The Chefs' Warehouse Reports 10.5% Revenue Growth to $3.8 Billion for Fiscal Year 2024

The Chefs' Warehouse, Inc. reported significant financial growth for the fiscal year ending December 27, 2024, with net sales reaching $3.8 billion, a 10.5% increase from $3.4 billion in the previous year. The company's gross profit also rose to $914.1 million, up 12.2% from $814.5 million, resulting in a gross profit margin of 24.1%, compared to 23.7% in the prior year. The increase in revenue was attributed to organic growth of $258.9 million and contributions from acquisitions totaling $101.6 million. The company noted a 4.6% increase in organic case count in its specialty category and a 3.3% increase in organic pounds sold in the center-of-the-plate category.

In terms of operational developments, The Chefs' Warehouse expanded its distribution network, now operating 49 distribution centers across the United States, Canada, and the Middle East, totaling approximately 3 million square feet. The company serves over 50,000 core customer locations, primarily independent restaurants and fine dining establishments. The workforce has also grown, with 5,029 full-time employees as of December 27, 2024, reflecting the company's commitment to enhancing its service capabilities. The company has completed 16 acquisitions since December 2020, which have bolstered its market presence and product offerings.

The Chefs' Warehouse has made strategic moves to enhance its market position, including the acquisition of Oakville Produce Partners and Hardie’s F&V in 2023, which were valued at $88.2 million and $41.4 million, respectively. These acquisitions are expected to enhance the company's product capabilities and expand its geographic reach. The company also announced a two-year share repurchase program of up to $100 million, with $82.6 million remaining as of the end of the fiscal year.

Looking ahead, The Chefs' Warehouse anticipates continued growth driven by increased penetration with existing customers, expansion into new markets, and selective acquisitions. The company aims to improve operating margins through investments in technology and operational efficiencies. However, it remains cautious about potential economic downturns that could impact consumer discretionary spending, which is critical to its customer base in the foodservice industry. The company is also monitoring inflationary pressures on food costs, which could affect profitability if not managed effectively.