The Chefs’ Warehouse Inc ( (CHEF) ) has realeased its Q3 earnings. Here is a breakdown of the information The Chefs’ Warehouse Inc presented to its investors.
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The Chefs’ Warehouse, Inc. is a leading distributor of specialty food products, serving high-end restaurants, hotels, and other culinary establishments in the United States, the Middle East, and Canada.
The company has reported its financial results for the third quarter of 2024, showcasing a significant improvement in its financial performance compared to the same period last year. Net sales increased by 5.6% reaching $931.5 million, and net income more than doubled to $14.1 million, demonstrating strong growth and operational efficiency.
Key financial highlights include a rise in gross profit by 8.2% to $224.7 million and an increase in adjusted EBITDA to $54.5 million from $50.3 million the previous year. The company succeeded in expanding its market presence with a 3.1% increase in organic case count in its specialty category and notable increases in unique customer placements. However, selling, general, and administrative expenses rose by 7.4%, reflecting investments in facilities and workforce to support growth.
The Chefs’ Warehouse is optimistic about its future, providing a full-year financial guidance for 2024 with net sales expected to range between $3.710 billion and $3.775 billion. The company continues to focus on enhancing customer relationships, expanding its product offerings, and driving operational excellence to sustain its growth momentum.