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The Chefs' Warehouse(CHEF) - 2021 Q1 - Quarterly Report
2021-04-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or ...
The Chefs' Warehouse(CHEF) - 2020 Q4 - Annual Report
2021-02-22 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 25, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or ...
The Chefs' Warehouse(CHEF) - 2020 Q4 - Earnings Call Transcript
2021-02-10 18:12
Financial Data and Key Metrics Changes - Net sales for Q4 2020 decreased approximately 34% to $281.7 million from $426.5 million in Q4 2019, driven by a decline in organic sales of approximately 41.7% [13] - Gross profit decreased 42.5% to $58.9 million for Q4 2020, with gross profit margins decreasing approximately 311 basis points to 20.9% [14] - GAAP net loss was $37.1 million or $1.02 loss per diluted share for Q4 2020, compared to net income of $10.9 million or $0.36 per diluted share for Q4 2019 [18] Business Line Data and Key Metrics Changes - Specialty sales were up 3.3% organically, driven by an increase in unique customers of approximately 5.4% and higher placements of approximately 2.8% [7] - Organic pounds in center-of-the-plate were approximately 8.2% higher than in Q3 2020 [7] - Gross margin in the specialty category decreased 460 basis points compared to Q3 2020, primarily due to COVID-related inventory adjustments [8] Market Data and Key Metrics Changes - October and November business trends remained stable at approximately 70% of prior year revenue, while December revenue was above 60% of prior year [6] - Sales in January 2021 were trending at approximately 62% of prior year, despite winter limiting outdoor dining demand [9] Company Strategy and Development Direction - The company aims to emerge from the challenging period in a strong financial and strategic position, focusing on growth investments and business development opportunities [11] - The company is shifting its Northern California center-of-the-plate brand strategy to leverage the Allen Brothers brand, discontinuing sales under the Del Monte and Bassian Farms trade names [8] - The company plans to continue investing in growth markets, with a new LA facility and Florida expansion expected to be completed in the first half of 2022 [11] Management's Comments on Operating Environment and Future Outlook - Management noted that 2020 was the most challenging year in the company's history, with a focus on supporting customers and adapting to new business models during the pandemic [10] - There is optimism for 2022, with expectations of a rebuilding year in 2021 and a potential surge in demand as restrictions ease [27] - Management expressed confidence in the recovery of independent restaurants, emphasizing consumer support for local establishments [30] Other Important Information - The company had total liquidity of $232.2 million as of February 5, 2021, with net debt of approximately $210.2 million [19] - The company will not provide guidance for 2021 due to uncertainty regarding economic recovery and dining restrictions [19] Q&A Session Summary Question: Successes with Allen Brothers brand - Management highlighted the significant growth in B2C sales during COVID, with many new customers discovering the brand [22] Question: Role of outdoor dining in business - Management expressed excitement about the growth of outdoor dining and its potential to remain a part of the dining experience post-pandemic [26] Question: Anticipated mix change post-pandemic - Management believes that while larger chains may gain some market share, there will be strong consumer support for independent restaurants [30] Question: Inventory planning and cash position - Management expects to invest in accounts receivable and inventory as demand increases, maintaining a strong liquidity position [32] Question: Customer acquisition trends - Management noted an increase in new credit applications during the pandemic, with many clients taking advantage of real estate opportunities [35] Question: Preparedness for recovery - Management indicated that the company is set up to handle new business with existing infrastructure and a strong sales team [39] Question: Strategic M&A opportunities - Management is focused on disciplined M&A, looking for companies that fit into their high-margin, high-touch business model [42] Question: Pent-up demand for events - Management is seeing signs of pent-up demand for events, particularly in warmer markets, with expectations for a surge in catering and celebrations [49] Question: Deflation and inflation outlook - Management discussed volatility in pricing, with expectations of a more inflationary environment as restaurants reopen [64]
The Chefs' Warehouse(CHEF) - 2020 Q3 - Earnings Call Transcript
2020-10-29 04:30
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q3 2020 Earnings Conference Call October 28, 2020 8:30 AM ET Company Participants Alex Aldous - General Counsel, Corporate Secretary & Chief Government Relations Officer Chris Pappas - Founder, Chairman & Chief Executive Officer Jim Leddy - Chief Financial Officer Conference Call Participants Peter Saleh - BTIG Alex Slagle - Jefferies Nicole Miller - Piper Sandler Kelly Bania - BMO Capital Markets Todd Brooks - C.L. King Ben Klieve - National Securities Corporation O ...
The Chefs' Warehouse(CHEF) - 2020 Q3 - Quarterly Report
2020-10-28 12:24
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 25, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State ...
The Chefs' Warehouse(CHEF) - 2020 Q2 - Earnings Call Transcript
2020-07-29 18:25
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q2 2020 Earnings Conference Call July 29, 2020 8:30 AM ET Company Participants Alex Aldous - General Counsel Chris Pappas - CEO Jim Leddy - CFO Conference Call Participants Chris Mandeville - Jefferies Peter Saleh - BTIG Nicole Miller - Piper Sandler Kelly Bania - BMO Capital Markets Todd Brooks - C.L. King Ben Klieve - National Securities Corporation Operator Greetings and welcome to the Chefs' Warehouse Second Quarter 2020 Earnings Conference Call. As a reminder, t ...
The Chefs' Warehouse(CHEF) - 2020 Q2 - Quarterly Report
2020-07-29 11:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 CHEF The NASDAQ Stock Market LLC Preferred Stock Purchase Rights CHEF The NASDAQ Stock Market LLC Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the ...
The Chefs' Warehouse(CHEF) - 2020 Q1 - Earnings Call Transcript
2020-05-09 23:05
The Chefs' Warehouse, Inc. (NASDAQ:CHEF) Q1 2020 Results Conference Call May 6, 2020 5:00 PM ET Company Participants Alex Aldous - General Counsel Chris Pappas - CEO Jim Leddy - CFO Conference Call Participants Chris Mandeville - Jefferies Joshua Long - Piper Sandler Kelly Bania - BMO Capital Ben Klieve - National Securities Operator Ladies and gentlemen, greetings, and welcome to the Chefs' Warehouse First Quarter 2020 Earnings Conference Call. As a reminder, this conference is being recorded. I'd now lik ...
The Chefs' Warehouse(CHEF) - 2020 Q1 - Quarterly Report
2020-05-06 20:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 CHEF The NASDAQ Stock Market LLC Preferred Stock Purchase Rights CHEF The NASDAQ Stock Market LLC Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the ...
The Chefs' Warehouse(CHEF) - 2019 Q4 - Annual Report
2020-02-24 21:51
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 001-35249 THE CHEFS' WAREHOUSE, INC. (Exact name of registrant as specified in its charter) Delaware 20-3031526 (State or ...