- Goodfood has released financial results for the three and six-month periods ending February 28, 2021
- Milestones for the company include a record-high revenue of C$100.7 million and a gross profit of over $30 million
- Goodfood is a leading online grocery company in Canada
- Goodfood (FOOD) is down 0.71 per cent and is currently trading at $8.43 per share
Goodfood has released financial results for the three and six-month periods ending February 28, 2021.
Results from the second quarter of 2021 are especially promising for the company, with revenue reaching a new all-time high for the company of C$100.7 million.
The quarterly milestone represents a 71 per cent growth in the company’s revenue year-over-year. In addition, the company generated a gross profit of over $30 million, a 72 per cent increase year-over-year.
Goodfood CEO Jonathan Ferrari commented,
“We are very proud to have reached two great milestones in Goodfood’s journey in disrupting the Canadian grocery industry.”
He continued,
“The uptake of Goodfood’s grocery products also reached new heights with over 1.1 million grocery products sold in this quarter alone and we now have more than 750 products available to our members.”
Active subscribers to Goodfood’s services reached 319,000 as of February 28, 2021, an increase of 73,000, or 30 per cent, compared to February 29, 2020.
Neil Cuggy, President and Chief Operating Officer of Goodfood, commented,
“We are exceptionally well-positioned to benefit from the growing shift to e-commerce grocery and to provide an increasing part of Canadians’ food baskets.”
The COVID-19 pandemic had an impact on many Canadian businesses in 2020, and Goodfood was no exception.
An increase in the number of subscribers and number of orders in the second half of 2020 led to positive results for the company’s financial results.
The positive trend has continued through the first half of the 2021 fiscal year.
As the company is deemed an essential service in Canada, Goodfood has continued to operate without interruption.
Goodfood is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from across Canada to enjoy delicious meals at home every day.
Goodfood (FOOD) is down 0.71 per cent and is currently trading at $8.43 per share as of 10:45 am ET.
