Montreal / CA. (gfc) Goodfood Market Corporation, a leading Canadian online meal solutions company, announced financial results for the second quarter of Fiscal 2024, ended March 02, 2024.
«The first half for Fiscal 2024 showcased the efficient operating foundations we have laid, enabling Adjusted Ebitda to grow and reach a total of USD 9 million over the last twelve months. These results have driven two key vectors of value creation: cash flow generation and de-leveraging. This quarter marks the second quarter in a row with positive adjusted free cash flow and our last twelve months have delivered adjusted free cash flow of more than USD 7 million. In the past nine months, we have also reduced our total net debt to adjusted Ebitda ratio nearly 70 percent from 8X nine months ago to a little over 2X now. Combined, the cash flow generation and improved leverage help better position Goodfood to manage its capital structure and consider various capital allocation options as we strive to generate growth and enhance shareholder value,» said Chief Executive Officer Jonathan Ferrari.
«As we look forward to the second half of this fiscal year and beyond, we are encouraged by the results our growth strategy is beginning to yield. Sales were stable quarter-over-quarter and the 5 percent year-over-year decline is the most stable performance achieved since the fourth quarter of Fiscal 2021, despite a challenging macroeconomic backdrop and soft consumer spending. We continue to work to enhance our customer value proposition and our initiatives have begun bearing results. Our members’ average basket size was the highest ever this quarter and we see improvements in our customers’ feedback metrics. As we continue to augment our value proposition, we are focused on growing our top line, conscious that this represents a key element in continuing to grow cash flows and to deliver shareholder value,» concluded Jonathan Ferrari. For additional information please read the PDF file below (258 KB):
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