Brief: Goodfood Achieves Significant Gross Margin Expansion In First Half Of 2023

Goodfood Market

02/12/2022 11:36

Dec 2 (Reuters) - Goodfood Market Corp  FOOD.TO :
    * GOODFOOD ACHIEVES SIGNIFICANT GROSS MARGIN EXPANSION,
IMPROVES
ADJUSTED EBITDA(1) BY 89% YEAR-OVER-YEAR AND REAFFIRMS
EXPECTATION OF POSITIVE ADJUSTED EBITDA(1) IN FIRST HALF OF
FY2023
    * GOODFOOD MARKET CORP Q2 SALES FELL 37 PERCENT TO C$50.0
MILLION
    * GOODFOOD MARKET CORP - QTRLY  LOSS PER SHARE $0.78
    * GOODFOOD MARKET CORP - UNDER PROJECT BLUE OCEAN ALIGNMENT
OF
WORKFORCE WITH SCALE LEADING TO SIGNIFICANT HEADCOUNT REDUCTIONS
    * GOODFOOD MARKET CORP SEES Q1 2023 NET SALES OF ABOUT
$46-48
MILLION
    * GOODFOOD MARKET CORP - RECONFIRMING EXPECTED PATH TO
RETURN TO
POSITIVE QUARTERLY ADJUSTED EBITDA IN FIRST HALF OF 2023
    * GOODFOOD MARKET - UNDER PROJECT BLUE OCEAN, FOOTPRINT
RATIONALIZATION LEAD TO CONSOLIDATION OF PRODUCTION IN 2
FACILITIES IN MONTREAL AND CALGARY
    * GOODFOOD MARKET- DURING HOLIDAY SEASON, SUMMER SEASON, CO
ANTICIPATES NET SALES TO BE LOWER AS HIGHER PROPORTION OF
CUSTOMERS ELECT TO SKIP DELIVERY
    * GOODFOOD MARKET CORP - ANTICIPATES FOOD COSTS TO BE
POSITIVELY
AFFECTED DUE TO IMPROVED AVAILABILITY DURING PERIODS WITH WARMER
WEATHER

Source text for Eikon:  ID:nGNX5M1jLG 
Further company coverage:  FOOD.TO 
 ((Reuters.Briefs@thomsonreuters.com;))