Goodfood: Reports First Quarter 2024 Results

Montreal / CA. (gfc) Goodfood Market Corporation, a leading Canadian online meal solutions company, announced financial results for the first quarter of Fiscal 2024, ended December 02, 2023.

«We are pleased to have started Fiscal 2024 with strong operating performance and delivered on our commitment to consistently growing our profitability, with Adjusted Ebitda positive for a fourth quarter in a row, reaching USD 8.5 million over the last twelve months. As we consistently optimize the efficiency of our operations, our gross margin continues to show strength and reached 39.4 percent in the first quarter, further supporting our growing Adjusted Ebitda profitability and cash flows,» said Chief Executive Officer Jonathan Ferrari. «Our lean cost structure has enabled our gross profit to translate into Adjusted Ebitda and in turn into positive cash flows as we generated adjusted free cash flows1 of USD 4 million, positive for the second quarter out of the past three.»

«As we build on the positive momentum of this first quarter, we are energized to have developed and implemented multiple customer-centric initiatives that helped grow Active Customers1 to 124,000, an increase compared to the last two quarters. In recent months, we have increased our customization options to include additional high-quality protein swaps and choices for customers. We launched mouthwatering bundle products to give our members great options for various meal occasions that have been a hit with customers. We also made browsing through our platform easier and more intuitive by introducing tags and simple categories that make selecting delicious meals in minutes even easier. Through these growth initiatives, our continued focus on our customers and consistent profitability with unit economics improvements, we are well positioned to continue growing cash flows and to deliver significant shareholder value,» concluded Jonathan Ferrari.

For additional information please read the PDF file below (266 KB):