United Natural Foods, Inc. (NYSE:UNFI) Q3 2022 Earnings Conference Call June 7, 2022 8:30 AM ET

Company Participants

Steven Bloomquist - Vice President of Investor Relations

Sandy Douglas - Chief Executive Officer

Christopher Testa - President

John Howard - Chief Financial Officer

Eric Dorne - Chief Operating Officer

Conference Call Participants

Andrew Wolf - C.L. King & Associates, Inc.

Scott Mushkin - R5 Capital LLC

John Heinbockel - Guggenheim Securities LLC

Eric Larson - Seaport Research Partners

Mark Carden - UBS

Kelly Bania - BMO Capital Markets

Operator

Good morning, my name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the UNFI Fiscal 2022 Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Steve Bloomquist, VP of Investor Relations, you may begin.

Steven Bloomquist

Good morning, everyone. Thank you for joining us on UNFI's third quarter fiscal 2022 earnings conference call. By now you should have received a copy of the earnings release issued this morning. The press release and a supplemental slide deck are available under the Investors section of the Company's website at www.unfi.com.

Joining me for today's call are Sandy Douglas, our Chief Executive Officer; John Howard, our Chief Financial Officer; Chris Testa, President of UNFI; and Eric Dorne, our Chief Operating Officer. Sandy, Chris and John will provide a business update, after which, we'll take your questions.

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.

And lastly, 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.

I'll now turn the call over to Sandy.

Sandy Douglas

Thank you, Steve, and good morning everyone. We appreciate everyone joining us for today's call. Our third quarter results again validate our team's ability to successfully perform in the face of a challenging and unpredictable environment with capabilities that we believe will continue to create value for our various stakeholders. During the quarter, we continue to navigate industry-wide challenges, including inflation, where the latest food-at-home reading was 10.8% higher than last year, record high fuel costs, low but improving fill rates and challenging labor shortages, all of which continue to impact our business and our customers.