CHEF - Why Chefs' Warehouse Stock Dropped on Wednesday
2024-05-02 07:57:04 ET
Chefs' Warehouse (NASDAQ: CHEF) stock was strong on Wednesday as shares jumped 6% by early afternoon trading. That's compared to a modest decline in the S&P 500 . The rally added to a great run for the specialty foods distributor's stock. Shares are up 19% so far in 2024, beating the wider market's 5% uptick.
Wednesday's gains were sparked by management's first-quarter update, which was stuffed with good news about the business's operating trends.
There was plenty for investors to cheer in the report. Chefs' Warehouse posted a 22% sales spike in the Q1 period that ran through late March. Most of that spike came from recent acquisitions, though, and so investors are better served following organic revenue trends. The good news is this metric was up a healthy 9%.
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Why Chefs' Warehouse Stock Dropped on Wednesday