VANCOUVER, BC, Nov. 14, 2022 /CNW/ - The Very Good Food Company Inc. (NASDAQ: VGFC) (TSXV: VERY.V) (FSE: OSI) ("VERY GOOD" or the "Company"), a leading plant-based food technology company, today reported its financial results for the third quarter ended September 30, 2022.
Financial Highlights
- Revenue decreased $778,857 (31%) to $1,757,240 in Q3 2022, compared to $2,536,097 in Q3 2021. The decrease in revenue was driven by a decrease of $1,270,746 (82%) in eCommerce sales, offset by an increase of $463,451 (55%) in wholesale revenue.
- Wholesale revenue increased $463,451 (54%) to 1,310,198 in Q3 2022, as compared to $846,747 in Q3, 2021 due to an increase in the number of stores as well as increase in unit velocities on core and new items.
- eCommerce revenue decreased 82% to $275,403 in Q3 2022, as compared to $1,546,149 in Q3 2021 due to the Company's strategic decision to limit its eCommerce sales because of high digital marketing costs to acquire new customers. With the Company's new strategic focus on its wholesale and foodservice channels the Company plans to exit from its eCommerce business at the end of December 2022.
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