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Sep 25, 2020
Chefs' Warehouse Q3 2020 Earnings Report
Reported a decrease in net sales and a net loss compared to the same quarter last year, but showed sequential improvement from the previous quarter.
Key Takeaways
The Chefs' Warehouse reported a 36.0% decrease in net sales to $254.0 million for the third quarter of 2020, compared to $396.9 million for the third quarter of 2019. The company experienced a GAAP net loss of $11.4 million, or $(0.31) per diluted share, compared to a net income of $4.4 million, or $0.15 per diluted share, in the third quarter of 2019. Adjusted EPS was $(0.38) compared to $0.23 for the same period last year. Despite these challenges, sequential quarter sales grew by 26.7% or $53.5 million, and the company maintained a strong liquidity position with approximately $193.0 million in cash and cash equivalents.
Net sales decreased by 36.0% to $254.0 million compared to Q3 2019.
GAAP net loss was $11.4 million, or $(0.31) per diluted share.
Adjusted EPS was $(0.38) compared to $0.23 in the prior year quarter.
Sequential quarter sales grew by 26.7% or $53.5 million.
Forward Guidance
Due to the continued uncertainty regarding the pace of economic recovery and the lifting of in-dining restrictions across our markets, the Company will not be providing guidance for 2020. The Company will look to provide guidance as it gains more clarity on the expected length of the economic downturn and the outlook for customer re-openings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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