Chefs' Warehouse Q1 2020 Earnings Report

Reported a net sales increase of 5.2% but experienced a net loss due to the impact of COVID-19.

Key Takeaways

The Chefs' Warehouse reported a 5.2% increase in net sales for the first quarter of 2020, reaching $375.4 million. However, the company experienced a GAAP net loss of $14.1 million, or $(0.48) per diluted share, and an adjusted EPS of $(0.60). The results were impacted by the COVID-19 pandemic, which led to government-mandated shutdowns and increased operating expenses.

Net sales increased by 5.2% to $375.4 million compared to the first quarter of 2019.

GAAP net loss was $14.1 million, or $(0.48) per diluted share, compared to net income of $1.1 million, or $0.04 per diluted share, in the first quarter of 2019.

Adjusted EPS was $(0.60) compared to $0.05 for the first quarter of 2019.

The company had approximately $200.0 million of cash on the balance sheet as of April 30, 2020.