Canadian online grocery store GOODFOOD's revenue exceeded $100 million last quarter

Canadian online grocery company Goodfood recently announced that its revenue in the second quarter of fiscal year 2021 ( December 1, 2020 - February 28, 2021 ) reached US$100.7 million, a year-on-year increase of US$41.9 million, a year-on-year increase of 71 %.

Founded in 2014, Montreal - based Goodfood is a Canadian online food and grocery service that has been publicly traded on the Toronto Stock Exchange since June 2017 .  

The company achieved record revenues of $107.0 million and gross profit of more than $30 million in the second quarter of fiscal 2021. The company attributed this significant growth to its focus on growth strategy, including its product offerings, geographic expansion , and marketing .

In recent months, Goodfood has indeed made geographic expansion a key part of its growth plans. In February , when it completed a $60 million buyout of its common shares, the company said it planned to use the proceeds to expand its operations in Montreal and the GTA, as well as launch in Vancouver, Calgary, Ottawa, and Quebec City.

In terms of products, the company has also recently expanded its service range, initially providing meal preparation kits to users, and later developed to include ready-to-eat meals, groceries and breakfast products.

Goodfood's growth is tied to the disruption to Canada's grocery industry during the pandemic . A PayPal survey in April 2020 found that nearly a third of Canadians shop online, compared with 19% in a survey just four weeks earlier. Another 81% of respondents said they expected to continue shopping the same amount or more online once the immediate economic crisis is over.

At the beginning of 2021, Sobeys reported that Canadian e-commerce sales increased 241% year-over-year in 2020. Other local grocers have taken note of this trend and are expanding their own e-commerce services, offering online ordering and delivery services to stay competitive.

As the epidemic has forced people to stay at home, online sales of food and groceries in Canada have increased rapidly. At the same time, more and more people are accustomed to online shopping, which has promoted the maturity of its e-commerce services .

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