The Chefs' Warehouse, Inc. announced its financial results for the third quarter ended September 27, 2024, reporting a 5.6% increase in net sales to $931.5 million, up from $881.8 million in the prior year's third quarter. This growth was supported by an approximate 3.1% increase in organic case count within the specialty category, alongside a 4.7% rise in unique customers and a 10.8% increase in unique item placements.
Gross profit for the quarter grew by 8.2% to $224.7 million, compared to $207.7 million in the third quarter of 2023. The gross profit margin expanded by approximately 58 basis points, reaching 24.1%. Operating income also saw an increase, reaching $31.9 million, up from $25.5 million in the same period last year, representing 3.4% of net sales.
Net income for the third quarter of 2024 was $14.1 million, or $0.34 per diluted share, a notable improvement from $7.3 million, or $0.19 per diluted share, in the third quarter of 2023. Adjusted EBITDA for the quarter was $54.5 million, compared to $50.3 million in the prior year. The company also provided its fiscal year 2024 guidance, projecting net sales between $3.710 billion and $3.775 billion, gross profit between $890.0 million and $906.0 million, and adjusted EBITDA between $210.0 million and $219.0 million.
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