CHEF - The Chefs' Warehouse beats Q1 top and bottom line estimates; updates FY23 outlook

2023-05-03 07:13:27 ET

• The Chefs' Warehouse press release ( NASDAQ: CHEF ): Q1 Non-GAAP EPS of $0.12 beats by $0.01 .
• Revenue of $719.6M (+40.5% Y/Y) beats by $83.48M .
• Adjusted EBITDA was $32.8 million for the first quarter of 2023 compared to $21.5 million for the first quarter of 2022.
• Gross profit margin increased approximately 64 basis points to 23.6% from 22.9%.
• As a percentage of net sales, operating income was 1.7% in the first quarter of 2023 as compared to operating income of 1.2% in the first quarter of 2022.
• Full Year 2023 Guidance: Based on current trends in the business, the Company is providing full year financial guidance as follows: Estimated net sales for the full year of 2023 will be in the range of $3.20 billion to $3.30 billion vs. consensus of $2.95B;
• Gross profit to be between $768.0 million and $792.0 million and
• Adjusted EBITDA to be between $199.0 million and $207.0 million.

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