CHEF - Why The Chefs' Warehouse Stock Jumped as Much as 13.5% Today
Shares of The Chefs' Warehouse (NASDAQ: CHEF) , a specialty supplier to restaurants and other food locations, rose as much as 13.5% on Wednesday. The gains were likely driven by the company's fourth-quarter 2021 earnings release, which hit the market before it opened today. The reading was pretty good.
The Chefs' Warehouse reported sales of just over $558 million in the fourth quarter of 2021, up 98% over the same quarter of 2020, when it posted sales of just under $282 million. But the more interesting period to compare it to is probably the fourth quarter of 2019, when sales were a touch under $427 million.
In other words, the specialty retailer's top line has more than rebounded from the hit it took when many of its customers were shut down, often by government decree. And the final sales figure also beat Wall Street expectations of around $510 million. This top-line update was very good news.
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Why The Chefs' Warehouse Stock Jumped as Much as 13.5% Today