US Foods Q4 and FY2020 sales decrease almost 12% facing Covid-19 headwinds

US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, this week announced results for the fourth quarter and full fiscal year 2020.

The fourth quarter of fiscal year 2020 included 14 weeks compared to 13 weeks for the fourth quarter of fiscal year 2019, and the full fiscal year 2020 included 53 weeks compared to 52 weeks in the full fiscal year 2019. Certain financial results in this press release have been presented excluding the "extra week" in the fourth quarter and fiscal year 2020.

Fourth-quarter fiscal 2020 highlights

• Total case volume decreased 10.2%; independent restaurant case volume decreased 6.0%. Excluding the extra week, total case volume decreased 15.5% and independent restaurant case volume decreased 11.8%.
• Total organic case volume decreased 15.4%; independent restaurant organic case volume decreased 13.1%. Excluding the extra week, total organic case volume decreased 20.4% and organic independent restaurant case volume decreased 18.5%.
• Net sales decreased 11.5% to $6.1 billion.
• Gross profit decreased 18.5% to $1.0 billion.
• Net loss available to common shareholders was $23 million.
• Adjusted EBITDA decreased 48.1% to $174 million. The extra week contributed approximately $8 million to adjusted EBITDA.
• Diluted EPS loss was $0.11; adjusted diluted EPS was $0.05.

Fiscal-year 2020 highlights:

• Total case volume decreased 11.0%; independent restaurant case volume decreased 11.2%. Excluding the extra week, total case volume decreased 12.5% and independent restaurant case volume decreased 12.7%.
• Total organic case volume decreased 21.3%; independent restaurant organic case volume decreased 20.8%. Excluding the extra week, total organic case volume decreased 22.6% and organic independent restaurant case volume decreased 22.2%.
• Net sales decreased 11.8% to $22.9 billion.
• Gross profit decreased 18.9% to $3.7 billion.
• Net loss available to common shareholders was $254 million. 
• Adjusted EBITDA decreased 45.7% to $648 million.
• Diluted EPS loss was $1.15; adjusted diluted EPS was $0.09.

Click here to see US Foods' full press release.