MONTREAL – Goodfood Market Corp. (TSX: FOOD), a leading online grocery company in Canada, today reported it had 317,000 active subscribers at the end of the third quarter of Fiscal 2021. This represents an increase of 17% compared to the same period last year.
“We are pleased with our year-to-date active subscriber growth, although we experienced a small quarter-to-quarter decline of 2,000 active subscribers, or 0.6%, that we believe was driven in part by unseasonably warm weather and the effect of re-opening in many provinces. We remain very pleased with the strong subscriber order rates and basket sizes which are to a large extent being driven by our ever-increasing selection of grocery items. Together, these metrics position Goodfood very well towards achieving strong financial results this quarter and the rest of the fiscal year. As we further execute our strategy to increase product selection and delivery speed, we are particularly excited by the level of engagement our members have displayed, which correlates more closely with the performance of the Company,” said Jonathan Ferrari, Chief Executive Officer of Goodfood. “Our strategy has increasingly focused on balancing growth and profitability through a controlled marketing spend as we look to build the next phase of Goodfood as an online grocer and invest in people and technology, while demonstrating strong top line growth. The record-high loyalty of our members has also generated robust returns and cemented the success of this strategy, allowing us to build the key stepping stones to accelerate growth in Fiscal 2022 as we significantly expand selection in the coming months and continue to increase delivery speed from coast-to-coast,” added Mr. Ferrari.
“We are also thrilled to have launched this week our brand new Goodfood mobile application as we look to strengthen interactions and engagement with our users to further drive order rates and basket sizes in the coming quarters. Overall, the strong performance in key customer metrics and our sustained top line growth validate the success of our strategy and confirm Goodfood’s leadership in the Canadian online grocery industry. The opportunity ahead of us in the accelerating e-commerce grocery and meal solutions markets is very exciting, and we aim to continue capitalizing on this opportunity to increase online adoption and bolster Goodfood’s current and future success as we are still in the very early stages of digitizing Canada’s grocery industry,” concluded Mr. Ferrari.
Goodfood (TSX:FOOD) is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for customers from across Canada to enjoy delicious meals at home every day. Goodfood’s vision is to be in every kitchen every day by enabling users to complete their grocery shopping and meal planning in minutes. Goodfood clients have access to a unique selection of online products as well as exclusive pricing made possible by its world class direct-to-consumer infrastructure and technology that eliminate 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.
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