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Chefs' Warehouse (CHEF) Q3 FY2023 earnings: revenue $882 million, up 33.2% on the year

Chefs' Warehouse, Inc. (CHEF) reported revenue of $882 million for Q3 FY2023, the quarter ended 29 September 2023, up 33.2% on the same quarter a year earlier. Net income was $7 million, down 11.5% on the year, and diluted earnings per share $0.19. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$882 millionup 33.2%
Net income$7 milliondown 11.5%
Diluted EPS$0.19
QuarterQ3 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue882n/an/an/a
Cost of revenue674n/an/an/a
Gross profit208n/an/an/a
Gross margin23.6%n/an/a
Selling, general and administrative180n/an/an/a
Operating income25.5n/an/an/a
Operating margin2.9%n/an/a
Interest expense11.4n/an/an/a
Pre-tax income14.2n/an/an/a
Income tax6.8n/an/an/a
Effective tax rate48.3%n/an/a
Net income7.3n/an/an/a
Net margin0.8%n/an/a
Diluted EPS$0.19n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow9.3n/an/an/a
Capital expenditure12.0n/an/an/a
Free cash flow-2.7n/an/an/a
Free cash flow margin-0.3%n/an/a
Cash from investing-13.0n/an/an/a
Cash from financing-22.5n/an/an/a
Depreciation and amortisation8.5n/an/an/a
Share-based compensation5.3n/an/an/a
Buybacks0.0n/an/an/a
Diluted shares, weighted46mn/an/an/a
Shares outstanding at period end40mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity435n/an/an/a
Debt704n/an/an/a
Operating lease liabilities171n/an/an/a
Other liabilities348n/an/an/a
Total liabilities and equity1,658n/an/an/a
Fixed assets209n/an/an/a
Goodwill345n/an/an/a
Intangible assets200n/an/an/a
Cash and equivalents33.1n/an/an/a
Receivables316n/an/an/a
Inventory312n/an/an/a
Other assets244n/an/an/a
Total assets1,658n/an/an/a

Questions

What was Chefs' Warehouse's revenue in Q3 FY2023?

Chefs' Warehouse (CHEF) reported revenue of $882 million for Q3 FY2023, the quarter ended 29 September 2023, up 33.2% on the same quarter a year earlier.

How much did Chefs' Warehouse earn in Q3 FY2023?

Net income for Q3 FY2023 was $7 million, down 11.5% on the year, and diluted earnings per share $0.19.

When did Chefs' Warehouse report Q3 FY2023 results?

Chefs' Warehouse filed its 10-Q for the quarter ended 29 September 2023 with the SEC on 3 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue8829508749559311,0349511,0351,0211,1431,0591,169
Cost of revenue674722665726707783725781774866802876
Gross profit208229209229225251226254247277257293
Gross margin24%24%24%24%24%24%24%25%24%24%24%25%
SG&A180190190195193207203214208225224234
Operating income25.538.216.033.931.946.522.740.238.943.233.158.6
Operating margin3%4%2%4%3%4%2%4%4%4%3%5%
Interest expense11.412.113.211.711.712.010.310.710.510.110.49.4
Pre-tax income14.226.12.822.220.134.512.529.528.433.222.749.2
Tax rate48%39%30%30%30%31%18%28%33%35%24%31%
Net income7.316.01.915.514.123.910.321.219.121.717.433.8
Net margin1%2%0%2%2%2%1%2%2%2%2%3%
Diluted EPS$0.19$0.40$0.05$0.37$0.34n/a$0.25$0.49$0.44$0.50$0.40$0.76
Operating cash flow9.341.630.929.319.873.049.614.5-8.773.938.358.4
Capital expenditure12.022.317.116.18.08.412.310.011.08.17.79.2
Free cash flow-2.719.313.813.311.864.637.24.5-19.765.830.649.2
Buybacks0.00.05.05.00.07.40.010.05.0-0.010.00.0
Shares outstanding40m40m40m40m40m40m41m41m41m41m41m41m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 September 2023, filed 3 November 2023, accession 0001517175-23-000016: the filing on EDGAR. All of Chefs' Warehouse, Inc.'s filings: EDGAR company page.

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