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We expect full year inflation to continue to moderate and be in the low to mid-single digits, which is a decline compared to the over 9% reflected in our fiscal 2023 results.
We're also expecting ongoing near-term volume headwinds as consumers continue to adapt to higher costs across their household budgets.
volume headwinds, inflatuin moderating
Transcript
2023 Q4
28 Sep 23
As we indicated would be the case with our updated outlook, the biggest driver for the decline in Q4 year-over-year profitability was lower levels of procurement gain opportunities resulting from decelerating inflation. This resulted in a reduction in our gross profit rate prior to the LIFO charge in both years of approximately 175 basis points or more than $100 million.
We also experienced higher levels of shrink compared to last year's fourth quarter, which we are actively addressing.
lower procureent gains coming from decelerating inflation ++ shrinkage
Transcript
2023 Q4
28 Sep 23
We've continued to experience pressure across our retail footprint, primarily located in the Minneapolis-St. Paul market, due in large part to tightening consumer demand, reductions in government support programs and more intense competition on price.
retail footprint pressure
Transcript
2023 Q4
28 Sep 23
First is the work we're doing around our supply chain, what we've called network automation and optimization. We formally announced that Centralia, Washington will be the first location where Symbotic's automation technology will be installed.
automation
Transcript
2023 Q4
28 Sep 23
However, considerable progress remains to be made modernizing and unifying our technology and network platforms as previous plans have taken longer than expected as the company faced the onset of the COVID pandemic, unprecedented inflation and supply chain disruptions over the past few years. These events and their enduring consequences have brought cost increases across our total customer service system as we serve our large, diverse and growing customer base.
cost increases due to failing to moderbze tech
Transcript
2023 Q4
28 Sep 23
UNFI has a strong industry leadership position with an expansive supply chain as the largest wholesale grocery distribution and value-added food retail services provider in North America, with nearly 11,000 suppliers and manufacturers serving over 30,000 retail outlets. And the long-term growth opportunity and pipeline we see in our core business remains significant within a $140 billion total addressable market for our core wholesale business.
indistry posiyion
Transcript
2023 Q4
28 Sep 23
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