Goodfood Market (FOOD.TO) Announces Financial Results For The Third Quarter

The stock of Goodfood Market (FOOD.TO), after slightly falling from C$7.81 on June 14 to C$7.21 on June 21, the price gradually rose to C$7.86 on June 28. Then stock slightly declined to C$7.67, however, the price climbed gradually by fluctuating from C$7.67 to C$10.22 on July 13. During one month the peak of stock Goodfood Market was C$10.22 and the lowest was C$7.27.On July 7, Goodfood Market (FOOD.TO) reported record financial results for the third quarter ended May 31, 2021. Revenues in the third quarter hit a new high of $107.8 million, up to $21.2 million or 24% year over year. Gross margin improved by 6.2 percentage points to 35.0%, while gross profit increased by $12.8 million, or 51% to $37.7 million. The net loss was $2.0 million, up to $4.7 million from the same time the previous year.

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The adjusted EBITDA margin for the three months ended May 31, 2021, was 1.6%, down 5.3% points year over year. With the lease of the first automated fulfillment center in Ottawa, the launch of 250 new products during the quarter, and the launch of the new Goodfood mobile application with a current rating of 4.7 stars out of five, the grocery strategy has made significant progress.

Jack Dawkins

Finance and Tech Contributor

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