Q2 2022 Wholesale Revenue Increased 117% Compared to Q2 2021

Q2 2022 General and Administrative Expense Decreased 57% Compared to Q2 2021

CEO Parimal Rana Provides Update on VERY GOOD’s Refocused Strategy

VANCOUVER, BC , Aug. 15, 2022 /CNW/ – The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY) (FSE: OSI) (“VERY GOOD” or the “Company“), a leading plant-based food technology company, today reported its financial results for the second quarter ended June 30, 2022.

The Very Good Food Company Inc. Logo (CNW Group/The Very Good Food Company Inc.)

Financial Highlights

  • Revenue decreased $1,279,215 or 46% to $1,501,446 in Q2 2022, compared to $2,780,681 in the same period in 2021. The decrease in revenue was driven by a decrease of $1,825,436 in eCommerce sales, offset by an increase of $523,223 in wholesale revenue.

  • Wholesale revenue increased 117% to $987,278 in Q2 2022 as compared to the same quarter last year due to an increase in the number of stores and distribution points as well as increased unit velocities on core and new items.

  • eCommerce revenue decreased 83% to $380,967 in Q2 2022 as compared to the same period last year due to the Company’s strategic decision to limit its eCommerce sales due to high digital marketing costs to acquire new customers, lowered production and headcount at some locations to manage inventory levels. VERY GOOD is focusing on its wholesale and foodservice channels and is evaluating potential exit plans for its eCommerce business.

  • General…

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