值），與我們公佈的 2024 財年業績相比。這意味著在我們預期值的中點，利潤率將擴張約 35 個基點。

With an adjusted EPS range of $1.50 to $2.30 per share, an increase of about $1.20 per share at the midpoint compared to last year. Our outlook for capital spending remains at $250 million, reflecting our focus on safety, modernization, and continued prioritization of investment for growth.

調整後的每股盈餘範圍為 1.50 美元至 2.30 美元，其中數值較去年同期成長約 1.20 美元。我們對資本支出的預期仍為 2.5 億美元，這反映了我們對安全、現代化和持續優先投資於成長的重視。

Finally, our free cash flow expectations remains at approximately $300 million. We will continue to prioritize reducing net debt to improve our net leverage ratio to 2.5 times or less by year-end. While it's still early in the year, we remain confident in delivering our plan as we move through the balance of fiscal 2026.

最後，我們預計自由現金流約為 3 億美元。我們將繼續優先降低淨債務，力爭在年底前將淨槓桿率提高到 2.5 倍或以下。雖然現在還只是年初，但我們仍然有信心在 2026 財年剩餘的時間裡實現我們的計劃。

As highlighted on slide 13, the strength of our customers and a focus on continuing to improve execution across our operations, including the benefit from lean and our network optimization efforts, have led to a solid start to fiscal 2026. We are encouraged by our sustained progress on improving free cash flow and de-leveraging our balance sheet with our net leverage ratio decreasing by 1 turn versus this time last year.

正如第 13 頁投影片所強調的，我們客戶的實力以及我們持續改善營運執行的重點，包括精實化和網路優化工作帶來的益處，使我們在 2026 財年取得了穩健的開局。我們持續改善自由現金流並降低資產負債表槓桿率，淨槓桿率較去年同期下降1倍，令我們倍感鼓舞。

We remain committed to our strategy of adding value to our customers and suppliers while making UNFI more effective and efficient as a business partner. As we suggested on our last call, our goal this fiscal year is to accelerate the momentum, and we are on a path of doing just that. We look forward to sharing more with you at next week's Investor Day.

我們將繼續致力於為客戶和供應商創造價值，同時使 UNFI 作為業務合作夥伴更加高效和有效。正如我們在上次電話會議上所建議的那樣，我們本財年的目標是加快發展勢頭，我們正在朝著這個目標努力。我們期待在下週的投資者日上與您分享更多資訊。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions) John Heinbockel, Guggenheim.

（操作說明）約翰·海因博克爾，古根漢。

Hey, Sandy. Two related questions on natural growth, right? So growing 10%, markets growing, right, maybe mid-single digit. So can you talk to drop size right, or new account of distribution versus existing growth? Is that a 50-50 split by drop size, up mid-single digit as well?

嘿，桑迪。關於自然生長，有兩個相關的問題，對吧？所以成長10%，市場成長，對吧，也許是個位數中段的成長。那麼，可以談談訂單規模，或是新分銷帳戶與現有成長之間的關係嗎？跌落幅度是五五開嗎？而且跌落幅度也達到個位數中段了？

And then you also mentioned fill rates. I know the fill rates in Natural are not where they need to be. Some of that structural, but how big of an opportunity is that?

然後您還提到了填充率。我知道Natural的填充率還沒有達到應有的水準。其中一些是結構性的，但這究竟是一個多大的機會？

Yeah. I think -- John, good morning. I would say the general trend in our drop sizes have been positive, largely because a lot of growth has happened with some of our larger customers who are, at the same time, and this is the premise of your question, giving us more to do. I think as that dynamic happens, obviously, that makes us more efficient down through the line. But at the heart of it, it's strong growth and it drops to EBITDA.

是的。我想——約翰，早安。我認為我們產品投放量的整體趨勢是正面的，這主要是因為我們的一些大客戶實現了很大的成長，同時，這也是你問題的前提，這給我們帶來了更多的工作。我認為，隨著這種動態的發生，很顯然，這將使我們從上到下都更有效率。但歸根結底，是強勁的成長，而 EBITDA 卻下降了。

And the fill rate issue?

填充率問題呢？

Yeah, fill rate has been solid and we're very heartened by it actually. We've taken a number of steps to improve fill rate. It's obviously a key metric to our customers. And between the reintroduction of technology and the new implementation of Relex on a bed of lean daily management and then driven by a more localized management structure that was put in place a couple of years ago, is giving a sequential improvement in fill rates '25 versus '24 and then this year '26 versus '25. And we continue to see opportunity to improve in that area, and it's an area that's very important to us and to our customers.

是的，訂單完成率一直很穩定，我們對此感到非常鼓舞。我們已採取多項措施來提高訂單滿足率。這顯然是客戶非常重視的關鍵指標。技術的重新引入，以及在精益日常管理的基礎上實施 Relex 的新方法，再加上幾年前建立的更加本地化的管理結構，使得 2025 年的填充率比 2024 年有所提高，而今年的填充率又比 2026 年有所提高。我們仍然看到這方面有改進的空間，而且這方面對我們和我們的客戶來說都非常重要。

And then my quick follow-up is if I look at EBITDA margin in the Conventional business, right? So this quarter, it's up over 100 -- or almost 100 basis points, right, north of 2%. How do you look at the potential of that business, right? It may not grow, but how much more profitable can it be?

那麼我的後續問題是，如果我看一下傳統業務的 EBITDA 利潤率，對吧？所以本季度，漲幅超過 100——或者說接近 100 個基點，對吧，超過 2%。你如何看待這家企業的潛力？它可能不會成長，但它的利潤還能增加多少呢？

Yeah, John. Good morning. If you think about conventionally in Q1, the EBITDA reflected the benefit of the accretive network optimization, the supplier programs, and then a little bit of temporary procurement gains that, again, we continue to view as secondary and temporary to our strategy. The Conventional outlook for adjusted EBITDA for the rest of the year largely reflects the network optimization, the growth of the suppliers' funds, the continuous work that we do on shrink.

是的，約翰。早安.如果以常規方式考慮第一季度，EBITDA 反映了增值網絡優化、供應商計劃以及一些暫時的採購收益帶來的好處，而我們仍然認為這些收益對我們的策略而言是次要的、暫時的。今年剩餘時間的調整後 EBITDA 常規展望主要反映了網路優化、供應商資金成長以及我們在減少損耗方面所做的持續努力。

And then the initiatives that we have deployed between lean daily management and indirect cost management, all kind of helping on the operating expenses and the leverage. So Q1 may be a little bit heightened by some temporary procurement gains.

