Competitive IndustryUNFI operates in a highly competitive industry with sub-scale customers that face sizable headwinds, making sustained earnings growth challenging.
Market ChallengesLonger-term structural pressures are facing UNFI's chain and independent customers, with a muted multi-year sales outlook.
Sales TrendsNew disclosures highlight weak natural sales trends, excluding Whole Foods, implying a high reliance on low-margin Whole Foods for top-line growth.