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The Chef's Warehouse Inc. (NASDAQ: CHEF) is a premier specialty food distributor catering to high-end chefs and culinary professionals for over 30 years. With a robust presence in major metropolitan areas across the United States, Canada, and the Middle East, the company sources and supplies fine food products to top-tier restaurants, hotels, caterers, gourmet stores, culinary schools, and casinos.
The company's extensive product portfolio includes a variety of imported and locally sourced specialty foods such as artisan charcuterie, specialty cheeses, oils, vinegars, hormone-free protein, truffles, caviar, and chocolate, meeting the stringent standards of elite chefs. The Chef's Warehouse operates through a single reporting segment called Food Product Distribution, primarily serving the East, Midwest, and West coasts of the U.S.
In recent financial updates, the company reported strong year-over-year organic revenue growth and adjusted EBITDA in the second quarter of 2023, despite challenges like volatile weather conditions and protein category fluctuations. The third quarter of 2023 saw sequential improvements in business activity, driven by strong growth in customer acquisition and volume growth. The fourth quarter of 2023 showcased increased operating income and higher gross profit margins.
Moreover, the company has entered into a Cooperation Agreement with Legion Partners Asset Management, LLC, signaling a strategic move towards enhancing its operational and financial performance. As part of this agreement, three new independent directors have been appointed to the Board, bringing valuable expertise from various industries.
As of early 2024, The Chef’s Warehouse continued its strong performance with first-quarter results indicating steady revenue growth and sustained customer demand. The company remains focused on delivering high-quality products and exceptional service to its diverse clientele, leveraging its flexible distribution platform for continued growth and success.
Contact: Investor Relations, Jim Leddy, CFO, (718) 684-8415
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) plans to release its financial results for Q1 2023 on May 3, 2023, before the market opens. A conference call to discuss these results will follow at 8:30 a.m. ET on the same day. The call will be available via a live webcast on the investor relations section of Chefs’ Warehouse’s website, and an archive will be accessible for 30 days thereafter.
Chefs’ Warehouse, a leading distributor of specialty food products, serves over 40,000 customer locations across the U.S., Canada, and the Middle East. The company offers more than 55,000 products tailored for chefs running various culinary establishments, including restaurants and catering services.
The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) has been recognized as a Great Place to Work® for the second consecutive year, reflecting strong employee satisfaction. This certification is based on comprehensive assessments of workplace culture, measuring factors such as trust, respect, and growth opportunities. CEO Christopher Pappas emphasized the company's commitment to fostering an empowering environment, while Chief HR Officer Christina Polychroni highlighted initiatives like leadership training, diversity programs, and employee recognition as pivotal to this achievement. The Chefs' Warehouse continues to prioritize workplace culture, believing it is crucial to both employee and organizational success.
The Chefs’ Warehouse, Inc. (CHEF) reported significant financial results for Q4 2022, highlighting a 41.8% increase in net sales to $791.3 million compared to $558.3 million in Q4 2021. Despite this growth, GAAP net income decreased to $1.2 million ($0.03 per diluted share) from $8.4 million ($0.22 per diluted share) in the prior year. Adjusted EBITDA rose to $50.1 million, marking an increase from $30.2 million. The company anticipates full-year 2023 net sales between $2.85 billion and $2.95 billion, with gross profit ranging from $684 million to $708 million. However, total interest expense surged to $24.3 million due to debt refinancing costs.
The Chefs' Warehouse (NASDAQ: CHEF) will release its financial results for Q4 and the fiscal year ending December 30, 2022, before market opening on February 15, 2023. The company will also hold a conference call at 8:30 a.m. ET the same day to discuss these results. Investors can access the call via the Company’s investor relations website. The Chefs’ Warehouse is a leading distributor of specialty food products across the U.S., Canada, and the Middle East, offering over 55,000 products to over 40,000 customer locations, primarily serving chefs and culinary professionals.
The Chefs’ Warehouse (NASDAQ:CHEF) will present at the 25th Annual ICR Conference in Orlando, FL, on January 9, 2023, at 3:30 p.m. ET. This premier distributor of specialty food products serves the culinary needs of top chefs and restaurants across North America and the Middle East. With over 55,000 products, it caters to more than 40,000 customers, including independent restaurants and fine dining establishments. Interested investors can listen to the live webcast by visiting the Company’s investor relations website.
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) has priced $250 million of 2.375% Convertible Senior Notes due 2028, expected to yield approximately $243.2 million net after discounts. An additional $37.5 million may be purchased within 13 days. Proceeds will primarily fund cash payments in exchange transactions amounting to $159.8 million, with the remainder for corporate purposes. The conversion rate is set at 22.5912 shares per $1,000, offering a 30% premium over the stock price. The offering closes on December 13, 2022. Risks related to the offering and market conditions are highlighted.
The Chefs’ Warehouse has announced a private placement of $250 million in convertible senior notes due 2028, with an additional $37.5 million option for purchasers. The notes will be convertible into cash, shares, or a combination at the company's discretion. Proceeds will fund cash considerations for existing convertible notes exchanges and general corporate purposes. Due to potential exchanges and market activities, the trading price of common stock may be impacted. This transaction is not an offer to sell or buy securities that haven't been registered under the Securities Act.
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) announced the acquisition of Chef Middle East (CME) from Gulf Capital, expanding its specialty food distribution footprint into the UAE, Qatar, and Oman. This move positions CHEF to benefit from the growing high-end food market in the region, with CME expected to generate $160-$180 million in net sales and $11-$14 million in EBITDA annually. The acquisition aims to leverage synergies, enhance service quality, and cater to the increasing demand from upscale restaurants and hotels.
The Chefs’ Warehouse reported robust financial results for Q3 2022, with net sales soaring by 36.7% to $661.9 million, compared to $484.3 million in Q3 2021. GAAP net income increased to $8.3 million, or $0.21 per diluted share, up from $3.5 million or $0.09 per share a year prior. Adjusted EBITDA reached $41.0 million, a significant rise from $23.4 million in Q3 2021. The company raised its full-year guidance, projecting net sales between $2.45 billion and $2.55 billion.
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) is set to announce its financial results for Q3, ending September 23, 2022, before market opening on October 26, 2022. The company will also host a conference call to discuss these results at 8:30 a.m. ET the same day. Investors can access the live webcast on the Company's investor relations website, with an archived version available for 30 days thereafter. As a leading distributor of specialty food products in the U.S. and Canada, Chefs’ Warehouse serves over 35,000 customer locations with more than 50,000 products.
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