然後，我們推行了精益日常管理和間接成本管理等一系列舉措，這些舉措都有助於降低營運成本和提高槓桿率。因此，第一季的數據可能會因一些暫時的採購成長而略有上升。

But in general, our strategy remains consistent of creating new capabilities to keep our customers competitive, merchandising, professional services brands, while working the benefits of the network optimization and the lean daily management and indirect cost actions.

但總的來說，我們的策略始終如一，即創造新的能力，使我們的客戶在商品銷售、專業服務品牌方面保持競爭力，同時發揮網路優化、精益日常管理和間接成本控制措施的優勢。

John, just one strategic overlay there around EBITDA margin. As we look ahead, our view is that the opportunities and in fact, the mandate to create value for customers in this environment is a very long-term opportunity for us to continue to get better, whether that's execution, whether it's services, whether it's programs, whether it's merchandising.

John，這裡只需要圍繞 EBITDA 利潤率進行一項策略性調整。展望未來，我們認為，在這種環境下，為客戶創造價值的機會和使命，對我們來說是一個非常長期的機會，讓我們能夠不斷進步，無論是在執行、服務、專案或商品銷售方面。

And then if you look at our cost base, we have a huge amount of costs related to what we do, and we see a very long runway of continuous improvement opportunity there. So we would expect EBITDA margins to continue to edge up in the effectiveness and efficiency areas as well.

然後，如果你看一下我們的成本基礎，你會發現我們與業務相關的成本非常高，因此我們看到這方面還有很大的持續改善空間。因此，我們預期 EBITDA 利潤率在效率和效益方面也將持續小幅上升。

Ed Kelly, Wells Fargo.

艾德凱利，富國銀行。

Hey. Good morning. This is John Park on for Ed. Thanks for taking our question. I guess just given the gross margin strength in the quarter, can you talk about the sustainability of that? Maybe parsed out like how big of a benefit the network optimization efforts were in Q1?

嘿。早安.這裡是約翰·帕克，替艾德回答我們的問題。感謝您接受我們的提問。鑑於本季度毛利率表現強勁，您能否談談這種強勁勢頭能否持續？或許可以分析一下，例如第一季網路優化工作帶來了多大的收益？

Yeah. Good morning, John. The gross margin rate [at] like for the quarter was at 13.6% versus last year of 13.3%. So we were up about 30 basis points. The key drivers within the gross profit growth, obviously, we had a strong natural growth that brings gross profit and operating leverage based on their efficient business model.

是的。早安，約翰。本季毛利率為 13.6%，去年同期為 13.3%。所以當時我們領先了大約30個基點。顯然，毛利成長的關鍵驅動因素是強勁的自然成長，這得益於他們高效的商業模式，從而帶來了毛利和營運槓桿。

We had supplier funds and shrink continuing to help and accrete within the gross profit then we had some level of procurement gains that, again, we continue to view as temporary and secondary, both in our financial construction and in the strategic partnership with our suppliers. The EBITDA of $167 million, if you consider the large driver of productivity, the growth in Natural is basically a fair presentation of the quarter in our run rate.

供應商資金和損耗持續幫助並增加毛利，然後我們獲得了一定程度的採購收益，但我們仍然認為這些收益是暫時的、次要的，無論是在我們的財務結構中，還是在與供應商的戰略夥伴關係中。如果考慮到生產力成長這一主要驅動因素，那麼 1.67 億美元的 EBITDA 基本上反映了我們季度的正常水平。

So you can think about the $167 million as a normalized EBITDA for the quarter, even if we had temporary procurement gains in a $32 billion business in a given quarter, you have a number of puts and takes. So the $167 million is a good recurring run rate that we plan to sustain.

所以你可以把 1.67 億美元看作是該季度的正常化 EBITDA，即使我們在一個 320 億美元的業務中，在一個季度內獲得了暫時的採購收益，你仍然會有很多利弊權衡。因此，1.67億美元是一個良好的經常性收入水平，我們計劃維持這一水平。

And then relative to incremental opportunities for gross profit, the capabilities that we're going to discuss next week at the Investor Day between merchandising, professional digital services, brands all help keeping our customers competitive, strengthening the relationship with our suppliers, but also helping on mix, which is an important component of our gross profit.

至於增加毛利的機會，我們將在下週的投資者日上討論商品銷售、專業數位服務和品牌等方面的能力，這些都有助於維持客戶的競爭力，加強與供應商的關係，同時也有助於產品組合，而產品組合是我們毛利的重要組成部分。

Got it. And then just switching gears a little bit. Can you talk about the competitive environment at Retail for both Conventional and Natural? And are you seeing any changes out there more recently?

知道了。然後稍微換個話題。能談談傳統產品和天然產品在零售領域的競爭環境嗎？最近你有沒有註意到什麼變化？

At 200,000 feet, one of the fun things about being in our seat in the industry is we get to see a lot of retailers work their magic. And this is no exception at this time. I mean clearly, given the stress that a significant percentage of the consumer base is feeling right now, discount is very competitive and compelling.

在 20 萬英尺的高空，身處這個行業，我們最大的樂趣之一就是能夠看到許多零售商施展他們的魔法。這次也不例外。我的意思是，很明顯，考慮到目前很大一部分消費者群體所承受的壓力，折扣非常有競爭力，而且很有吸引力。

But that has stimulated a lot of innovation in Retail, and we see it across our customer base, whether it's in the pure play Natural and Organic folks or customers who are beginning to rethink what they do to continue to bring different better and special offers in their market, community-based retailers, multicultural focused retailers. And if you took the part of the industry that's innovating and differentiating and winning, they're growing very strongly.

但這激發了零售業的許多創新，我們在客戶群中看到了這一點，無論是純粹的天然有機產品零售商，還是開始重新思考如何繼續在其市場中提供不同、更好、更特別優惠的客戶，亦或是社區零售商、多元文化零售商。如果你關注產業中那些不斷創新、實現差異化並取得成功的群體，你會發現他們的成長勢頭非常強勁。

And so it really is a market-by-market, customer-by-customer, strategic and operational battle. And there's lots of winners. There are people that are challenged as well. And I think from our end, at least, we're busy trying to figure out how to help them win. And -- but it's very competitive out there, but that's creating a lot of innovation, and we continue to view the broader industry as very healthy.

