Q1 2025 Chefs' Warehouse Inc Earnings Call Transcript
Key Points
- The Chefs' Warehouse Inc (CHEF) reported an 8.7% increase in net sales for the first quarter of 2025, reaching $950.7 million.
- Specialty sales grew by 10.7% over the prior year, driven by unique customer growth and increased placement and specialty case growth.
- The company achieved a 7.9% increase in gross profit to $226 million compared to the first quarter of 2024.
- Digital platform adoption is improving, with 58% of customers ordering online through domestic specialty locations, up from 56% at the end of 2024.
- The Chefs' Warehouse Inc (CHEF) maintained strong liquidity with $278.9 million, including $116.5 million in cash and $162.4 million available under its ABL facility.
- Gross profit margins decreased by approximately 18 basis points to 23.8% compared to the previous year.
- The company experienced a 0.7% reduction in year-over-year sales due to the attrition of certain low-margin noncore customer business.
- Center-of-the-plate category gross margins decreased by approximately 83 basis points year-over-year.
- Selling, general, and administrative expenses increased by 6.5% to $202.8 million, driven by higher costs associated with compensation, benefits, and facility investments.
- The company faces ongoing risks and uncertainties related to tariffs and input costs, which could impact future financial performance.
Greetings, and welcome to the Chefs' Warehouse first quarter 2025 earnings conference call. As a reminder, this conference is being recorded.
I would now like to turn the call over to your host, Alex Aldous, General Counsel, Corporate Secretary and Chief Government Relations Officer. Please go ahead, sir.
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Thank you, operator. Good morning, everyone. With me on today's call are Chris Pappas, Founder, Chairman and CEO; and Jim Leddy, our CFO. By now, you should have access to our first quarter 2025 earnings press release. It can also be found at www.chefswarehouse.com under the Investor Relations section.
Throughout this conference call, we will be presenting non-GAAP financial measures, including, among others, historical and estimated EBITDA and adjusted EBITDA as well as historical adjusted net income, adjusted
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