Goodfood's Active Subscribers Count Reaches the 280,000 Mark with an Increase of 40% Year-over-Year

MONTREAL, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (“Goodfood” or “the Company”) (TSX:FOOD), a leading online grocery company in Canada, announced today it has reached 280,000 active subscribers with the addition of 8,000 subscribers in the fourth quarter and 80,000 subscribers in the fiscal year ended August 31, 2020, representing an increase of 40% year-over-year. Robust demand momentum has driven the strong subscriber additions during the year, accelerated by the COVID-19 pandemic and prompting stronger order rates and average order values, particularly in the second half of the fiscal year.

“We are very pleased with the strong subscriber additions this year. The growth achieved was already well-underway in the first half of the year, driven by a consumer shift to e-commerce grocery and meal solutions demand, which was intensified by the pandemic in recent months,” said Jonathan Ferrari, CEO of Goodfood. “Marketing investments were strategically scaled down during the summer, on par with historical trends, though marketing has been ramped up in the last few weeks for the important back-to-school period. Overall, typical fourth quarter seasonality was still present this year, albeit at lower levels as subscriber growth this quarter demonstrated, along with positive trends in order frequency and average basket size. The Goodfood team is now focused on building on the great momentum of the now completed 2020 fiscal year. An innovative customer interface, additional delivery options and the launch of new products provide the platform for continued growth in fiscal 2021. Combined with our expanded footprint with brand new state of the art fulfilment centres and our resilient operations ready to meet Canadians’ needs for online grocery and meal solutions, Goodfood is well-positioned to cement its role as a leader in online grocery and meal solutions from coast-to-coast,” concluded Mr. Ferrari.

About Goodfood

Goodfood (TSX:FOOD) is a leading online grocery company in Canada, delivering fresh meal solutions and grocery items that make it easy for members from coast to coast to enjoy delicious meals at home every week. Goodfood’s mission is to make the impossible come true, from farm to kitchen, by enabling members to do their weekly meal planning and grocery shopping in less than 1 minute. Goodfood members get access to a unique selection of products online as well as exclusive pricing made possible by its world class direct to consumer fulfilment ecosystem that cuts out food waste and expensive retail overhead. The Company has two production facilities (one operational in the Fall) and administrative offices in Montreal, Quebec, two production facilities in the Greater Toronto Area, Ontario (one in operation and another under construction), one production facility in Calgary, Alberta, one production facility in the Vancouver area, British Columbia, and a breakfast facility in Montreal, Quebec. Goodfood had 280,000 active subscribers as at August 31, 2020. www.makegoodfood.ca

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FORWARD-LOOKING INFORMATION

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