Jul 18, 2023
Goodfood Market shares up after reporting $1.2M Q3 loss, improved margins
The Canadian Press
Goodfood CEO on catering towards consumers amid food inflation
Goodfood Market Corp. reported a loss of $1.2 million in its latest quarter compared with a loss of $21.1 million a year earlier as its sales fell, but margins improved.
Shares in the meal kit company were up 6.5 cents or about 14 per cent at 52 cents in late-morning trading on the Toronto Stock Exchange on Tuesday.
The company says the loss amounted to two cents per share for the quarter ended June 3 compared with a loss of 28 cents per share a year earlier.
Net sales for what was Goodfood's third quarter totalled $42.1 million, down from $67.0 million in the same quarter last year.
The company says the decrease was mainly driven by fewer active customers and its decision to discontinue its on-demand offering, offset in part by an increase in average order value.
The company's gross margin for the quarter amounted to 41.0 per cent, up from 26.2 per cent a year earlier.
This report by The Canadian Press was first published July 18, 2023.