因此，這實際上是一場逐個市場、逐個客戶進行的策略和營運之戰。而且有很多贏家。也有一些人面臨挑戰。至少在我們這邊，我們正忙著想辦法幫助他們贏得比賽。而且—雖然市場競爭非常激烈，但這也催生了許多創新，我們仍然認為整個產業發展非常健康。

Mark Carden, UBS.

瑞銀集團的馬克卡登。

So you continue to generate quite strong growth in Natural Organic. How would Conventional have shaken out ex the Allentown transition? It sounds like the impact there may have been more than expected just given you completed it ahead of your expectations And then what are you seeing with respect to the health of the consumer in both your Natural and Organic segments for the business?

所以你們在天然有機產品領域持續保持著相當強勁的成長動能。如果按照傳統模式，阿倫鎮的過渡會如何發展？聽起來，鑑於您提前完成了這項工作，其影響可能比預期的還要大。那麼，就您業務中的天然和有機產品細分市場而言，您認為消費者的健康狀況如何？

Good morning, Mark. Yeah. What I would say is the lion's share of our weakness in Conventional is because of network optimization. Obviously, the Allentown exit is the largest factor there, but there's been other tweaking across the country.

早上好，馬克。是的。我認為，我們在傳統網路方面最大的弱點在於網路優化不足。顯然，阿倫敦出口是其中最大的因素，但全國各地也進行了其他一些調整。

Beyond that, in Conventional, there's it's been a bumpy quarter for the consumer with the shutdown, creating general sentiment challenges with SNAP delayed for a while, created some issues in those weeks. And now, retailers are coming back as that all comes back online.

除此之外，傳統金融領域也經歷了動盪的季度，由於疫情封鎖，消費者普遍面臨情緒挑戰，SNAP（補充營養援助計劃）也延遲了一段時間，導致那幾週出現了一些問題。現在，隨著線上業務的全面恢復，零售商也開始回歸市場。

So very competitive and conventional and it sets up a mandate for us. It's the principal north star of our merchandising reboot is to figure out how to get our customers in a place where they can be competitive in any scenario.

所以競爭非常激烈，也很傳統，這為我們設定了任務目標。我們商品銷售改革的主要方向是，要讓我們的客戶在任何情況下都能保持競爭力。

And then in the Natural environment, obviously, been very strong growth in that segment across the different retailers, the largest of which all are our customers, and we're getting the opportunity to serve them. We continue to believe over the long term that the Natural business as an industry is a mid-single-digit grower, and we hope to be able to compete and support the retailers that are competing in that environment.

而在自然環境領域，顯然各個零售商都實現了非常強勁的成長，其中最大的零售商都是我們的客戶，我們有機會為他們提供服務。我們始終相信，從長遠來看，天然產品產業將保持中等個位數的成長，我們希望能夠參與競爭，並為在該環境中競爭的零售商提供支援。

That's great. And then as a follow-up, just at this stage, have you guys seen much incremental customer attrition following the cyber-attack? You guys seem to be weathering it quite well last quarter. Just how was it compared to what you may have expected at the time of your last quarter call?

那太棒了。那麼，作為後續問題，就目前而言，你們是否發現網路攻擊後客戶流失率大幅上升？你們上個季度似乎應對得相當不錯。與上個季度電話會議時的預期相比，實際情況如何？

Yeah, Mark, I don't think it's any different. My answer would be exactly the same as I answered it last quarter. We had one Southern customer that joined us, and we had one Upper Midwest customer leave us. But the -- I think the core answer is that we and our entire network, our sales, our merchandising, our supply chain teams are busy serving customers as well as they possibly can.

是的，馬克，我覺得沒什麼差別。我的答案和上季的答案完全一樣。我們新增了一位南方客戶，同時有一位來自美國中西部北部的客戶離開了我們。但我認為核心答案是，我們以及我們的整個網路、銷售、商品銷售、供應鏈團隊正在盡最大努力為客戶提供最好的服務。

And we continue to manage through a couple of situations there. But as far as customer retention, we've been extremely fortunate and we're working very, very hard to earn that. And hope to continue to be the best choice for customers going forward.

我們繼續應對那裡的幾種情況。但就客戶留存率而言，我們非常幸運，而且我們正在非常非常努力地贏得這份信任。希望未來繼續成為客戶的最佳選擇。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO資本市場。

Matteo, just a follow-up first on the procurement gains, I guess that helped Q1 a little bit. But if I heard you right, that's -- there's nothing there in the plan going forward. So wondering if you could just confirm I heard that right?

Matteo，首先跟進一下採購方面的進展，我想這對第一季的業績起到了一定的作用。但如果我理解沒錯的話，那就是──未來的計畫中沒有任何相關內容。所以我想請您確認一下，我聽到的對嗎？

And then can you help us understand did those procurement gains drive some upside to your plan, your internal plan for the quarter? And was that specific to any categories that you can help us just understand what was happening there?

那麼，您能否幫助我們了解一下，這些採購方面的收益是否為貴公司本季的內部計劃帶來了一些好處？能否具體說明一下，您指的是哪些類別？能否幫助我們了解一下具體情況？

Yeah. Good morning, Kelly. So answering the first part of your question, we have not modeled any procurement gains in our 2026 or 2027 outlook. So we continue to describe those as temporary and secondary. They happened in the first quarter, but as I was saying before, in a given quarter, we had puts and takes. And so some of the upside from the procurement gains were offset by other dynamics.

是的。早上好，凱莉。所以，回答你問題的第一部分，我們在 2026 年或 2027 年的展望中沒有對任何採購成長進行建模。因此，我們繼續將這些描述為暫時的和次要的。這些事情都發生在第一季度，但正如我之前所說，在一個季度裡，我們有買也有賣出。因此，採購收益帶來的一些好處被其他因素抵消了。

In relative to how we are thinking about the procurement gains, our strategy is always to work with the suppliers and build a strong relationship with them, making sure that through that kind of strategic partnership, we keep our customers competitive, keep our prices low, stable, and predictable. So we don't rely on procurement gains in order to achieve our financial targets. And again, we continue to do them as temporary.

就我們如何看待採購收益而言，我們的策略始終是與供應商合作，並與他們建立牢固的關係，確保透過這種策略夥伴關係，我們保持客戶的競爭力，保持價格低廉、穩定和可預測。因此，我們並不依賴採購收益來實現我們的財務目標。我們再次強調，這些措施都是暫時的。

Relative to specific categories has been a little bit of a combination of many. You can imagine, partly related to tariffs, partly related to the general inflation that is still in the 2.5% to 3% range. So modestly up versus 2025.

