Q1 2026 Chefs' Warehouse Inc Earnings Call Transcript
Key Points
- The Chefs' Warehouse Inc (CHEF) reported a strong year-over-year growth in volume, product penetration, unique customer growth, revenue growth, and profitability growth.
- Organic net sales grew by 10.4%, with specialty sales up 6.8% over the prior year.
- Gross profit increased by 13.9% to $257.4 million, with gross profit margins improving by approximately 53 basis points.
- The company maintained its full-year guidance for 2026, with potential for upward revisions if the Middle East situation normalizes.
- The Chefs' Warehouse Inc (CHEF) has a strong liquidity position with total liquidity of $278.3 million, including $122.7 million in cash.
- The conflict in the Middle East has introduced volatility in supply chains and customer demand, impacting operations in the region.
- The Middle East business, although less than 10% of overall operations, is operating at approximately 75% of the prior year due to low occupancy in hotels and resorts.
- Selling, general, and administrative expenses increased by 10.5% due to higher costs associated with compensation, benefits, and facility investments.
- The company experienced a 50 basis point drag on top-line growth in Q1 due to the Middle East conflict and weather events.
- Despite strong performance, the company has not adjusted its guidance due to the uncertainty in the Middle East, indicating potential risks to future performance.
Greetings. Welcome to The Chefs' Warehouse first-quarter 2026 earnings conference call. As a reminder, this conference is being recorded.
I would now like to turn the conference 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 James Leddy, our CFO. By now, you should have access to our first quarter 2026 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
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