Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX: FOOD), a
leading online grocery company in Canada, announced today it has
reached 319,000 active subscribers with the addition of 13,000 net
new active subscribers in the second quarter of Fiscal 2021. This
represents an increase of 30% compared to the same period last
year, highlighting Goodfood’s successful investments in increasing
consumer adoption of e-commerce grocery and meal solutions in
Canada, as evidenced by the record 1.9 million website visits that
occurred in January.
“We are excited by the strong additions to
active subscribers this quarter, which included the holiday season
and a strong start to the calendar year. As we continue to execute
our strategy to increase selection and delivery speed, we are
thrilled to be now offering over 680 products to our members and to
have launched Goodfood WOW, our same-day delivery service, in
Canada’s two largest cities,” said Jonathan Ferrari, Chief
Executive Officer of Goodfood. “In addition to investing in
subscriber growth, we introduced marketing initiatives as part of
our cross-selling efforts which expanded the visibility of our
grocery products, with our one-week 50% promotion in January
leading to approximately 450,000 grocery products delivered that
week alone compared to 420,000 grocery products delivered all of
last quarter. This initiative cemented the strong demand for
groceries purchased online through Goodfood’s platform and, while
creating quickly-addressed operational challenges, continued to
enhance the basket sizes and order rates of our customers,” added
Mr. Ferrari.
“We are thrilled with our continued growth and
the confirmation of Goodfood’s leadership in the Canadian online
grocery market. There is a great opportunity ahead of us in the
accelerating e-commerce grocery and meal solutions markets and
Goodfood aims to continue capitalizing on this opportunity to
further increase online adoption. We are still in the early days of
digitizing one of Canada’s largest industries,” 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 across Canada to enjoy
delicious meals at home every day. Goodfood’s mission is to make
the impossible come true, from farm to kitchen, by enabling members
to complete their weekly meal planning and grocery shopping in
minutes. Goodfood members have access to a unique selection of
online products as well as exclusive pricing made possible by its
world class direct-to-consumer fulfilment ecosystem that eliminates
food waste and costly retail overhead. The Company’s main
production facility and administrative offices are based in
Montreal, Québec, with five additional production facilities
located in the provinces of Québec, Ontario, Alberta, and British
Columbia. A seventh production facility located in the province of
Ontario is currently under construction and is scheduled to
commence operations in 2021. As at February 28, 2021, Goodfood had
319,000 active subscribers. www.makegoodfood.ca
Except where otherwise indicated, all amounts in
this press release are expressed in Canadian dollars.
For further information:
Investors and Media |
|
Philippe AdamChief Financial
Officer(855) 515-5191IR@makegoodfood.ca |
Roslane Aouameur Director,
FP&A and Investor Relations(855)
515-5191IR@makegoodfood.ca |
FORWARD-LOOKING INFORMATION
This press 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”, and “continue”, as well as 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, 2020 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, environmental and employee health and safety
regulations, online security breaches and disruption, reliance on
data centers, open source license compliance, future capital
requirements, operating risk and insurance coverage, management of
growth, limited number of products, conflicts of interest,
litigation, catastrophic events, risks associated with payments
from customers and third parties, being accused of infringing
intellectual property rights of others and, climate change and
environmental risks. 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 the
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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