Business
The Chefs’ Warehouse Reports Fourth Quarter 2021 Financial Results
RIDGEFIELD, Conn., Feb. 09, 2022 (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., Feb. 09, 2022 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) (the “Company” or “Chefs’”), a premier distributor of specialty food products in the United States and Canada, today reported financial results for its fourth quarter ended December 24, 2021. Financial highlights for the fourth quarter of 2021: Net sales increased 98.2% to $558.3 million for the fourth quarter of 2021 from $281.7 million for the fourth quarter of 2020.GAAP net income was $8.4 million, or $0.22 per diluted share, for the fourth quarter of 2021 compared to net loss of $37.1 million, or $(1.02) per diluted share, in the fourth quarter of 2020.Adjusted EPS1 was $0.26 for the fourth quarter of 2021 compared to $(0.52) for the fourth quarter of 2020.Adjusted EBITDA1 was $30.2 million for the fourth quarter of 2021 compared to negative adjusted EBITDA of $(10.5) million for the fourth quarter of 2020. “Revenue trends were strong in the fourth quarter as we saw continued growth in consumer confidence in dining out across our markets,” said Chris Pappas, Chairman and Chief Executive Officer of the Company. “December sales and business activity grew steadily as holiday customer traffic drove sequential volume increases commensurate with pre-COVID periods, even with a reduction in larger corporate parties and events.” Fourth Quarter Fiscal 2021 Results Net sales for the quarter ended December 24, 2021 increased 98.2% to $558.3 million from $281.7 million for the quarter ended December 25, 2020. Organic sales increased $252.1 million, or 89.5% versus the prior year quarter. Sales growth of $24.4 million, or 8.7%, resulted from acquisitions. Organic case count increased approximately 67.5% in the Company’s specialty category with unique customers and placements increases at 35.0% and 55.5%, respectively, compared to the prior year quarter. Organic pounds sold in the Company’s center-of-the-plate category increased approximately 49.3% compared to the prior year quarter. Estimated inflation was 12.5% in the Company’s specialty categories and 29.2% in the center-of-the-plate categories compared to the prior year quarter. Gross profit increased approximately 113.5% to $125.7 million for the fourth quarter of 2021 from $58.9 million for the fourth quarter of 2020. Gross profit margin increased approximately 161 basis points to 22.5% fro...