就具體類別而言，它融合了多種因素。你可以想像，這部分與關稅有關，部分與目前仍在 2.5% 到 3% 範圍內的總體通貨膨脹有關。與 2025 年相比，略有上升。

Okay. That's very helpful. Now, I was also wondering if I just ask a couple of questions about top line on the two sides of the Wholesale business. So first, on Conventional, I guess, excluding the optimization, it looks like sales were down in the mid-single-digit range. You called out some of the factors, I guess, going on during the quarter.

好的。那很有幫助。現在，我還在想，如果我問幾個關於批發業務雙方營收的問題，是否可行。首先，就傳統模式而言，我認為，如果不考慮最佳化因素，銷售額似乎下降了個位數中段。我想，你提到了本季發生的一些因素。

But I guess, can you continue to hit your targets with that magnitude of core sales pressure in Conventional? And are you seeing or hearing suppliers in those categories becoming more promotional to help, maybe, drive some volume in those categories?

但我想問，在傳統銷售領域面臨如此巨大的核心銷售壓力的情況下，你還能繼續完成銷售目標嗎？您是否看到或聽到這些品類的供應商加強促銷力度，以幫助提升這些品類的銷售？

Yeah. Kelly, this is Sandy. What I would say is the general environment in Conventional get out of our optimization, which is the large majority of our decline, by the way. So more of the decline that I think your question framed.

是的。凱莉，這是桑迪。我想說的是，傳統環境下的普遍現象導致我們無法進行最佳化，而這正是我們業績下滑的主因。所以，這更像是你問題中所描述的衰落。

But be that as it may. There is pressure in Conventional and it seemed broadly and the major source of that pressure comes from the consumer, the situation, the bumpiness with SNAP, and then the efficacy of a discount positioning in that environment. And so retailers are responding to that in obviously different ways. But if you were to draw broad themes, it's to respond by getting more competitive on key value items to start, for sure.

但即便如此。傳統領域存在壓力，而且這種壓力似乎很普遍，主要壓力來源是消費者、市場環境、SNAP（補充營養援助計劃）的不穩定性，以及在這種環境下折扣定位的有效性。因此，零售商們對此的應對方式顯然各不相同。但如果要總結出一些大的主題，那肯定是要先在關鍵價值項目上提高競爭力。

Secondly, it's to look at product assortments and seek to innovate in a way that fits the retailer's positioning and minimizes comparability. And then the third area is the secret sauce of the retailer, whether it's food service or customer service or community or local sourcing or whatever it might be.

其次，要審視產品組合，並尋求創新，以符合零售商的定位並最大限度地減少可比性。第三個方面是零售商的秘訣，無論是餐飲服務、客戶服務、社區、本地採購或其他任何方面。

And you can see evidence of that formula working in Conventional across the country, just think of the retailers that might fit that, many of whom are customers of ours in one way or another. So we see a great opportunity to try to continue to help retailers break that code and manage through the consumer stress, which as it abates, we'll continue to favor them, particularly, those who've executed that formula well in their businesses.

你可以在全國各地的傳統零售商看到這種模式奏效的證據，想想那些可能符合這種模式的零售商，其中許多都是我們的客戶。因此，我們看到了一個絕佳的機會，可以繼續幫助零售商打破這種局面，應對消費者的壓力。隨著消費者壓力的緩解，我們將繼續支持他們，特別是那些在業務中很好地執行了這項策略的零售商。

Thank you, Sandy. Can I just also ask about the Natural side and, obviously, very strong there. Just wondering if you could comment a little bit more about how widespread that growth is? You talked about getting more business with large customers.

謝謝你，桑迪。我可否再問一下關於自然療法方面的問題？顯然，你們在這方面非常強。我想請您再詳細談談這種成長的普遍程度？你談到如何從大客戶那裡獲得更多業務。

But are you seeing more broad-based adoption of Natural and Organic? Because there has been some signs of a slowdown. It seems like you have a different point of view there. So wondering if you could just elaborate.

但您是否看到天然和有機產品得到更廣泛的普及？因為已經出現了一些放緩的跡象。看來你對此有不同的看法。所以我想請您詳細說明一下。

Sure. I think the -- very much like the Conventional business, it's a retailer-by-retailer story. Our business, as you know, is slightly different than just a pure mirror of retail. We also do project work. We do market-entry services as an example of project work.

當然。我認為──與傳統零售業非常相似──這是各個零售商各自為政的故事。如您所知，我們的業務與單純的零售業略有不同。我們也承接專案工作。我們提供市場准入服務，這只是專案工作的一個例子。

And so sometimes we have business in a particular channel or with a given customer that might be temporary as they make a strategic transition in their business. So if you look at our report, you'll see strong growth. You'll see a number of customers performing very well. You see a component of it that is project related, where we're helping customers execute against short-term initiatives. And then you'll see the ongoing secular health of the Natural, Organic, and Specialty categories.

因此，有時我們在特定管道或與特定客戶開展的業務可能是暫時的，因為他們正在進行業務的策略轉型。所以，如果你看一下我們的報告，你會發現成長強勁。你會看到很多客戶的表現都非常出色。你會看到其中一部分與專案相關，我們正在幫助客戶執行短期計劃。然後您將看到天然、有機和特色類別的持續健康發展態勢。

The way we think about it is that the category, based on the same information you all have, looks like it's a mid-single-digit grower. And we'd like to believe that we'll punch our weight strongly in that industry going forward. But certainly, our performance in the last quarter and over the last 1.5 years or so because of the project work we've been doing has been very strong.

我們認為，根據你們掌握的相同信息，該類別的成長速度應該在個位數中等水平。我們相信，未來我們將在這個行業中發揮強大的影響力。但可以肯定的是，由於我們一直在進行的專案工作，我們在過去一個季度以及過去一年半左右的時間裡的表現非常強勁。

Kelly, Sandy, let me maybe after two or three questions on sales, helicopter up and say a couple of words on how we're thinking about the sales outlook. So in Q1, sales were roughly flat compared to the prior year. And the midpoint of our outlook $31.6 billion to $32 billion is also flat. So Q1 has been consistent with the outlook.

