The following is a summary of the The Chefs' Warehouse, Inc. (CHEF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The Chefs' Warehouse reported Q1 2024 net sales of approximately $874.5 million, a 21.5% increase from Q1 2023.

• Gross profit increased by 23.4% to $209.4 million for the first quarter of 2024, from $169.7 million the year prior.

• Gross profit margins improved by about 37 basis points to 23.9%.

• Selling, general, and administrative expenses increased by 21.9% to $190.3 million compared to Q1 2023.

• GAAP's net income for Q1 2024 was $1.9 million, or $0.05 per diluted share, an improvement from $1.4 million, or $0.04 per diluted share, in the same period of 2023.

Business Progress:

• The company completed the consolidation of their Foley Fish seafood facility in Boston, which will reduce overhead and enhance cross-selling.

• The company is consolidating various protein processing and distribution operations into a new facility in Richmond, California.

• The integration of Hardie's continues in Texas, offering growth opportunities and operational efficiency.

• Notable acquisitions such as Hardie's and Greenleaf significantly contributed to sales growth in the quarter.

• The company is investing in facility upgrades and technology improvements to support growth and efficiency.

• There has been significant investment in expanding facilities, particularly in Northern California and the Middle East, with completion expected by the end of Q3.

• The SKU count has increased to 70,000, managed by reducing duplication and offering a range to customers.

• The company reported strong product demand and is focusing on educating customers about their inventory to lessen the need for new, more costly products. The benefits of recent investments are expected to emerge in 2025.

More details: The Chefs' Warehouse IR

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