Montreal / CA. (gfc) Goodfood Market Corporation, a leading Canadian online meal solutions company, announced financial results for the fourth quarter and Fiscal 2023, ended September 02, 2023.
«We are pleased to have demonstrated our ability to generate consistent Adjusted Ebitda profitability during Fiscal 2023. On the back of operational improvements and continuous pricing optimization, our gross margin reached 38.2 percent in the fourth quarter and a record 38.8 percent annually, enabling a record annual adjusted Ebitda of CAD 5 million and much improved cash flows,» said Chief Executive Officer Jonathan Ferrari. «We are especially proud of our lean cost structure that, even in the face of seasonal fluctuations during the summer months, helped deliver positive adjusted Ebitda margin this quarter, a testament to our team’s discipline and efforts.»
«As we look to Fiscal 2024, we are energized to have concluded our third consecutive quarter with positive adjusted Ebitda and showing significant improvements to cash flows, underscoring the resilience and profit-generating ability of Goodfood. We are now focused on profitable growth initiatives centred around continuously reinforcing and growing our customer value proposition by increasing the size and relevance of our meal-kit assortment and investing in digital product enhancements to help customers more easily find what they are looking for on our menu and add-ons selection. Through these growth initiatives, further unit economics improvements and cost structure enhancements, 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 (251 KB):20231122-GOODFOOD-Q4-2023.