Business
The Chefs’ Warehouse Reports Second Quarter 2022 Financial Results
RIDGEFIELD, Conn., July 27, 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., July 27, 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 second quarter ended June 24, 2022. Financial highlights for the second quarter of 2022: Net sales increased 53.2% to $648.1 million for the second quarter of 2022 from $423.0 million for the second quarter of 2021.GAAP net income was $16.9 million, or $0.42 per diluted share, for the second quarter of 2022 compared to $1.1 million, or $0.03 per diluted share, in the second quarter of 2021.Adjusted net income per share1 was $0.51 for the second quarter of 2022 compared to $0.04 for the second quarter of 2021.Adjusted EBITDA1 was $45.3 million for the second quarter of 2022 compared to of $17.2 million for the second quarter of 2021. “Late first quarter business strength continued into the second quarter as the combination of strong consumer demand, new customer openings and increased dining capacity led to consistent growth in revenue trends as we entered the late spring and summer season. Despite sequential deflation in certain center of the plate categories, overall pricing remained firm and incremental gains in volume contributed to sales growth during the quarter,\" said Chris Pappas, Chairman and Chief Executive Officer of the Company. “Although not back to pre-pandemic levels, moderate improvement in hospitality and event related business was evident as the quarter progressed.” Second Quarter Fiscal 2022 Results Net sales for the quarter ended June 24, 2022 increased 53.2% to $648.1 million from $423.0 million for the quarter ended June 25, 2021. Organic sales increased $152.3 million, or 36.0% versus the prior year quarter. Sales growth of $72.9 million, or 17.2%, resulted from acquisitions. Organic case count increased approximately 34.8% in the Company’s specialty category with unique customers and placements increases at 35.9% and 54.6%, respectively, compared to the prior year quarter. Organic pounds sold in the Company’s center-of-the-plate category increased approximately 14.2% compared to the prior year quarter. Estimated inflation was 16.4% in the Company’s specialty categories and 10.9% in the center-of-the-plate categories compared to the prior year quarter. Gross profi...