![]() ![]() We are proud to announce that we have recently been certified by a renowned independent survey company, Great Place To Work. I'm grateful to all the people who make up Chef's Warehouse and their ability to add key talent and partners and at the same time continue to strengthen our position in the industry. All of the Chef's stakeholders have been key players in our ability to navigate the fluid dynamics coming out of COVID, including supply chain challenges, volatile food inflation, and an ever-evolving labor environment. I would like to thank our team members, our customers, and our supplier partners for contributing to a successful start to 2022. This digital platform provides an improved online experience for customers, as well as enhanced data, and analytics, and tools for our teams focused on driving sales and customer satisfaction. On the technology and digital front, we introduced our new Chef's Warehouse website and mobile app to a select group of customers, and we will go live with a full-scale rollout over the next few weeks. Our new South Florida distribution center will operate with a similar design, and we expect to begin operations in the third quarter of this year. This facility will combine Specialty and Produce operations with meat and seafood processing capability within the same footprint. We have begun the process of moving in and expect to be fully operational in May. On the distribution center front, we completed the retrofit of our new 230,000 square foot facility in Southern California. In April, our team completed a number of key projects that will contribute to our future growth and profitability in the coming months and years. Jim will provide more details on gross profit margins in a few moments. The gross margin in the Specialty category increased 213 basis points as compared to the first quarter of 2021, while the gross margin in the center-of-the-plate category increased 111 basis points year over year. Gross profit margins increased approximately 191 basis points. Organic pounds and center-of-the-plate were approximately 26% higher than the prior-year first quarter. Include 62.9% organic growth in net sales, Specialty sales were up 70.3% organically over the prior year, which was driven by unique customer growth of approximately 29.4%, Placement growth of 41.6%, and Specialty case growth of 47.3%. A few highlights from the first quarter as compared to the first quarter of 2021. This, combined with milder winter weather in the Northeast, contributed to weekly sequential sales improvement heading into quarter-end. Moderately improving labor markets facilitated new customer openings and increased restaurant capacity. Revenue trends grew steadily in February and March across all markets, as consumer demand for dining out continued to show strength. As expected, 2022 started off with seasonally moderate business activity in January, which was also slightly impacted by the Omicron variant. Thank you, Alex, and thank you all for joining our first quarter 2022 earnings call. ![]() Chris.Ĭhris Pappas - Founder, Chairman, and Chief Executive Officer With that, I'll turn the call over to Chris Pappas. Then we will open up the call for questions. Today we are going to provide a business update and go over our first quarter results in detail. ![]() Others are discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the SEC website. Some of these risks are mentioned in today's release. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Such forward-looking statements are not guarantees of future performance, and therefore you should not put undue reliance on them. Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements, including statements regarding our estimated financial performance. Quantitative reconciliations of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's press release. ![]() *Stock Advisor returns as of April 7, 2022 and The Chefs Warehouse wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* When o ur award-winning analyst team has a stock tip, it can pay to listen. 10 stocks we like better than The Chefs Warehouse ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |