Business
Village Farms International Reports Q2/24 Results
Total Sales Grew 19% Year-over-Year to a Record $92.1 MillionCanadian Cannabis Grew Net Sales 45% and Retail Branded Sales 35% Year-Over-Year to New
About this update from Village Farms International, Inc.
[{"type":"text","content":"Total Sales Grew 19% Year-over-Year to a Record $92.1 MillionCanadian Cannabis Grew Net Sales 45% and Retail Branded Sales 35% Year-Over-Year to New RecordsCanadian Cannabis Delivered Another Quarter of Positive Adjusted EBITDA and Operating Cash Flow Canadian Cannabis Only Top-Five Producer to Grow Market Share Sequentially, Further Expanding Number 2 National Rank1Fresh Produce Sales Grew 7% Year-over-Year with Improved Gross Loss for First Half 2024 VANCOUVER, British Columbia and ORLANDO, Fla., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today reported its financial results for the second quarter ended June 30, 2024. All figures are in U.S. dollars unless otherwise indicated. Management Commentary “We are driving strong momentum in our Canadian Cannabis business by building on our undisputed leadership in dried flower to further close in on the number one market share position nationally1,” commented Michael DeGiglio, President and Chief Executive Officer, Village Farms International. “During the second quarter, we grew retail branded sales by 35%. Notably, we have solidified our number two national market share rank in pre-rolls and further strengthened share in key provinces1. In 12 months, we have improved to number two in British Columbia (from four) and number four in Alberta (from eight) and have maintained our number one position in Ontario and number two position in Quebec1.” “In our non-branded channel, we continued to take advantage of a favourable wholesale market to further reduce non-brand-spec inventory, which again impacted gross margin but drives cash flow. It was also another solid quarter for export sales as we remain on track to deliver year-over-year growth this year. We expect production to start in just a few months in the Netherlands and we look forward to our first sales in the first quarter of next year.” “In our fresh produce business, during the quarter we expanded third-party supply to strategically support the long-term growth and health of our produce business. Our cost management and efficiency initiatives drove a year-to-date improvement in gross profit compared to last year, offsetting second quarter margin pressure due to softer than expected market pricing.” “Looking ahead, our steady execution is driving sustained gro...