Kelly，Sandy，在回答了兩三個關於銷售的問題之後，我想先從高處俯瞰，談談我們對銷售前景的看法。因此，第一季銷售額與上年同期相比基本持平。我們預測的中位數 316 億美元至 320 億美元也維持不變。所以第一季的業績與預期一致。

The outlook reflects the expectation that the underlying natural growth for the year will be similar to the long-term industry average, which is MSE. Now, when we think about the rest of the year into doing Conventional, we'll have the full top line impact as well as the full adjusted EBITDA benefits of the Allentown (inaudible) billings and (inaudible) optimizations versus Q2 '25 when we were just in the early innings of the network optimization.

展望反映了對今年基本自然成長將與長期行業平均值（即 MSE）相似的預期。現在，當我們考慮今年剩餘時間開展常規業務時，我們將獲得艾倫鎮（聽不清楚）帳單和（聽不清楚）優化帶來的完整營收影響以及完整的調整後 EBITDA 收益，而 2025 年第二季我們才剛開始網路優化。

When we think about the third quarter, we will be ramping down some of the critical customer project base that we started 12 months ago, but then we know it also can ramp up very quickly and that is part of the solution that we offer to our customers and how we create value. And then in the fourth quarter, obviously, we'll have an easier comp as we will have the no-repeat tailwind of the $400 million of cyber-related losses.

當我們展望第三季時，我們將逐步減少一些我們在 12 個月前啟動的關鍵客戶項目，但我們也知道這些項目可以迅速增加，這也是我們為客戶提供的解決方案的一部分，也是我們創造價值的方式。然後到了第四季度，很顯然，由於我們將受益於 4 億美元的網路相關損失這一不會重複發生的利好因素，我們將面臨一個更容易比較的比較基數。

So it is a full-year framework. We don't guide by quarter, but wanted to offer a little bit of helicopter view on how we're thinking about the next nine months through that framework of flat to midpoint.

所以這是一個為期一年的框架。我們不按季度給出業績指引，但想透過「持平至中點」的框架，從宏觀角度談談我們對未來九個月的展望。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，北海岸研究公司。

Good morning, everyone. Great quarter. As we look at the margin improvement going forward that we anticipate, what's left -- realistically left in the shrink area and where might that come from? Is it the lower inventories leading to less spoilage, less breakage, but can you talk about that in some detail, please?

各位早安。很棒的季度。當我們展望未來預期的利潤率提升時，實際上還剩下什麼——在萎縮領域還剩下什麼——以及這些萎縮可能來自哪裡？庫存減少是否會導致損耗減少、破損減少？能否詳細談談這方面的情況？

So on margins, the current outlook calls for 35 basis points of margin expansion in 2026. And then if you think about '24 through '27, it's about 60 basis points of margin expansion. And that is really rooted into large productivity programs, the benefit of the network optimization, the supplier programs, and then there is still a contribution from shrink.

因此，就利潤率而言，目前的預測是到 2026 年利潤率將擴大 35 個基點。如果你回顧 2024 年至 2027 年，你會發現利潤率擴張了約 60 個基點。這其實源自於大型生產力計劃、網路優化帶來的好處、供應商計劃，此外，損耗也造成了一定的影響。

Now, as you think about '25 to '24, shrink was a very important contributor. In the end, our goal is to continue to improve and eliminate waste. I mean it's a main principle of lean that is now at 34 of 49 distribution centers. So there will be a relentless effort on reducing shrink.

現在，回顧 2025 年至 2024 年，經濟萎縮是一個非常重要的因素。最終，我們的目標是不斷改進並消除浪費。我的意思是，這是精實生產的一個主要原則，目前在 49 個配送中心中的 34 個都已應用。因此，我們將不懈努力減少損耗。

We closed pretty well at the end of the first quarter. We are pleased with the progress. So we'll probably see less of a large-dollar contribution compared to other productivity programs and some of the capabilities that will help on mix. But our focus on eliminating waste and inventory-related waste will continue for a very long time.

第一季末我們收官表現相當不錯。我們對目前的進展感到滿意。因此，與其他生產力提升計劃相比，我們可能不會看到大筆資金投入，而且一些有助於產品組合的功能也會減少。但是，我們將長期致力於消除浪費和庫存相關的浪費。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Sandy, you talked about new business projects in the prepared remarks, and it sounds like you're doing more with your largest customer. So just if we could get an update on your new business pipeline? What are the opportunities between new versus existing at this point?

桑迪，你在準備好的發言稿中談到了新的業務項目，聽起來你正在與你最大的客戶進行更多合作。所以，能否告知一下您新業務拓展計畫的最新進展？目前來看，新事物與現有事物有哪些機會？

And then I think, ultimately, more importantly, how do you view the competitive environment for winning new business across Wholesale? What are the differences here between Conventional versus Natural in the current landscape?

然後，我認為，歸根結底，更重要的是，您如何看待批發領域贏得新業務的競爭環境？在目前情況下，傳統種植方式與自然種植方式有何不同？

Sure. Let me comment on projects and then just to make sure that I'm being precise in the way I'm defining them and distinguishing them from general pipeline-type either expansion with an existing customer or a new customer.

當然。讓我對專案發表一下看法，然後為了確保我定義它們的準確性，並將它們與一般的管道類型（無論是現有客戶的擴展還是新客戶的擴展）區分開來，我還要說明一下。

The way we talk about projects is, imagine a retailer is moving into a new region, and they're building a DC. They might hire us to be their distribution for a couple of years. That's a project. We know it's a beginning, and we know it's an end, and we're happy to facilitate their strategy and happy to earn that business, assuming it's profitable, that we would call that a project.

我們談論專案的方式是這樣的：假設一家零售商正在進軍一個新地區，並正在建造一個配送中心。他們可能會聘請我們來為他們提供幾年的配送服務。那是一個項目。我們知道這是一個開始，我們也知道這是一個結束，我們很樂意協助他們實施策略，並且很樂意贏得這項業務（假設它是有利可圖的，我們會稱之為專案）。

Whereas a customer might hire us to start to handle their culinary or a different category that we haven't carried before, that would be pipeline and, obviously, a new banner would be a pipeline expansion. So just getting the definitions right.

顧客可能會聘請我們來處理他們的餐飲或其他我們以前從未涉足過的品類，這屬於通路拓展；顯然，推出新品牌就是通路擴張。所以，關鍵是要把定義搞清楚。

From our perspective, the pipeline is strong on both Natural and Conventional. What I would say to you that's enhanced is we have a very disciplined review process where we assess all of those programs and deals for profitability, for sustainability, for operational sensitivity, and for value for the customer, and we're very disciplined.

