UNFI is a wholesale grocery distributor that buys food and non-food products from suppliers and delivers them to retailers across the U.S. and Canada. UNFI serves over 30,000 customer locations — from large national chains to small independent retailers — and operates 52 distribution centers with roughly 30M square feet of warehouse space. UNFI's assortment spans approximately 230,000 SKUs across conventional grocery, natural and organic, perishables, frozen, wellness, and bulk and foodservice products. UNFI makes money on the spread between what it pays suppliers and what it charges customers; gross margins are thin given the volume-driven, low-margin nature of grocery wholesale. UNFI operates through three segments: Natural (wholesale distribution of natural, organic, and specialty products, including private label brands Wild Harvest, Woodstock, and Field Day), Conventional (wholesale distribution of national brands and conventional private label products), and Retail (roughly 75 Cub Foods and Shoppers grocery stores, primarily in the Twin Cities). Beyond product distribution, UNFI sells value-added services including retail media, store design, data analytics, and credit card processing — which carry higher margins than distribution. UNFI's strategy focuses on growing the higher-margin Natural segment, expanding its services portfolio, and improving operational efficiency through Lean Daily Management across its DC network. Capital allocation is focused on debt reduction following UNFI's 2018 acquisition of SuperValu, with free cash flow directed to paying down its ~$1.8B net debt load.