MONTREAL — Goodfood Market Corp. reported a loss of $1.2 million in its latest quarter compared with a loss of $21.1 million a year earlier as its sales fell, but margins improved.
Shares in the meal kit company closed up 5.5 cents or just over 12 per cent at 51 cents on the Toronto Stock Exchange on Tuesday.
The company says the loss amounted to two cents per share for the quarter ended June 3 compared with a loss of 28 cents per share a year earlier.
Net sales for what was Goodfood's third quarter totalled $42.1 million, down from $67.0 million in the same quarter last year.
The company says the decrease was mainly driven by fewer active customers and its decision to discontinue its on-demand offering, offset in part by an increase in average order value.
The company's gross margin for the quarter amounted to 41.0 per cent, up from 26.2 per cent a year earlier.
This report by The Canadian Press was first published July 18, 2023.
Companies in this story: (TSX:FOOD)
The Canadian Press
