Canada's Goodfood Market falls as higher costs, discounts widen loss

Goodfood Market

07/04/2021 17:32

** Shares of Canadian online grocer  FOOD.TO  fall 4.5% to
C$8.11, on course to extend a three-day losing run
    ** FOOD's net loss widens to C$4 million in the second
quarter from C$3.4 million a year earlier on higher wages and
pandemic-related costs as well as heavy discounts  urn:newsml:reuters.com:*:nGNX9xB1LF
    ** Co notes its strategy involves delaying short-term
profitability in order to achieve long-term profitability goals
    ** COO Neil Cuggy tells analysts FOOD's fiscal 2022 capital
expenditure investments will be higher versus the C$20 million
to C$30 million outlook for fiscal 2021
    ** FOOD shares have lost a third of their market value this
year

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com))