Missfresh Achieves Impressive Sales Growth of Ready Meals and Expands its Higher Margin ‘3R’ Product Categories
Missfresh Limited (NASDAQ: MF) reported a remarkable 300% increase in sales of its Ready-to-Cook, Ready-to-Heat, and Ready-to-Eat (3R) products in 2021. More than 40% of its customers purchased 3R items, with a repurchase rate nearing 70% for paid members. The company has expanded its offerings to over 800 SKUs, including a premium line of over 100 SKUs. Missfresh anticipates continued growth in 2022, attributing this success to consumer demand for ready meals and extensive investments in in-house brands. The ready meals market in China is forecasted to exceed RMB 1 trillion by 2028.
- Sales of 3R products increased by over 300% in 2021 compared to 2020.
- Repurchase rate for paid membership users is close to 70%.
- Over 800 SKUs of 3R meals available, with more than 100 being premium offerings.
- Anticipated sales growth in 2022 expected to surpass 2021 figures.
- None.
- More than
40% of Missfresh customers have purchased 3R products - Repurchase rate for paid membership users close to
70% - SKUs of 3R meals exceeded 800, including premium line of meals exceeded 100
BEIJING, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF), a pioneering leader in China’s neighborhood retail industry, today announced its outstanding sales growth performance for Ready-to-Cook, Ready-to-Heat, and Ready-to-Eat products, referred to as 3R products, and its plans to further expand this category. In 2021, sales of 3R products on Missfresh’s platform increased more than
By the end of 2021, more than
Ms. Catherine Chen, Chief Financial Officer of the Company, commented, “As the consumer awareness of the product category and popularity of ready meals skyrocketed in the past two years, Missfresh has invested in developing its own in-house brands of 3R products. We currently offer more than 800 SKUs of 3R meals, including 100+ SKU of Missfresh’s in-house premium line of ready meals. Missfresh plans to continue expanding its offerings of ready meals to include one-bowl meals for solo diners, hot pot dishes and home-cooked fare with mass appeal. We expect 2022 sales growth to top 2021’s figures.”
“We see the ready meals offerings not just as a way to meet the ‘consumption upgrade’ trend (the growing demand for high-quality goods and services) among our platform users, but also an important category to optimize our gross margins and improve profitability. We are confident that ready meals are poised to become an important driver for the Company’s operational efficiency,” Catherine continued.
According to Askci Consulting’s forecast, based on an estimated annual compound growth rate of
For more information, please visit: http://ir.Missfresh.cn.
About Missfresh Limited
Missfresh Limited is an innovator and leader in China's neighborhood retail industry. The Company invented the Distributed Mini Warehouse (DMW) model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods (FMCGs). Through the "Missfresh" mobile application and Mini Program embedded in third-party social platforms, consumers can easily purchase quality groceries at their fingertips and have the finest products delivered to their doorstep in 36 minutes, on average.
Leveraging its core capabilities, Missfresh launched an intelligent fresh market business in the second half of 2020. This innovative business model is dedicated to standardizing and transforming fresh markets into smart fresh malls. Missfresh has also built up a full stack of proprietary technologies that empower a wide range of participants in the neighborhood retail business, such as supermarkets, fresh markets and local retailers, to jumpstart and efficiently operate their businesses digitally.
Safe Harbor Statement
This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Missfresh Limited
Investor Relations
Tel: +86 (10) 5954-4422
Email: ir@missfresh.cn
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: missfresh@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: missfresh@tpg-ir.com
FAQ
What were the sales growth figures for Missfresh's 3R products in 2021?
What percentage of Missfresh customers purchased 3R products?
What is the repurchase rate for paid membership users at Missfresh?
How many SKUs of 3R meals does Missfresh offer?
What is the expected growth of China's ready meal market?
