Cheffelo presents Q3 2024 financial results: Growth continues in the seasonally soft third quarter
Cheffelo, a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech, today announced its financial results for the third quarter 2024. Cheffelo's Net sales on a local currency basis grew by 3.8% in the third quarter, which marked the company’s fifth consecutive quarter with y-o-y growth. Sweden, which accounts for almost 40% of consolidated Net sales, achieved double-digit growth, helping pave the way for a strong finish to the year for Cheffelo. Higher profitability and increased growth rate is expected in Q4.
Profitability in Q3 was lower than last year, due to the higher allocation of Sales and Marketing spend to the third quarter in anticipation of a stronger macro environment during the 2nd half. The third quarter is characterized by lower volumes during the holiday period, and higher Sales and Marketing spend in the back-to-school season, which typically results in lower profitability levels.
CEO Walker Kinman commented: “During the quarter, we noted ongoing improvements in order frequency and reductions in subscriber churn, underscoring that despite uneven growth, the underlying business model remains strong and continues to improve — even amid a sluggish macro environment. Our team has worked hard to make our offering better, and it’s paying off with happier customers and improving loyalty characteristics. I’m proud of the team's commitment and look forward to building on this momentum.”
| Third quarter 2024 (Q3 2023) | January-September 2024 (Jan-Sep 2023) | ||
| Net sales increased by 2.4% to MSEK 216.0 (MSEK 211.0). A growth of 3.8% when adjusted for exchange rate differences | Net sales increased by 4.4% to MSEK 761.7 (729.4). A growth of 5.9% when adjusted for exchange rate differences | ||
| Operating loss (EBIT) at MSEK -17.2 (-12.8), a margin of -8.0% (-6.1%) | Operating profit (EBIT) at MSEK 12.3 (14.6), a margin of 1.6% (2.0%) | ||
| Net loss for the period after taxes at MSEK -12.1 (-12.5) | Net profit for the period after taxes at MSEK 8.0 (3.0) | ||
| Earnings per share before dilution at SEK -0.96 (-0.99) and after dilution at SEK -0.94 (-0.99) | Earnings per share before dilution at SEK 0.63 (0.24) and after dilution at SEK 0.62 (0.24) | ||
Please see Cheffelo’s Q3 report attached and on https://cheffelo.com/financial-reports/
During the quarter, the company announced organizational realignment, including the recruitment of a new Chief Growth Officer: https://cheffelo.com/press-releases/press/?slug=cheffelo-appoints-adam-bjorklund-as-chief-growth-officer
In light of ongoing consolidation in the market, Cheffelo also announced a cooperation agreement with Swedish meal kit pioneer Middagsfrid as they exited the market: https://cheffelo.com/press-releases/press/?slug=cheffelo-enters-cooperation-agreement-with-swedish-mealkit-pioneer-middagsfrid-as-middagsfrid-exits-the-market
Cheffelo hosts a webcast for investors, analysts and media on November 5 at 09:00 CET. Details can be found here: https://cheffelo.com/press-releases/press/?slug=invitation-to-presentation-of-cheffelos-q3-2024-report