Company: CHEF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001517175-25-000008
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Company: Chefs' Warehouse, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 

RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided as a supplement to the accompanying condensed consolidated financial statements and footnotes to help provide an understanding of our financial condition, changes in our financial condition and results of operations. The following discussion should be read in conjunction with information included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2024 (the “2024 Form 10-K”) filed with the SEC. Unless otherwise indicated, the terms “Company”, “Chefs’ Warehouse”, “we”, “us” and “our” refer to The Chefs’ Warehouse, Inc. and its subsidiaries. All dollar amounts included in the tables in the following discussion are presented in thousands.

Business Overview

We are a premier distributor of specialty foods in the leading culinary markets in the United States, the Middle East and Canada. We offer more than 88,000 stock-keeping units (“SKUs”), ranging from high-quality specialty foods and ingredients to basic ingredients and staples and center-of-the-plate proteins. We serve more than 50,000 core customer locations, primarily located in our 23 geographic markets across the United States, the Middle East and Canada, and the majority of our customers are independent restaurants and fine dining establishments. We also sell certain of our center-of-the-plate products directly to consumers through our Allen Brothers subsidiary.

RESULTS OF OPERATIONS

Thirteen Weeks EndedMarch 28, 2025March 29, 2024Net sales$950,748 $874,488 Cost of sales724,753 665,052 Gross profit225,995 209,436 Selling, general and administrative expenses202,763 190,321 Other operating expenses, net497 3,112 Operating income22,735 16,003 Interest expense10,253 13,244 Income before income taxes12,482 2,759 Provision for income tax expense2,194 828 Net income$10,288 $1,931 

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Thirteen Weeks Ended March 28, 2025 Compared to Thirteen Weeks Ended March 29, 2024 

Net Sales

20252024$ Change% ChangeNet sales$950,748 $874,488 $76,260 8.7 %

Net sales increased due to organic