Goodfood (TSX:FOOD) reports record quarterly revenues of $108 million

Revenues increased by $21.2 million year-over-year, while gross margin improved by 35 per cent compared to Q3 2020.

Net loss also increased to $2 million, an increase of $4.7 million compared the same period last year.

Amidst the record financial results, Goodfood also reported significant progress in its grocery strategy, with the lease of its first automated fulfilment centre in Ottawa and the launch of 250 new products during the quarter.

Jonathan Ferrari, Goodfood’s CEO, commented on the quarterly results.

“Our impressive third quarter results reflected the benefits of our leading and differentiated ready-to-cook offering, growing grocery selection, and same-day fulfillment capabilities in key markets, driving larger basket sizes and higher order frequency from our increasingly loyal and engaged members,” he remarked.

The increase in selling, general, and administrative expenses was primarily due to higher marketing, higher wages, salaries, and technology costs as the company continues to expand across Canada.

“With the growth of the online grocery market continuing to accelerate,” commented Neil Cuggy, Goodfood president and COO, “we [. . .] remain focused on building the optimal footprint of centralized production facilities and local fulfilment centres to enable faster delivery times and greater product choice to Canadian households from coast to coast.”

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.

Goodfood Market Corp. (FOOD) is up 12.44 per cent, trading at $8.77 per share as of 4:00 pm ET.