Montreal / CA. (gfc) Goodfood Market Corporation, a leading Canadian online grocery company, delivering fresh meal solutions and grocery items, announced financial results for the fourth quarter and Fiscal 2022, ended September 03, 2022.
«In our fourth quarter, we have continued to demonstrate progress on executing Project Blue Ocean and improving profitability. Our gross margin for the quarter surpassed 30 percent for the first time in over a year when adjusted for non-recurring inventory charges related to the closure of our On-demand service. This improvement occurred despite inflationary pressures and is the direct result of our Blue Ocean initiatives which have included footprint and supplier consolidation, ingredients and operational simplification, and price increases. Combined with rigorous discipline in reducing our selling, general and administrative costs, the gross margin improvement has reduced our Adjusted Ebitda1 loss to USD 2 million this quarter compared a loss of USD 18 million in the same quarter last year, laying our foundation for profitable future growth and positive cash flows in the near future,» said Jonathan Ferrari, Chief Executive Officer of Goodfood.
«As we complete the execution of the final steps of Project Blue Ocean focused on further headcount reductions and SG+A reductions, we are building a focused business with a disciplined cost structure,» added Ferrari. «Our primary objective is returning to a positive and growing Adjusted Ebitda1 position in the first half of 2023 to drive positive cash flows, and to achieve long-term profitability.»
«Our teams are focused on building Canada’s most loved digitally native food brand with loyal customers coast-to-coast. We see a significant opportunity to continue growing our client base, order frequency and basket sizes by offering unparalleled service to Canadians as they explore our differentiated and delicious meal solutions including meal kits and prepared meals, and accompanied by exciting Goodfood branded add-ons,» concluded Ferrari.
For additional information please read the company’s PDF file below (270 KB):
20221202-GOODFOOD-Q4-2022.OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center