Company: CHEF
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001517175-25-000002
Chunk: 78

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 78
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, general and administrative costs.

•Other operating expenses: Other operating expenses includes expenses primarily related to changes in the fair value of the Company’s contingent earn-out liabilities, gains and losses on asset disposals, asset impairments, certain third-party deal costs incurred in connection with business acquisitions or financing arrangements and certain other costs.

•Interest expense: Interest expense consists primarily of interest on our outstanding indebtedness and, as applicable, the amortization or write-off of deferred financing fees.

Results of Operations

This discussion focuses on our fiscal 2024 results, compared with fiscal 2023 results. The discussion of our fiscal 2023 results, compared with fiscal 2022 results, can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 29, 2023.

Fiscal Years EndedDecember 27, 2024December 29, 2023December 30, 2022Net sales$3,794,212 $3,433,763 $2,613,399 Cost of sales2,880,065 2,619,289 1,994,763 Gross profit914,147 814,474 618,636 Selling, general and administrative expenses784,852 704,758 518,219 Other operating expenses1,088 8,773 14,679 Operating income128,207 100,943 85,738 Interest expense48,675 45,474 43,849 Income before income taxes79,532 55,469 41,889 Provision for income tax expense24,053 20,879 14,139 Net income$55,479 $34,590 $27,750 

Fiscal Year Ended December 27, 2024 Compared to Fiscal Year Ended December 29, 2023 

Net Sales

20242023$ Change% ChangeNet sales$3,794,212 $3,433,763 $360,449 10.5 %

Organic growth contributed $258.9 million, or 7.5%, to sales growth and the remaining growth of $101.6 million, or 3.0%, resulted from prior year acquisitions. Organic case count increased approximately 4.6% in our specialty category. In addition, specialty unique customers and placements increased 6.6%