Business
The Chefs’ Warehouse Reports Second Quarter 2021 Financial Results
RIDGEFIELD, Conn., July 28, 2021 (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 28, 2021 (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 second quarter ended June 25, 2021. Financial highlights for the second quarter of 2021: Net sales increased 111.0% to $423.0 million for the second quarter of 2021 from $200.5 million for the second quarter of 2020.GAAP net income was $1.1 million, or $0.03 per diluted share, for the second quarter of 2021 compared to net loss of $20.3 million, or $(0.62) per diluted share, in the second quarter of 2020.Adjusted EPS1 was $0.04 for the second quarter of 2021 compared to $(0.57) for the second quarter of 2020.Adjusted EBITDA1 was $17.2 million for the second quarter of 2021 compared to negative adjusted EBITDA $(13.7) million for the second quarter of 2020. “Business activity and revenue grew steadily throughout the second quarter as existing and new customer openings increased and COVID-related restrictions eased across many key markets.” said Chris Pappas, Chairman and Chief Executive Officer of the Company. “As the quarter progressed, our customers benefited from in-door and out-door capacity growth, strengthening consumer demand and the initial stages of menu expansion. Sales toward the end of June 2021 were trending in line with 2019 sales, inclusive of acquisitions completed in 2020 and 2021.” Second Quarter Fiscal 2021 Results Net sales for the quarter ended June 25, 2021 increased 111.0% to $423.0 million from $200.5 million for the quarter ended June 26, 2020. Organic sales increased $212.6 million, or 106.1% versus the prior year quarter. Sales growth of $9.9 million, or 4.9%, resulted from acquisitions. Organic case count increased approximately 122.9% in the Company’s specialty category with unique customers and placements increases at 94.6% and 127.5%, respectively, compared to the prior year quarter. Organic pounds sold in the Company’s center-of-the-plate category increased approximately 66.5% compared to the prior year quarter. Estimated inflation was 10.6% in the Company’s specialty categories and estimated inflation was 12.1% in the center-of-the-plate categories compared to the prior year quarter. Gross profit increased approximately 120.8% to $95.9 million for the sec...