Innovative Food Holdings Q2 Revenue Falls on Digital Partner Transition, Customer Losses
IVFH•Outlook and key details
- Company expects year-over-year comparisons in Local Distribution to improve toward year-end
- Company says revenue pressures remain concentrated in digital transition and national distribution losses
- Company is recruiting a Director of National Sales to broaden its pipeline and support volume growth
Key details
| Metric | Actual |
|---|---|
| Q2 Revenue | $13.10 mln |
| Q2 Gross Margin | 26.20% |
Revenue falls on digital partner transition and customer losses
- U.S. gourmet foods seller's Q2 revenue fell 21.5% yr/yr due to digital partner transition and customer losses
- Gross margin for Q2 rose to 26.2% from 25.7% last yr
- Company says revenue decline concentrated in digital partner transition and national customer loss
Result Drivers
- Digital partner transition - Co said digital channel revenue decline was mainly due to ongoing transition issues with its largest digital partner
- National customer loss - National Distribution revenue fell due to specific customer and product-program losses to competitors, including the loss of a developing airline-catering customer late in Q2
