United Natural Foods, Inc. UNFI reported first-quarter fiscal 2023 results, with the top and the bottom line improving year over year. However, net sales and earnings missed the Zacks Consensus Estimate. Management is reaffirming its fiscal 2023.Quarter in DetailUnited Natural’s adjusted earnings came in at $1.13 per share, up 2.7% from the year-ago quarter’s figure. The metric missed the Zacks Consensus Estimate of $1.14.Net sales rose 7.6% to $7,532 million but fell short of the Zacks Consensus Estimate of $7,541.3 million. The year-over-year upside was mainly backed by inflation and new business. Gains from the new business resulted from selling expanded or new categories to existing and new customers. These factors were somewhat offset by the anticipated decline in unit volume in tandem with the overall industry.Sales increased across all UNFI’s channels. Chains, Independent retailers, Supernatural and Retail channels witnessed sales growth of 4.6%, 11.3%, 9.8% and 1.8%, respectively. Other channel sales advanced 9.5%.Image Source: Zacks Investment ResearchUnited Natural’s gross profit rose 5.2% to $1,096 million. Gross margin (excluding non-cash charges) of 14.8% contracted from 15% in the year-ago quarter. The downside can be attributed to changes in customer mix with growing sales with larger customers.The operating expenses came in at $1,000 million, up from $932 million reported in the year-ago quarter. The rise in operating expenses was mainly caused by continued investments in servicing customers causing increased transportation and distribution center labor costs and increased occupancy costs. These were somewhat offset by leveraging fixed expenses across greater sales.Adjusted EBITDA came in at $207 million, up from the $200 million reported in the year-ago quarter.Other UpdatesThe Zacks Rank #2 (Hold) company ended the quarter with total liquidity of nearly $1.3 billion, including cash of nearly $39 million and borrowing capacity of about $1.25 billion under the company’s asset-backed lending facility. Total outstanding debt (net of cash) was $2.49 billion. For 13-week ended Oct 29, 2022, the company used net cash in operating activities of $262 million. The company incurred a capital expenditure of $67 million in this period.The company expects capital expenditures of nearly $350 million for fiscal 2023.During the first quarter of fiscal 2023, management bought back nearly 339,000 shares for nearly $12 million.Fiscal 2023 GuidanceFor fiscal 2023, the company anticipates net sales in the range of $29.8-$30.4 billion. At the midpoint, the metric suggests a 4% rise from the fiscal 2022 reported levels.The company expects adjusted EBITDA in the range of $850-$880 million, indicating a 4% rise at the midpoint of the guidance. The company anticipates fiscal 2023 adjusted earnings in the range of $4.85-$5.15 per share. At the midpoint, the metric indicates a 4% rise from the fiscal 2022 reported levels.Shares of the company have declined 12.8% in the past three months against the industry’s growth of 6.2%.3 Solid Staple PicksSome top-ranked stocks are The Chef's Warehouse CHEF, General Mills GIS and Conagra Brands CAG.The Chef's Warehouse, which distributes specialty food products, currently sports a Zacks Rank #1 (Strong Buy). Chef's Warehouse has a trailing four-quarter earnings surprise of 93.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for CHEF’s current financial year sales suggests growth of 46.5% from the year-ago reported number, while earnings indicate significant growth.General Mills, which manufactures and markets branded consumer foods, carries a Zacks Rank #2(Buy) at present. General Mills has a trailing four-quarter earnings surprise of 6.1%, on average.The Zacks Consensus Estimate for GIS’ current financial year sales and earnings suggests growth of 2.7% and 3.8%, respectively, from the year-ago reported numbers.Conagra Brands, operating as a consumer-packaged goods food company, currently carries a Zacks Rank of 2. CAG has a trailing four-quarter earnings surprise of 1.8%, on average.The Zacks Consensus Estimate for Conagra Brands’ current financial year sales and earnings suggests growth of 5.2% and 3.4%, respectively, from the corresponding year-ago reported figures. 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(UNFI): Free Stock Analysis Report The Chefs' Warehouse, Inc. (CHEF): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research