Chefs' Warehouse, Inc. reported significant financial growth in its latest 10-Q filing for the thirteen weeks and thirty-nine weeks ended September 27, 2024. Net sales for the third quarter reached $931.5 million, marking a 5.6% increase from $881.8 million in the same period last year. For the year-to-date period, net sales totaled $2.76 billion, an 11.2% increase from $2.48 billion in the prior year. This growth was driven by both organic growth and acquisitions, contributing $175.8 million and $101.6 million, respectively.
Gross profit for the third quarter was $224.7 million, up 8.2% from $207.7 million, with a gross profit margin improvement of approximately 58 basis points. The year-to-date gross profit also saw a substantial increase, rising to $663.2 million from $585.9 million, reflecting a 13.2% growth. Operating income for the third quarter increased to $31.9 million from $25.5 million, while year-to-date operating income rose to $81.8 million from $62.8 million.
Net income for the third quarter was $14.1 million, compared to $7.3 million in the prior year, resulting in a net income per share of $0.37, up from $0.19. For the year-to-date period, net income reached $31.6 million, compared to $18.6 million in the previous year, with a net income per share of $0.83, up from $0.49.
The company’s total assets increased to $1.77 billion as of September 27, 2024, from $1.71 billion at the end of the previous fiscal year. Total liabilities also rose to $1.29 billion from $1.25 billion, while total stockholders’ equity increased to $480.3 million from $454.7 million.
In terms of strategic developments, Chefs' Warehouse announced a two-year share repurchase program in November 2023, targeting up to $100 million in repurchases by the end of fiscal 2025. As of September 27, 2024, the remaining authorization for share repurchases was $90 million. The company also made voluntary principal prepayments of $12 million towards its senior secured term loan during the year-to-date period.
The effective tax rate for the third quarter was 30%, a decrease from 48.3% in the prior year, contributing to improved net income. The company continues to manage liquidity through cash flows from operations and available borrowings, with cash and cash equivalents at $50.7 million as of the reporting date.
About Chefs' Warehouse, Inc.
About 10-Q Filings
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