Business
The Chefs’ Warehouse Reports First Quarter 2020 Financial Results
Net Sales Growth of 5.2% RIDGEFIELD, Conn., May 06, 2020 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company”), a premier distributor
About this update from The Chefs' Warehouse, Inc.
[{"type":"text","content":"Net Sales Growth of 5.2%\nRIDGEFIELD, Conn., May 06, 2020 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company”), a premier distributor of specialty food products in the United States and Canada, today reported financial results for its first quarter ended March 27, 2020.\n Financial highlights for the first quarter of 2020 compared to the first quarter of 2019: Net sales increased 5.2% to $375.4 million for the first quarter of 2020 from $357.0 million for the first quarter of 2019.GAAP net loss was $14.1 million, or $(0.48) per diluted share, for the first quarter of 2020 compared to net income of $1.1 million, or $0.04 per diluted share, in the first quarter of 2019.Adjusted EPS1 was $(0.60) for the first quarter of 2020 compared to $0.05 for the first quarter of 2019.Adjusted EBITDA1 was $(13.8) million for the first quarter of 2020 compared to $13.2 million for the first quarter of 2019.The Company had approximately $200.0 million of cash on the balance sheet and $33.4 million of availability on its asset-based loan facility as of April 30, 2020. “The first quarter of 2020 began with strong organic revenue and gross profit growth in January and February with a solid contribution from Sid Wainer and Cambridge Packing Co., both acquired in that period,” said Chris Pappas, chairman and chief executive officer of The Company. “Obviously the world changed in March with the forced government shut-down. While volume declined significantly, many of our customers remain open for take-out and delivery and we continue to supply them during this unprecedented time. We have taken steps to strengthen our liquidity and we have partnered with multiple retail food outlets to supply both protein and specialty products. In addition, our team quickly launched our direct to consumer “Shop Like a Chef” online home delivery platform to operate alongside our Allen Brothers Premium Steakhouse Steaks site. We have seen significant growth in both platforms and look forward to continuing to build our direct to consumer business.” First Quarter Fiscal 2020 Results Net sales for the quarter ended March 27, 2020 increased 5.2% to $375.4 million from $357.0 million for the quarter ended March 29, 2019. Organic revenue declined $23.5 million, or 6.6% versus the prior year quarter. Sales growth of $41.9 million, or 11.8%, resulted fro...