Business
The Chefs’ Warehouse Reports Third Quarter 2021 Financial Results
RIDGEFIELD, Conn., Oct. 27, 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., Oct. 27, 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 third quarter ended September 24, 2021. Financial highlights for the third quarter of 2021: Net sales increased 90.7% to $484.3 million for the third quarter of 2021 from $254.0 million for the third quarter of 2020.GAAP net income was $3.5 million, or $0.09 per diluted share, for the third quarter of 2021 compared to net loss of $11.4 million, or $(0.31) per diluted share, in the third quarter of 2020.Adjusted EPS1 was $0.12 for the third quarter of 2021 compared to $(0.38) for the third quarter of 2020.Adjusted EBITDA1 was $23.4 million for the third quarter of 2021 compared to negative adjusted EBITDA $(4.9) million for the third quarter of 2020. “Revenue trends remained strong as momentum from second quarter customer and consumer demand continued into the third quarter,” said Chris Pappas, Chairman and Chief Executive Officer of the Company. “Moderate growth in market segments and business activity related to return to offices, travel and hospitality contributed to a steady increase in weekly sales as the quarter progressed. We exited the quarter at approximately 103% of 2019 sales, inclusive of acquisitions completed in 2020 and 2021.” Third Quarter Fiscal 2021 Results Net sales for the quarter ended September 24, 2021 increased 90.7% to $484.3 million from $254.0 million for the quarter ended September 25, 2020. Organic sales increased $213.7 million, or 84.2% versus the prior year quarter. Sales growth of $16.6 million, or 6.5%, resulted from acquisitions. Organic case count increased approximately 57.5% in the Company’s specialty category with unique customers and placements increases at 36.9% and 50.4%, respectively, compared to the prior year quarter. Organic pounds sold in the Company’s center-of-the-plate category increased approximately 56.9% compared to the prior year quarter. Estimated inflation was 10.9% in the Company’s specialty categories and 28.0% in the center-of-the-plate categories compared to the prior year quarter. Gross profit increased approximately 82.2% to $110.0 million for the third quarter of 2021 from $60.4 million for the third quarter of 2020. Gross pr...