US Foods Boasts Solid Execution but Evidence of a Competitive Edge Lacking; Shares a Touch Rich
No-moat US Foods closed the book on fiscal 2017 with mixed results. Revenue grew 5.6%, driven by 1.9% case growth and a 3.7% benefit from inflation and mix, which compares favorably to our full-year run-rate of 5%. Offsetting its top-line gains, gross margin eroded to the tune of 30 basis points to 17.9%, reflecting higher distribution costs and the impact of inflationary headwinds that it was unable to pass onto customers. From our vantage point, these results support our contention that US Foo...
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