United Natural Foods Inc (UNFI) reported a Q2 fiscal 2024 with revenue of $7.78 billion, and a net loss of $15 million on GAAP terms, reflecting ongoing volume pressure in a highly competitive food-retail environment. Management stressed that the results exceeded initial expectations on a sequential basis and were aided by near-term efficiency initiatives, shrink reduction, and seasonal tailwinds. Adjusted EBITDA of $128 million (1.6% of sales) marked a meaningful improvement from last year’s $181 million (2.3%), but the year-over-year profitability trajectory remains constrained by the contraction in gross margin from procurement gains cycling out of the prior-year inflationary period and ongoing investment in transformation initiatives. Management highlighted aggressive cost-savings progress (~$150 million in cumulative annualized savings) and ongoing capital investments (including a new Manchester, PA distribution center and an automation project at Centralia) designed to lift long-term efficiency, service levels, and free cash flow. The company updated its full-year FY2024 outlook to net sales of $30.5-31.0 billion, adjusted EBITDA of $475-525 million (midpoint $500 million), and adjusted EPS from a loss of $0.56 to a gain of $0.06, implying a second-half EBITDA of roughly $255 million, including ~ $9 million from a 53rd week. UNFI’s liquidity remains robust at ~$1.4 billion with net debt around $3.65 billion, aided by seasonally favorable working capital. Looking ahead, management signaled continued emphasis on cost management, supply chain transformation, and supplier/customer go-to-market enhancements to drive sustainable profitability and shareholder value, including leadership transition with Matteo Tarditi joining as President & CFO and a Board-initiated strategic review of the long-term plan.