從我們的角度來看，天然氣和常規能源的供應都很充足。我想告訴你們的是，我們改進的地方在於我們有一個非常嚴格的審查流程，我們會評估所有這些項目和交易的盈利能力、可持續性、營運敏感度和客戶價值，我們在這方面非常嚴謹。

We do not pursue business for business sake. That's what our network optimization is unwinding right now. So there's a highly disciplined underwriting process that our Presidents and Matteo very carefully review. But pipelines are strong in both sides.

我們並非為了做生意而做生意。這就是我們目前正在進行的網路優化工作。因此，我們有一套高度嚴格的核保流程，我們的總裁和 Matteo 會非常仔細地進行審核。但雙方的輸油管都很發達。

Our basis of competition typically is, when it's a product, a service, or a program that helps the customer differentiate, as opposed to price for price sake, we have to be very competitive. Make no mistake, our customers expect that. But we try to bring a whole package and that it allows for us to have a win-win.

我們的競爭基礎通常是，當產品、服務或專案能夠幫助客戶實現差異化，而不是僅僅為了價格而價格時，我們必須非常有競爭力。這一點毋庸置疑，我們的客戶也期望如此。但我們力求提供一整套方案，這樣才能達到雙贏。

And it fit the customer because of things -- some of the things that we can do, we do better. And we're continuing to work, as we'll explain next week at Investor Day, we see a significant opportunity to continue to improve the offer and we'll be talking about that next week.

而且它很符合客戶的需求，因為有些事情我們做得更好。我們正在繼續努力，正如我們將在下週的投資者日上解釋的那樣，我們看到了一個繼續改進產品的重要機會，我們將在下週討論這個問題。

That's very helpful. Thank you. And then one thing that stood out in the deck, you really were highlighting a refocused effort, it seemed, on private label. There seems to be new leadership there. Just seeing if you can provide more detail on your updated strategy.

那很有幫助。謝謝。然後，在簡報中，有一點非常突出，那就是你們似乎真正強調了對自有品牌的重新重視。那裡似乎換了新的領導階層。想請您提供更多關於您更新後的策略的細節。

What are the opportunities in Natural versus Conventional for that category? What are the points of differentiation you're providing? And I don't think we've had an update, where are percent of sales on private label today as well?

在這一類別中，天然能源與傳統能源有哪些機會？你們提供的差異化優勢是什麼？而且我認為我們還沒有收到更新數據，目前自有品牌產品的銷售佔比是多少？

Okay. Thanks, Leah. Yeah, I mean, broadly speaking, you all see it. Natural brands are strong and strengthening relative to the whole store for consumer value reasons. But increasingly, there's opportunities to build them across good, better, and best, so all three tiers.

好的。謝謝你，莉婭。是的，我的意思是，總的來說，你們都看到了。出於消費者價值的考慮，天然品牌相對於整個商店而言，實力強勁且不斷增強。但越來越多的機會可以跨越好、更好、最好這三個層次來建構它們。

We did strengthen our leadership there with a veteran of private brands from another wholesaler who -- she's absolutely outstanding and we're thrilled to have her join the team. We see a significant opportunity to increase penetration here. This is not -- our penetration of private brands is not at industry levels, and we see it as an opportunity for growth and an opportunity to create more value for customers.

我們確實加強了這方面的領導層，聘請了一位來自另一家批發商的自有品牌資深人士——她非常出色，我們很高興她能加入我們的團隊。我們看到了提升市場滲透率的巨大機會。事實並非如此——我們對自有品牌的滲透率尚未達到行業水平，我們認為這是一個成長的機會，也是一個為客戶創造更多價值的機會。

And so we're very focused on achieving it, and it's a long-term opportunity. Again, I'll say this a few times today, but we'll talk more about it next week. So -- but that's the long and short of it. It's a great opportunity across good, better, and best, and we're working on all three.

因此，我們非常專注於實現這一目標，這是一個長期的機會。今天我會再說幾遍，但我們下週再詳細討論這個問題。所以——事情就是這樣。這是一個從好、更好到最好的絕佳機會，我們正在努力實現這三個目標。

The other thing that I would say for a little more color is the portfolio of private brands is segmented. It's not the same portfolio going into a traditional grocery store as it is to a natural store. So there's opportunities on both sides.

我還要補充一點，自有品牌組合是細分的。進入傳統雜貨店和進入天然食品店的商品組合是不一樣的。所以雙方都有機會。

Scott Mushkin, R5 Capital.

Scott Mushkin，R5 Capital。

So I wanted to -- we've been spending a lot of time on sales. And I think the reason is, as you guys, especially on the Organic, Natural Organic side surprised the heck out of a lot of people. So it seems like the incremental growth is organic growth with your -- what the industry is doing, and I think we all have seen it slow across even your customers. More store openings, winning more business, and I think you've talked about incremental projects. So taking the other side of the sales slowdown idea, if the industry (technical difficulty) -- sorry about that -- accelerate again, could we expect your business to accelerate?

所以我想——我們一直在銷售方面投入大量時間。我認為原因在於，你們，特別是那些有機、天然有機產品領域的專家們，讓很多人大吃一驚。所以看起來，這種漸進式成長是與產業發展趨勢相符的有機成長，而且我認為我們都看到，即使是你們的客戶，這種成長速度也已經放緩了。更多門市開業，贏得更多業務，而且我認為您也談到了漸進式項目。那麼，從銷售放緩的角度來看，如果產業（技術上說不清楚）——抱歉——再次加速發展，我們是否可以期待您的業務也加速發展？

So Scott, I'm going to paraphrase the question because we lost you for a couple of seconds there. You were commenting that you'd seen the industry slowdown and you're wondering if our sales would accelerate if it accelerated? Do you want to rephrase that one more time?

史考特，我來轉述你的問題，因為你剛才有幾秒鐘沒說清楚。您之前提到您已經注意到行業增速放緩，並且您在想，如果行業增速加快，我們的銷售額是否也會加快？你想再重複一次嗎？

Yeah. I mean, I guess what I'd say is we've seen some of your customers slow down their organic growth or comp. Your business moved, I think, higher surprised us. Surprised The Street. So what I was wondering is, taking the other side of it, can we actually see your sales accelerate in Natural Organic if the growth rate returns to some of these customers on a comp basis?

