Business
The Chefs’ Warehouse Reports Second Quarter 2024 Financial Results
RIDGEFIELD, Conn., July 31, 2024 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty
About this update from The Chefs' Warehouse, Inc.
[{"type":"text","content":"RIDGEFIELD, Conn., July 31, 2024 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty food products in the United States, the Middle East, and Canada, today reported financial results for its second quarter ended June 28, 2024. Financial highlights for the second quarter of 2024: Net sales increased 8.3% to $954.7 million for the second quarter of 2024 from $881.8 million for the second quarter of 2023.GAAP net income was $15.5 million, or $0.37 per diluted share, for the second quarter of 2024 compared to $9.9 million, or $0.25 per diluted share, in the second quarter of 2023.Adjusted net income per share1 was $0.40 for the second quarter of 2024 compared to $0.35 for the second quarter of 2023.Adjusted EBITDA1 was $56.2 million for the second quarter of 2024 compared to $51.1 million for the second quarter of 2023. “Second quarter customer demand and pricing displayed typical seasonality as revenue and profitability continued to build as expected - moving from a solid first quarter into the seasonally stronger second quarter months. Our operating divisions across domestic and international markets delivered strong unique customer and item placement growth and managed pricing effectively while providing our customers with high-quality product and high-value service,” said Christopher Pappas, Chairman and Chief Executive of the Company. “We are extremely proud of all our teams, from sales, sourcing, pricing, operations and support functions, coming together to deliver value to our customers and leveraging our diverse and broad supply chain, value-add processing and culinary expertise to assist our customers with managing menu development as well as product and labor related costs.” Second Quarter Fiscal 2024 Results Net sales for the second quarter of 2024 increased 8.3% to $954.7 million from $881.8 million in the second quarter of 2023. The growth in net sales was the result of an increase in organic sales of approximately 7.2% as well as the contribution of sales from acquisitions, which added approximately 1.1% to sales growth for the quarter. Organic case count increased approximately 4.7% in the Company’s specialty category for the second quarter of 2024 with unique customers and placement increases at 8.2% and 11.3% respectively, compared to the seco...