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Cheffelo reports Q3 2023 results: Return to growth with continued Contribution Margin expansion

MAR

Cheffelo (formerly LMK Group), 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 2023. The company reported improvements in profitability across its markets. Good sales development in September moved Net sales into growth for the first time since Q3 2021 which, together with a solid development in Contribution margin and good cost control, helped to minimize the seasonally expected Q3 loss.

CEO Walker Kinman commented: “We have been clear that our most important near-term target was to be profitable and self-financing. To credibly be able to talk about future growth in the business, it was also necessary to a stabilize the top line and demonstrate the ability to profitably grow delivery volumes.  Both of these we have been able to achieve and this quarter is a proof of our teams’ strong engagement across the organization.” 

Third quarter 2023 (Q3 2022)  January – September 2023 (Jan-Sep 2022) 
Net sales increased by 2.7% to MSEK 211.0 (MSEK 205.5 same period last year). Adjusted for exchange rate differences that equals a growth of 2.0% Net sales decreased by 11.7% to MSEK 729.4 (826.0). Adjusted for exchange rate differences that equals a decline of 10.7%   
Operating loss (EBIT) at MSEK -12.8 (-25.9), a margin of -6.1% (-12.6%) Operating profit (EBIT) at MSEK 14.6 (-41.8), a margin of 2.0% (-5.1%).  
Net loss for the period after taxes at MSEK -12.5 (-22.5)   Net profit for the period after taxes at MSEK 3.0 (-42.1)   
Earnings per share, before and after dilution at SEK -0.99 (-1.78)   Earnings per share, before and after dilution at SEK 0.24 (-3.32)   

Capital Markets Event  
On November 14th starting at 08:30 CET, Cheffelo will hold its first ever capital markets event. CEO Walker Kinman and other senior managers from the company will offer insights on Cheffelo’s business model, current trading dynamics and the company’s approach to profitable growth. Details about the online event are available here: https://cheffelo.com/press-releases/press/?slug=invitation-to-cheffelo-capital-markets-event-2023  
 
Please see Cheffelo’s Q3 report attached and on https://cheffelo.com/financial-reports/  
In connection with publishing its Q3 report for 2023 on 2 November 2023, Cheffelo invites investors, analysts and media to a teleconference and webcast on the same day at 09:00 CET. Details can be found here: https://cheffelo.com/press-releases/press/?slug=invitation-to-presentation-of-cheffelos-q3-2023-report   
 

For further information, please contact:

Peter Bodor, Head of Corporate Communications, Cheffelo
Telephone (SWE): +46 706 48 70 65
E-mail: peter.bodor@cheffelo.com

Erik Bergman, CFO, Cheffelo
Telephone (SWE): +46 707 74 49 73
E-mail: erik.bergman@cheffelo.com

About Cheffelo

Cheffelo (previously LMK Group) was founded in 2008 with the vision of simplifying everyday life by offering a large variety of inspiring meals 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 in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt. In 2022, the group generated SEK 1.1 billion in revenue and delivered approximately 17 million meals to its customers. Cheffelo is listed on Nasdaq First North Premier Growth Market (ticker: CHEF). Certified Adviser: FNCA Sweden AB.

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 2023-11-02 07:45 CET.

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Q3 2023 LMK Group ENG

Datum 2023-11-02, kl 07:45
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Q3 2023 LMK Group ENG
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