Welcome to our dedicated page for Chefs' Warehouse news (Ticker: CHEF), a resource for investors and traders seeking the latest updates and insights on Chefs' Warehouse stock.
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, a leading distributor of specialty food products in the U.S. and Canada, announced its participation at the BMO Farm to Market Conference on May 20, 2021. The virtual presentation is scheduled to begin at 9:20 a.m. ET. Investors can access the live webcast through the Company's investor relations website. Chefs’ Warehouse services over 34,000 customers by offering more than 50,000 products tailored to meet the needs of chefs across various venues, including restaurants, hotels, and culinary schools.
The Chefs’ Warehouse reported a 25.4% decline in net sales for Q1 2021, totaling $280.2 million, down from $375.4 million in Q1 2020. The GAAP net loss was $17.9 million, or $(0.49) per diluted share, compared to a net loss of $14.1 million in the prior year. Adjusted EBITDA improved to $(9.5 million) from $(13.8 million). The company did not provide 2021 guidance, citing uncertainty in economic recovery and dining restrictions.
The Chefs' Warehouse (NASDAQ:CHEF) announced the acquisition of M.F. Foley Company, a renowned seafood distributor, to enhance its seafood category in North America. This strategic purchase aligns with Chefs’ Warehouse’s commitment to quality and expands its market presence, especially in the Northeast, its largest market. The acquisition will integrate Foley’s expertise while preserving its legacy of quality. Both companies aim to leverage technology and infrastructure for sustained growth.
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) will release its financial results for Q1 2021 on April 28, 2021, before market opening. A conference call will follow at 8:30 a.m. ET on the same day to discuss the results. The call can be accessed via the company's investor relations website, with an archive available for 30 days. The Chefs’ Warehouse specializes in distributing specialty food products in the U.S. and Canada, catering to chefs in various high-end culinary sectors.
The Chefs' Warehouse announces a new Welcome Back campaign aimed at supporting the restaurant industry during the reopening phase. This initiative will utilize digital marketing to highlight chefs and their signature dishes, showcasing the company's premium ingredients. Launched in April 2021, this campaign reflects the company's commitment to its chef customers and the culinary community. Additionally, The Chefs' Warehouse has contributed over $8 million in food and supplies since the onset of COVID-19 to aid communities and restaurants.
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) has successfully closed a private placement of $50 million of its 1.875% convertible senior notes due 2024. This issuance is part of a previously announced offering that includes existing notes totaling $150 million. The net proceeds amount to approximately $50.4 million, which will primarily be used to repay $31.2 million under a term loan facility and for general working capital, including potential acquisitions. This offering highlights the company’s financial strategies to enhance liquidity and manage debt.
The Chefs’ Warehouse, Inc. (NASDAQ: CHEF) has announced a private placement of $50 million in convertible senior notes due 2024. This issuance is part of a reopening of a previous $150 million series of notes from 2019. The notes carry a 1.875% interest rate and will settle on March 1, 2021, expected to yield net proceeds of approximately $50.4 million. The funds will primarily be used to repay existing debt and for working capital. The conversion price is set at $44.20 per share, representing a 32.3% premium on the last market close on February 24, 2021.
The Chefs’ Warehouse has announced a private placement of $50 million in convertible senior notes due 2024, part of an existing series of $150 million in notes issued in 2019. The funds will primarily be used to repay existing loans and support working capital, with potential for future acquisitions. The notes will pay semiannual interest and are convertible into common stock. The offering is subject to market conditions and is not registered under the Securities Act.
The Chefs’ Warehouse reported a 34% drop in Q4 2020 net sales to $281.7 million, compared to $426.5 million in Q4 2019. However, sequentially, sales increased by 10.9% from the previous quarter. The net loss was $37.1 million or $(1.02) per diluted share, a sharp decline from net income of $10.9 million in Q4 2019. Adjusted EBITDA stood at $(10.5 million) vs. $28.2 million the previous year. The company has about $193.6 million in cash and plans no guidance for 2021 due to ongoing uncertainties related to COVID-19.
The Chefs' Warehouse (NASDAQ: CHEF) is transitioning its Northern California offerings from Del Monte Capital Meat Company, Bassian Farms, and Ports Seafood to the Allen Brothers brand starting Q2 2021. This strategic move aims to enhance growth in the region by providing access to Allen Brothers' premium fine meat and seafood products, known for their quality and appeal among top chefs. Established in 1893, Allen Brothers has a long-standing reputation for delivering high-quality products to prestigious restaurants.
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