Goodfood Market Corp. (FOOD) has reported that its quarterly net loss narrowed to -$1.2 million from a loss of -$21.1 million a year earlier.
The Montreal-based company, which sells meal kits to consumers, said that its sales declined but its margins improved in the latest quarter.
Goodfood said that its latest loss equaled -$0.02 per share for the fiscal quarter ended June 3 compared with a loss of -$0.28 a share in the previous year.
Revenue in the quarter totalled $42.1 million, down 37% from $67 million a year ago.
The company said the revenue decline was due to fewer active customers and a decline in average order value.
Goodfood’s gross margin for the quarter improved to 41% from 26% a year earlier.
The stock of Goodfood has declined 60% over the last 12 months to trade at $0.51 per share.
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