PROVIDENCE, RI - United Natural Foods Inc. has unveiled its new growth strategy, outlining the pillars of its “Fuel the Future” plan that focuses on increasing market share through network optimization, stronger innovation, and an enhanced customer experience.
“UNFI has built a tremendous customer base, we have amazing associates, and we’re truly excited by our Fuel the Future strategy, which will help guide the next chapter of our growth,” said Steven Spinner, UNFI chairman and chief executive officer. “I’m proud of all the work and success we’ve had under our prior Build-out-the-Store strategy, which widely expanded our offerings and strengthened our core business. Our new plan builds off that work, elevating us to the next level and focusing our efforts on making our customers stronger, our supply chain better, and our food solutions more inspired.”
Members of UNFI’s leadership team shared details of Fuel the Future during the company’s investor event on June 24th. The plan is composed of six pillars that work together to deliver the “FUTURE” by advancing key areas of the UNFI business. Highlights of the plan include:
- Fulfill Power in Scale – optimizing UNFI’s far-reaching distribution network, maximizing capacity, and simplifying operations with higher levels of standardization, and making investments in technology.
- Unlock Customer Experience – expanding the Company’s portfolio of brands, products, and services while offering more tailored solutions to help UNFI’s customers grow.
- Taste the Future – investing in existing, high-margin growth platforms such as Brands+, Services, eCommerce and Fresh, as well as developing new sources of revenue that further complement UNFI’s core wholesale business.
- UNFI Pride – focusing on UNFI’s people to deliver on: UNFI’s core value of safety in the workplace, as well as continuing our unique culture and enhancing the overall associate experience; embracing and growing diversity of background, thought, and approach; and UNFI’s bold commitments toward climate change and food insecurity and injustice, among others.
- Retail Optimization – advancing the retail business through greater investment in store upgrades, eCommerce, and digital platforms combined with new sites that will contribute to growth.
- Earn Results – driving sustainable growth and stakeholder value, with the Fuel the Future plan helping deliver fiscal 2024 financial results, which are expected to include sales of over $30 billion; adjusted EBITDA of over $900 million; and earnings per share (EPS) of over $5.25.
