Goodfood reports record third-quarter revenue amid growing grocery selection
Posted July 7, 2021 7:31 am.
MONTREAL — Goodfood Market Corp. reported a net loss of $2 million despite revenue rising to record a $107.8 million in its third quarter, a 24 per cent increase compared with a year ago at the start of the pandemic.
The Montreal-based online grocery and meal kit company says the loss amounted to three cents per diluted share for the quarter ended May 31.
The result compared with a profit of nearly $2.8 million or five cents per diluted share on $86.6 million in revenue in its third quarter last year.
Goodfood CEO Jonathan Ferrari says the record third-quarter revenue reflected the company’s growing grocery selection, larger basket sizes and higher order frequency from repeat customers.
Yet, he says the online grocery company’s positive growth continues to be impacted by investments in people, processes and technology.
Goodfood announced last month the lease of its first tech-enabled fulfilment centre in Ottawa with automation capable of delivering 4,000 products on a same-day basis.
This report by The Canadian Press was first published July 7, 2021.
Companies in this story: (TSX:FOOD)
The Canadian Press
