Montréal based online grocery deliver company Goodfood reports record quarterly revenue in the second quarter of fiscal 2021, surpassing $100 million.
This is an increase of $41.9 million, or 71 per cent year over year.
Goodfood also reached a record cash position of $163 million, with gross profits reaching $30.6 million.
Its active subscribers reached 319,000 in February 2021, an increase of 30 per cent compared to February 2020.
“The uptake of Goodfood’s grocery products also reached new heights with over 1.1 million grocery products sold in this quarter alone and we now have more than 750 products available to our members,” says Jonathan Ferrari, chief executive officer of Goodfood. “The continued strength of our members’ interactions with our offering has led to increased basket sizes and order frequencies, and that, combined with our strong balance sheet, positions us ideally to further penetrate the online grocery market that is still in the early days of its digitization.”
The company attributes revenue growth to the expansion of product offerings and same day delivery option which is available in two large Canadian cities.
Goodfood has also made geographic expansion, including Montréal and the GTA, as well as plans to launch in Vancouver, Calgary, Ottawa and Quebec City.