Goodfood’s Active Subscribers Count Reaches the 280,000 Mark with an Increase of 40% Year-over-Year
September 02 2020 - 7:00AM
Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX:FOOD), a
leading online grocery company in Canada, announced today it has
reached 280,000 active subscribers with the addition of 8,000
subscribers in the fourth quarter and 80,000 subscribers in the
fiscal year ended August 31, 2020, representing an increase of 40%
year-over-year. Robust demand momentum has driven the strong
subscriber additions during the year, accelerated by the COVID-19
pandemic and prompting stronger order rates and average order
values, particularly in the second half of the fiscal year.
“We are very pleased with the strong subscriber
additions this year. The growth achieved was already well-underway
in the first half of the year, driven by a consumer shift to
e-commerce grocery and meal solutions demand, which was intensified
by the pandemic in recent months,” said Jonathan Ferrari, CEO of
Goodfood. “Marketing investments were strategically scaled down
during the summer, on par with historical trends, though marketing
has been ramped up in the last few weeks for the important
back-to-school period. Overall, typical fourth quarter seasonality
was still present this year, albeit at lower levels as subscriber
growth this quarter demonstrated, along with positive trends in
order frequency and average basket size. The Goodfood team is now
focused on building on the great momentum of the now completed 2020
fiscal year. An innovative customer interface, additional delivery
options and the launch of new products provide the platform for
continued growth in fiscal 2021. Combined with our expanded
footprint with brand new state of the art fulfilment centres and
our resilient operations ready to meet Canadians’ needs for online
grocery and meal solutions, Goodfood is well-positioned to cement
its role as a leader in online grocery and meal solutions from
coast-to-coast,” concluded Mr. Ferrari.
About Goodfood
Goodfood (TSX:FOOD) is a leading online grocery
company in Canada, delivering fresh meal solutions and grocery
items that make it easy for members from coast to coast to enjoy
delicious meals at home every week. Goodfood’s mission is to make
the impossible come true, from farm to kitchen, by enabling members
to do their weekly meal planning and grocery shopping in less than
1 minute. Goodfood members get access to a unique selection of
products online as well as exclusive pricing made possible by its
world class direct to consumer fulfilment ecosystem that cuts out
food waste and expensive retail overhead. The Company has two
production facilities (one operational in the Fall) and
administrative offices in Montreal, Quebec, two production
facilities in the Greater Toronto Area, Ontario (one in operation
and another under construction), one production facility in
Calgary, Alberta, one production facility in the Vancouver area,
British Columbia, and a breakfast facility in Montreal, Quebec.
Goodfood had 280,000 active subscribers as at August 31, 2020.
www.makegoodfood.ca
For further information:
Investors and Media |
|
|
|
Philippe Adam Chief Financial
Officer(855) 515-5191IR@makegoodfood.ca |
Roslane Aouameur Director,
FP&A and Investor Relations(855)
515-5191IR@makegoodfood.ca |
FORWARD-LOOKING INFORMATION
This release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Such forward-looking information includes, but is not
limited to, information with respect to our objectives and the
strategies to achieve these objectives, as well as information with
respect to our beliefs, plans, expectations, anticipations,
estimates and intentions. This forward-looking information is
identified by the use of terms and phrases such as “may”, “would”,
“should”, “could”, “expect”, “intend”, “estimate”, “anticipate”,
“plan”, “foresee”, “believe”, or “continue”, the negative of these
terms and similar terminology, including references to assumptions,
although not all forward-looking information contains these terms
and phrases. Forward-looking information is provided for the
purposes of assisting the reader in understanding the Company and
its business, operations, prospects and risks at a point in time in
the context of historical and possible future developments and
therefore the reader is cautioned that such information may not be
appropriate for other purposes. Forward-looking information is
based upon a number of assumptions and is subject to a number of
risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from those
that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, the following risk factors which are discussed in
greater detail under “Risk Factors” in the Company’s Annual
Information Form for the year ended August 31, 2019 available on
SEDAR at www.sedar.com: limited operating history, negative
operating cash flow, food industry, quality control and health
concerns, regulatory compliance, regulation of the industry, public
safety issues, product recalls, damage to Goodfood’s reputation,
transportation disruptions, product liability, ownership and
protection of intellectual property, evolving industry,
unionization activities, reliance on management, factors which may
prevent realization of growth targets, competition, availability
and quality of raw materials, limited number of products,
environmental and employee health and safety regulations, online
security breaches and disruption, reliance on data centres, open
source license compliance, future capital requirements, operating
risk and insurance coverage, management of growth, conflicts of
interest, litigation, and catastrophic events. Although the
forward-looking information contained herein is based upon what we
believe are reasonable assumptions, readers are cautioned against
placing undue reliance on this information since actual results may
vary from the forward-looking information. Certain assumptions were
made in preparing the forward-looking information concerning
availability of capital resources, business performance, market
conditions, and customer demand. In addition, information and
expectations set forth herein are subject to and could change
materially in relation to developments regarding the COVID-19
pandemic and its impact on product demand, labour mobility, supply
chain continuity and other elements beyond our control.
Consequently, all of the forward looking information contained
herein is qualified by the foregoing cautionary statements, and
there can be no guarantee that the results or developments that we
anticipate will be realized or, even if substantially realized,
that they will have the expected consequences or effects on our
business, financial condition or results of operation. Unless
otherwise noted or the context otherwise indicates, the
forward-looking information contained herein is provided as of the
date hereof, and we do not undertake to update or amend such
forward-looking information whether as a result of new information,
future events or otherwise, except as may be required by applicable
law.
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