Total
0
Shares
GoodFood - CEO, Jonathan Ferrari (left) and President and COO, Neil Cuggy (right)
CEO, Jonathan Ferrari (left) and President and COO, Neil Cuggy (right)
Source: GoodFood
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Goodfood Market Corp. (FOOD) has released its annual financial results for the 2021 fiscal year
  • The company reported record annual net sales of $379.2 million, a 33 per cent increase
  • The company also realized a 34 per cent gain in gross profit year-over-year
  • In 2022, Goodfood plans to continue to expand its one-hour on-demand grocery delivery service and online product offering
  •  Goodfood is a leading online grocery company in Canada
  • Shares in Goodfood Market Corp. (FOOD) are down 26.39 per cent, trading at $5.30 per share

Goodfood Market Corp. (FOOD) has released its annual financial results for the 2021 fiscal year.

The company reported record annual net sales of $379.2 million, a 33 per cent increase year-over-year.

Sales were driven by new initiatives such as on-demand grocery delivery, new meal solutions, and one-hour delivery. The updated digital store offers over 1,000 grocery products and meal solutions to Goodfood customers.

The fourth quarter also reached a sales record, bringing in $79 million as the company continues to grow.

The company also realized a 34 per cent gain in gross profit year-over-year, reaching $116.1 million by year-end.

Continued investments in expanding the company’s fulfilment network to 13 new facilities across Canada allowed Goodfood to support faster online delivery. The company launched its one-hour delivery service in Toronto and expects to launch the service in Montreal in the coming days.

Jonathan Ferrari, CEO of Goodfood, commented on the results.

“We have made significant progress against our long-term objectives and are now firmly positioned as an online, on-demand grocery and meal solution source,” said Mr. Ferrari.

“Supported by our improved technology backbone, the growing breadth of our selection and speed of delivery,” he added, “position Goodfood in a leadership role in the expected rapid digitalization of the online grocery industry in Canada.”

“This year’s record annual net sales and gross profit have helped lay the foundation for the next phase of our growth and evolution,” Mr. Ferrari concluded.

“Looking forward, 2022 will be the year in which our multi-year effort of preparing for the launch of on-demand grocery and meal-solution offering, supported by an optimized digital store platform is realized.”

Goodfood is a leading online grocery company in Canada, delivering fresh meal solutions and groceries that make it easy for members to enjoy delicious meals at home every day.

Shares in Goodfood Market Corp. (FOOD) are down 26.39 per cent, trading at $5.30 per share as of 4:00 pm ET.

More From The Market Herald

" Tenet (CSE:PKK) contributes to record-setting singles’ day

Tenet Fintech Group (PKK) has published the results of its operations related to this year’s Singles’ Day shopping event.

" ParcelPal (CSE:PKG) signs agreement with major logistics carrier

ParcelPal Logistics (PKG) has engaged a leading e-commerce parcel logistics company operating primarily in the western United States.
Liquid Avatar - CEO, David Lucatch.

" Liquid Avatar (CSE:LQID) announces L.A. Comic Con exclusives

Liquid Avatar (LQID) has unveiled its exclusive programs and offers at this year’s L.A. Comic Con.

" Billy Goat Brands (CSE:GOAT) investee The Vegetarian Butcher to open new location

Billy Goat Brands (GOAT) investee The Vegetarian Butcher is set to open a new location in White Rock, B.C.