是的。我的意思是，我想說的是，我們已經看到你們的一些客戶的自然成長或同店銷售成長放緩了。我認為，貴公司業務的擴張讓我們感到驚訝。令街頭震驚。所以我想知道的是，反過來想，如果部分顧客的成長率恢復到同店銷售水平，我們是否真的能看到你們天然有機產品的銷售額加速成長？

Yeah. So let's try to look at the pieces. We don't give guidance by division. But what we said earlier is that our external analysis points to mid-single-digit growth in the Natural, Organic, and Specialty categories. Then how I might look at that, if I was trying to think about UNFI's growth is, how would UNFI's customers tend to perform against that average and how effective is UNFI are doing more to serve those customers or gaining more customers?

是的。那我們來仔細看看這些部件。我們不以分裂的方式來提供指引。但我們之前說過，我們的外部分析表明，天然、有機和特殊產品類別將實現中等個位數的成長。那麼，如果我要思考 UNFI 的成長，我會這樣看待這個問題：UNFI 的客戶與平均水平相比表現如何？ UNFI 在服務這些客戶或獲取更多客戶方面做得如何？

But from a print of plus 10%, which has a significant amount of project work that will annualize in the next couple months, you can develop your own forecast. What we would say about our business is we continue to expect to compete and perform strongly in those categories.

但是，根據 10% 的增幅（其中包含大量將在未來幾個月內實現年度化的專案工作），您可以製定自己的預測。我們對我們的業務想說的是，我們將繼續在這些領域保持競爭力並取得優異成績。

All right. Perfect. And then the other question is turning now towards the Conventional side. I think, Sandy, you mentioned that it's gotten tougher. We see that. Our research is seeing that. But that also is spurring more promos for manufacturers.

好的。完美的。現在另一個問題轉向了傳統方面。桑迪，我想你剛才提到情況變得更艱難了。我們看到了。我們的研究也證實了這一點。但這也促使製造商推出更多促銷活動。

So just walk us out like 6 to 12 months and say the industry continues, the Conventional side continues to deteriorate from a competitive standpoint. How does that impact your business? I mean, obviously, it would slow the sales a little bit. But overall, how does that impact your business, if we take the line down and continue to take it down in the competitive environment deteriorates further?

所以，就讓我們看看未來 6 到 12 個月的情況，然後說，從競爭角度來看，產業將繼續惡化，傳統方面的情況將繼續惡化。這對您的業務有何影響？我的意思是，很顯然，這會稍微減緩銷售速度。但總的來說，如果我們關閉生產線，並且在競爭環境進一步惡化的情況下繼續關閉生產線，這對您的業務會有什麼影響？

So Scott, first, let's talk about the pieces of the industry because I think this is really important. It is a well-documented, well talked about fact that the biggest four hadn't taken share for decades in the so-called Conventional part of the industry.

史考特，首先，我們來談談這個行業的組成部分，因為我認為這非常重要。眾所周知，業內四大巨頭幾十年來都沒有在所謂的傳統產業領域佔據市場份額。

What doesn't get talked about, though, is there aren't only two piles of customers in that segment. There's many piles. And if you take a third pile and say, I'm going to put the innovative retailers who've been aggressive in keeping their center store costs down that have been innovative relative to assortment and avoiding unnecessary comparability with the Big Four and then have their own secret sauce, whether it's food service, prepared food, great customer service, local associates, whatever it might be. And you put that group in a pile, they're outperforming everybody.

然而，人們沒有談到的是，該細分市場中並不只有兩類客戶。這裡有很多堆。如果你拿出第三堆，說，我要把那些積極降低中心店成本、在商品種類方面勇於創新、避免與四大巨頭進行不必要的比較，並且擁有自己獨門秘訣的創新型零售商放進去，無論是餐飲服務、預製食品、優質的客戶服務、本地員工，還是其他什麼。把這群人放在一起比較，他們的表現優於所有人。

And our strategic work is, first and foremost, to try to be the partner of choice for that pile. That's why we took our addressable market from $150 billion down to $90 billion. As we just said, we're probably not going to be good at folks that are just trying to find the drayage partner to try to duke it out on price alone. We got to be sharp on price, but we've got to be good in helping customers implement it more, let's call it, differentiated strategy. So I would encourage everybody to look at the industry in a more segmented way.

而我們的策略工作，首先也是最重要的，就是努力成為該領域首選的合作夥伴。這就是為什麼我們將目標市場規模從 1500 億美元縮減到 900 億美元的原因。正如我們剛才所說，我們可能不太擅長幫助那些只想尋找運輸合作夥伴，並僅僅透過價格競爭的人。我們必須維持價格優勢，但我們也必須善於幫助客戶實施更……我們稱之為……差異化策略。因此，我鼓勵大家以更細分的方式來看待這個產業。

The next comment I'd make relative to promotions, and this is the commentary about merchandising, we're going to talk about this a little bit next week. But we actually think that, as I mentioned when I went through that set of things that we're seeing the winners do, that wholesale supported retailers need more help and need to work together with their wholesaler to negotiate better costs relative to EDLP.

接下來我想談談促銷活動，也就是商品銷售方面，我們下週會稍微討論一下。但正如我在介紹那些成功者所做的事情時提到的那樣，我們實際上認為，批發支援的零售商需要更多幫助，需要與批發商合作，以協商相對於 EDLP 更優惠的價格。

It's not just promotional dollars. That game is not working very effectively for a lot of people. That's not say it doesn't work for anybody. But -- so our merchandising effort now is going to work backwards from the shelf and say, what conditions have to be there so that our customers have a credible center of the store?

這不僅是宣傳費用的問題。對許多人來說，這款遊戲的效果並不理想。這並不是說它對任何人都沒有用。但是──所以我們現在的商品陳列工作將從貨架開始，反向思考，要具備哪些條件，才能讓我們的顧客在商店中心找到可靠的商品？

And what programming is there for -- that suppliers who might want to invest in because they do with the Big 4, how can we get them to invest through to help and continue to build a robust supermarket channel? So lots of work going on there, but macro trends are macro trends, but within them, there are winners and it's a sizable chunk, and that's a lot of what's on our work desk right now, some of which we'll be able to give updates on work and progress updates next week in New York.

