My Food Bag (NZX:MFB): The Company ends Q3 FY22 on a strong note

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My Food Bag (NZX:MFB): The Company ends Q3 FY22 on a strong note

 My Food Bag (NZX:MFB): The Company ends Q3 FY22 on a strong note
Image source: isak55,shutterstock

Highlights

  • MFB witnessed a 9% jump in deliveries to nearly 388k in Q3 FY22.
  • The Group reaffirmed its earnings guidance for FY22 given the strong performance in the first 3 quarters of FY22 and optimistic trading in January.

My Food Bag Group Limited (NZX:MFB) reported a 15% rise on pcp in preliminary net sales value at $52.1 million and an increase of 1.5% on pcp in active customers to 71,805 in Q3 FY22.

There was a 9% jump in deliveries to nearly 388k in the period. MFB’s deliveries during Christmas 2021 shot up 11.8% on pcp as more New Zealanders expressed their trust in the brand and gave positive feedback.

Source: © Lesssia | Megapixl.com

The Group also saw growth in the Kitchen and is working on developing it as a source of highly valued solutions, beyond meals, for its customers.

MFB’s lead statistics in terms of order frequency, order value and brand mix persisted in tracking progressively. The Group’s ‘Fresh Start’ programme also performs well, with MFB attaining record deliveries.

The online meal-kit provider’s senior leadership team has also been readjusted with more experienced and capable officials to help it in its further growth. Last month, the Group had hired Paul Kelly as its new Chief Supply Chain Officer with his tenure to begin in March this year. MFB’s Chief Customer Officer Jo Mitchell will also start in Q3.

Bottom Line

MFB reaffirmed its earnings guidance for FY22, given the strong performance in the first 3 quarters of FY22 and optimistic trading in January.

Revenue is also expected to improve on the Prospective Financial Information (PFI), but it might not lead to an increase in earnings amid high input costs and operating expenditure in COVID-19 and various product initiatives taken by the firm.

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