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.