{"id":1717,"date":"2024-11-05T06:45:00","date_gmt":"2024-11-05T06:45:00","guid":{"rendered":"https:\/\/cheffelo.com\/mfn_news\/cheffelo-presents-q3-2024-financial-results-growth-continues-in-the-seasonally-soft-third-quarter\/"},"modified":"2025-01-16T10:03:18","modified_gmt":"2025-01-16T10:03:18","slug":"cheffelo-presents-q3-2024-financial-results-growth-continues-in-the-seasonally-soft-third-quarter","status":"publish","type":"mfn_news","link":"https:\/\/cheffelo.com\/en\/mfn_news\/cheffelo-presents-q3-2024-financial-results-growth-continues-in-the-seasonally-soft-third-quarter\/","title":{"rendered":"Cheffelo presents Q3 2024 financial results: Growth continues in the seasonally soft third quarter"},"content":{"rendered":"
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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.<\/strong><\/p>\n<\/div>\n

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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.<\/p>\n

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.”<\/p>\n\n\n\n\n\n\n\n
Third quarter 2024 (Q3 2023)<\/strong><\/td>\nJanuary-September 2024 (Jan-Sep 2023)<\/strong><\/td>\n<\/tr>\n
Net sales increased by 2.4% to MSEK
216.0 (MSEK 211.0).
A growth of 3.8% when adjusted for exchange rate differences<\/td>\n		Net sales increased by 4.4% to
MSEK 761.7 (729.4). A growth of 5.9% when adjusted for exchange rate differences<\/td>\n		<\/td>\n<\/tr>\n
Operating loss (EBIT) at MSEK -17.2
(-12.8), a margin of -8.0% (-6.1%)<\/td>\n		Operating profit (EBIT) at MSEK 12.3
(14.6), a margin of 1.6% (2.0%)<\/td>\n		<\/td>\n<\/tr>\n
Net loss for the period after taxes at
MSEK -12.1 (-12.5)<\/td>\n		Net profit for the period after taxes at MSEK 8.0 (3.0)<\/td>\n<\/td>\n<\/tr>\n
Earnings per share before dilution at SEK -0.96 (-0.99) and after dilution at SEK -0.94 (-0.99)<\/td>\nEarnings per share before dilution at SEK 0.63 (0.24) and after dilution at SEK 0.62 (0.24)<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Please see Cheffelo’s Q3 report attached and on https:\/\/cheffelo.com\/financial-reports\/<\/a><\/p>\n

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<\/a><\/p>\n

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<\/a><\/p>\n

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<\/a><\/p>\n<\/div>\n

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For further information, please contact:<\/strong><\/p>\n

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Erik Bergman, CFO Cheffelo
Phone: +46 707 74 49 73
Mail: ir@<\/a>cheffelo.com <\/p>\n

Peter Bodor, Head of Corporate Communications, Cheffelo
Phone: +46 706 48 70 65
E-post: peter.bodor@<\/a>cheffelo.com<\/p>\n<\/div>\n

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About Cheffelo<\/strong><\/p>\n

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Cheffelo (previously LMK Group) was founded in 2008 with the vision of simplifying everyday life by offering a large variety of inspiring recipes and ingredients delivered directly to the customer’s front door. Today, the group is a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech. The group operates under several brands in Sweden (Linas Matkasse), Norway (Godtlevert and Adams Matkasse) and Denmark (RetNemt). In 2023, the group generated SEK 1 billion in revenue and delivered approximately 15 million meals to its customers. Cheffelo is listed on Nasdaq First North Premier Growth Market (ticker: CHEF). Certified Adviser: FNCA Sweden AB.<\/p>\n<\/div>\n

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This information is information that Cheffelo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-05 07:45 CET.<\/em><\/p>\n<\/div>\n

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Attachments<\/strong><\/p>\n

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Q3 2024 Cheffelo ENG Final<\/a><\/p>\n<\/div>\n