那麼，有哪些項目是為那些可能因為與四大超市合作而想要投資的供應商準備的呢？我們如何讓他們投資，從而幫助並繼續建立一個強大的超市管道？所以那邊有很多工作正在進行，但宏觀趨勢就是宏觀趨勢，不過在這些趨勢中，也有一些贏家，而且佔了相當大的比例，這就是我們目前工作的大部分內容，其中一些我們將在下週於紐約公佈工作進展和最新情況。

Perfect. And just to clarify -- it was a great answer. But -- so I guess your expectations that the industry continues to deteriorate, you guys should be okay? Is that a good summation of what you just said to me?

完美的。澄清一下——這是一個很棒的回答。但是——所以我想你們是認為這個行業會繼續惡化，你們應該沒問題吧？這樣概括你剛才跟我說的話是否恰當？

Well, I don't want to accept the premise. I believe that in tough times, people that partner with an industry have to step up. That's as far as I'll go in my crystal ball.

嗯，我不想接受這個前提。我認為，在艱難時期，與某個產業合作的人必須挺身而出。這就是我對水晶球所能做的全部預測了。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Thanks for taking all the questions. I just had one question on capital allocation. I know you're at 3.2 turns now on leverage, and that's down pretty substantially from last year. And well on your way to 2.5 turns by the end of this year.

偉大的。感謝您回答所有問題。我只有一個關於資本配置的問題。我知道你現在的槓桿倍數是 3.2 倍，這比去年大幅下降了。到今年年底，你很有可能會達到 2.5 輪。

So how should we be thinking about modeling out your capital allocation strategy capital returns going forward? When you get to 2.5x, will you continue to focus on de-leveraging? Or should we consider more capital returns to shareholders? How do we think about that going forward?

那麼，我們該如何考慮建構未來資本配置策略的資本回報模型呢？當槓桿率達到 2.5 倍時，你會繼續專注於降低槓桿嗎？或者我們應該考慮向股東返還更多資本回報？我們接下來該如何看待這個問題？

Hey. Good morning, Peter. So 2026, our goal is to de-leverage to 2.5 times or lower, and in the last earnings call, we also affirmed that in 2027, we want to de-leverage to 2 turns or less. So our capital allocation and our application of the free cash flow that we generate remains solely focused on de-leveraging and reducing debt.

嘿。早安，彼得。因此，我們2026年的目標是將槓桿率降至2.5倍或更低，在上次財報電話會議上，我們也確認，2027年我們希望將槓桿率降至2倍或更低。因此，我們的資本配置和自由現金流的使用仍然完全專注於降低槓桿率和減少債務。

If you think about the cash performance in the quarter, we improved by about $100 million year-over-year combination of better EBITDA and better working capital management. For the rest of the year, we continue to see the EBITDA at the midpoint, obviously, accreting more than $100 million for the full year.

如果考慮本季的現金流表現，我們比去年同期成長了約 1 億美元，這得益於 EBITDA 的改善和營運資本管理的改善。今年剩餘時間裡，我們預計 EBITDA 將維持在中點水平，全年預計將超過 1 億美元。

And then that implied math to be at 2.5 times would be basically free cash flow performance closer to a $225 million, $250 million, and we have an outlook at $300 million. So there is clearly multiple ways to achieve the 2.5 turns and less. And the same carries over into 2027 where, again, we plan to print another $65 million of EBITDA as the current outlook and generate another $300 million of free cash flow.

那麼，如果本益比達到 2.5 倍，自由現金流表現將接近 2.25 億美元、2.5 億美元，而我們的預期是 3 億美元。所以顯然有多種方法可以實現 2.5 圈或更少的轉彎次數。同樣的趨勢也將延續到 2027 年，我們計劃按照目前的預期，再實現 6,500 萬美元的 EBITDA，並產生 3 億美元的自由現金流。

The only comment that I wanted to make is that in the first quarter is CapEx was low by design. In the end, we focused on regular maintenance and some of the technology investments, but we have a very tight monthly steering committee with the business president that review both the new projects but also the cadence of spending. So within the $250 million outlook, we still have all the projects and all the schedule lined up to consume that envelope in the usual three partition of maintenance and modernization, safety, technology, and then automation and growth investments.

我唯一想補充的是，第一季的資本支出有意控制在較低水準。最後，我們把重點放在了日常維護和一些技術投資上，但我們有一個非常嚴格的月度指導委員會，由業務總裁負責審查新項目以及支出節奏。因此，在 2.5 億美元的預算範圍內，我們仍然安排了所有專案和所有進度計劃，以在維護和現代化、安全、技術以及自動化和成長投資這三個通常的領域中消耗掉這筆資金。

And that concludes our question-and-answer session. I will now turn the call back over to Sandy Douglas for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給桑迪·道格拉斯，請她作總結發言。

Thank you, operator. We remain focused on executing our strategy to add value for our customers and suppliers while becoming a more effective and efficient company. As we continue to strengthen our operational execution, we're steadily improving our service levels, profitability, free cash flow, and capital structure.

謝謝接線生。我們將繼續專注於執行我們的策略，為我們的客戶和供應商創造價值，同時努力成為更有效率、更有成效的公司。隨著我們不斷加強營運執行，我們的服務水準、獲利能力、自由現金流和資本結構都在穩步提升。

We have a long runway of opportunity to continue improving in these areas while building capabilities to help our customers and suppliers differentiate, compete, and grow profitably in a dynamic marketplace. We look forward to providing more details on our journey to create long-term shared value for all our stakeholders at our Investor Day next week.

我們有很大的發展空間，可以在這些領域不斷改進，同時提升自身能力，幫助我們的客戶和供應商在充滿活力的市場中脫穎而出、展開競爭並實現盈利增長。我們期待在下週的投資者日上，向所有利害關係人詳細介紹我們如何創造長期共享價值。

To our customers and suppliers, we thank you for your continued partnership, collaboration, and support. We look forward to serving you during this busy holiday season. To the UNFI associates listening today, our thanks for all that you continue to do for our customers, our suppliers, our communities, and each other. And to our shareholders, we thank for the trust you continue to place in us.

感謝我們的客戶和供應商一直以來的合作、協作和支持。我們期待在這個繁忙的節日季節為您服務。今天在場的 UNFI 同事們，感謝你們一直以來為我們的客戶、供應商、社群以及彼此所做的一切。我們也要感謝各位股東一直以來對我們的信任。

Thanks again for joining us this morning. We look forward to updating everyone on our progress, and I hope you'll join us at our Investor Day next week.

再次感謝您今天早上收看我們的節目。我們期待向大家報告最新進展，也希望大家下週能參加我們的投資者日活動。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。