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Chefs' Warehouse swings to loss in Q1

The Chefs' Warehouse Inc. said its first-quarter normalized net income came to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.8 million, compared with income of $1.1 million in the prior-year period.

The normalized profit margin fell to negative 0.6% from 0.4% in the year-earlier period.

Total revenue rose 10.3% year over year to $287.7 million from $260.8 million, and total operating expenses rose 11.4% from the prior-year period to $284.6 million from $255.5 million.

Reported net income came to a loss of $1.6 million, or a loss of 6 cents per share, compared to income of $1.0 million, or 4 cents per share, in the prior-year period.