US Foods Holding Corp. (NYSE:USFD) Q3 2023 Earnings Call Transcript

Andrew Wolf: Okay. And just regarding the guidance, I think because you mentioned Saladino’s is going to close late in the year. Does the guidance update exclude Saladino’s?

Dirk Locascio: Would be a very insignificant amount for the fourth quarter. So at this point, it really demonstrates the core strength of the overall business.

Andrew Wolf: Okay. Great. Thank you. That’s it for me.

Operator: We’ll take our next question from John Ivankoe with JPMorgan.

John Ivankoe: Hi. Thank you. The question is actually on current price competition, if you’re seeing any, the current slow restaurant case volume environment, COGS, which obviously have moderated the labor market, cost of distribution, which has moderated. I mean it would seem that if there was going to be a time for price competition, we would probably already be seeing it. So I just wanted to get your comments, anything that you’re hearing on a specific market level to maybe there’s been a change in recent times. Thank you.

David Flitman: Yes. I would say that there’s been a change since the pandemic getting back to pre-pandemic competitiveness. And as I said, it’s always competitive. I wouldn’t point to any market or geographic area of the country where it’s more or less competitive than it was pre-pandemic. It’s always competitive. It’s a thing we all have to deal with every day. And that’s why we work so hard to sell the value that US Foods brings to our customers.

John Ivankoe: Thank you.

David Flitman: Thank you.

Operator: There are no further questions at this time. I’d like to turn the call back over to Dave Flitman for any additional or closing remarks.

David Flitman: Well, thank you all for joining us today. We are excited about the momentum in the business and importantly, the exciting future that we have. We look forward to talking to you again and importantly, our Investor Day on June 5th. Have a great day.

Operator: Thank you. And that does conclude today’s presentation. Thank you for your participation today, and please disconnect.