Mama’s Creations(US:MAMA)2023-04-29 10:01Company Overview and Strategy - MamaMancini's objective is to become the leading national "one-stop-shop" solution for high quality fresh, clean and easy to prepare foods[6,73] - The company is pursuing a targeted growth strategy focused on synergy realization and cross-selling, aiming to be in every part of the deli counter with significantly more SKUs per store[6,43] - The company is actively searching for complementary, accretive near-in food product companies to enhance its product line and national distribution footprint[3,62] - The company aspires to become the next $1 billion deli solutions provider through a combination of accretive acquisitions and organic growth[49,62] Financial Performance - FY23 revenues reached $93.2 million with a gross margin of 20.8% and net income of $2.3 million[17,52] - Q4 FY23 revenues were $22.8 million with a gross margin of 28.2% and net income of $1.8 million[17,52] - The company has over 45,000 product placements on shelves nationwide, with an average of 5.2 SKUs per customer/banner[43] Market Trends and Consumer Preferences - The deli is a $40 billion department and one of the fastest-growing departments in the store[20] - Prepared deli foods represent a $20 billion market, growing over 20% L52, well ahead of the total F&B industry[20] - 93% of grocers have seen an increase in demand for fresh food, and 84% have expanded their fresh department offerings[20] - 93% of consumers would recommend the company's beef meatballs based on a Q2 2022 online market survey[27,28]