- The Very Good Food Company (VERY) had its highest-ever month for product sales in March 2021
- The company's sales for the month surpassed C$1 million.
- Sales increased across both eCommerce and wholesale channels
- The company is introducing new digital marketing initiatives in the second quarter of 2021 to improve customer lifetime value
- The Very Good Food Company is up 6.00 per cent on the day, with shares of the company trading at C$4.77 at 11:10 am ET
The Very Good Food Company (VERY) had its highest-ever month for product sales in March 2021.
The company's sales for the month surpassed C$1 million.
The company experienced increased sales across both eCommerce and wholesale channels.
U.S. eCommerce sales rose significantly in March following the introduction of the company's new U.S. website in the fall of 2020. The company is now pushing digital marketing initiatives like new product promotions and subscription discounts, introducing them in the second quarter of 2021 to improve customer lifetime value.
The Very Good Food Company attributes an increase in Canadian retail sales to a new, previously-announced retail distribution agreement Quality Foods. Quality Foods is owned by the Jim Pattison Group with additional distribution points with Sobeys Inc. through its Safeway retail network. The partnerships are a result of the company's efforts to scale distribution in line with production capacity.
Canadian distribution points grew from 275 at the end of 2020 to 301 by the end of March. The company has expanded its US and Canadian sales teams, to further expand distribution points in both regions.
"We continue to see strength in our eCommerce and wholesale channels as demand for VERY's products continues to grow. This continued momentum is being driven by key marketing and sales initiatives to increase orders and drive higher sales volume; and will soon be supported by production from our Rupert facility," said The Very Good Food Company CEO Mitchell Scott.
The Very Good Food Company is an emerging plant-based food technology company with a mission to use progressive food technology to create plant-based meat and other food products while maintaining a wholesome nutritional profile.
The Very Good Food Company is up 6.00 per cent on the day, with shares of the company trading at C$4.77 at 11:10 am ET.