The Chefs' Warehouse, Inc. reported a significant increase in financial performance for the second quarter of fiscal 2025, with net sales reaching $1.034 billion, an 8.4% increase from $954.7 million in the same period last year. The company's gross profit also rose to $254.3 million, up 11.1% from $229 million, resulting in a gross profit margin of 24.6%, compared to 24.0% in the prior year. The increase in revenue was attributed to organic growth, with a 3.5% rise in case count within the specialty category, despite a 4.0% decline in pounds sold in the center-of-the-plate category due to the company's exit from a non-core poultry program.
In the first half of fiscal 2025, total net sales amounted to $1.986 billion, reflecting an 8.6% increase from $1.829 billion in the same period of the previous year. Gross profit for the first half was $480.3 million, a 9.6% increase from $438.4 million, with a gross profit margin of 24.2%. The company reported a net income of $31.5 million for the first half, compared to $17.5 million in the prior year, indicating a strong recovery and growth trajectory.
Operationally, The Chefs' Warehouse served over 50,000 core customer locations across 23 geographic markets in the U.S., the Middle East, and Canada. The company has seen an increase in unique customers and placements in its specialty category, with growth rates of 4.0% and 8.2%, respectively. The company also reported a decrease in selling, general, and administrative expenses as a percentage of net sales, which fell to 21.0% from 21.1% year-over-year, despite an increase in total expenses due to higher compensation and benefits costs.
The company has been actively managing its debt, with total liabilities increasing slightly to $1.35 billion from $1.32 billion. The Chefs' Warehouse made voluntary principal prepayments of $5 million on its senior secured term loan during the first half of the fiscal year. Additionally, the company has a share repurchase program in place, with $72.6 million remaining in authorization as of June 27, 2025. Looking ahead, The Chefs' Warehouse expects to continue its growth trajectory, with anticipated capital expenditures of $40 million to $50 million for fiscal 2025, supported by strong cash flows from operations.
About Chefs' Warehouse, Inc.
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