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Innovative Food Holdings, Inc. reports developments for a national seller of gourmet specialty foods serving professional chefs and foodservice customers. News commonly covers quarterly and annual financial results, earnings-call scheduling, operating performance, and management commentary on revenue categories, gross margin, adjusted EBITDA, and continuing operations.
Company updates also address leadership changes, exits from non-core activities, systems modernization including ERP and order-flow processes, and the balance between owned warehouse assets and a drop-ship vendor network. Corporate announcements may include reporting timelines, finance and accounting process updates, and asset or facility actions connected to its specialty food platform.
Innovative Food Holdings, Inc. (IVFH) announced a collaboration with cheese experts Laura Werlin and Janet Fletcher for a virtual tasting series named Cheese O’Clock. Starting May 6, every Thursday in May, the series will feature curated cheese collections paired with wines from California, designed to enhance consumer engagement during the COVID-19 pandemic. The events aim to support impacted cheesemakers and wineries while promoting American artisan cheeses.
Innovative Food Holdings (IVFH) reported significant growth in its e-commerce segment for 2020, with full-year revenue increasing 109% to $22.4 million. Despite challenges from the COVID-19 pandemic, the company transformed its digital infrastructure and grew its monthly subscription service by over 95%. However, total revenue for 2020 fell to $51.7 million, down from $57.9 million in 2019, primarily due to a 40% decline in foodservice revenues. The firm recorded a net loss of $7.7 million for the year, impacted by non-cash impairment charges.
Innovative Food Holdings, Inc. (OTCQB:IVFH) will present at the LD 500 Investor Conference on September 3, 2020, at 4:00 PM ET. CEO Sam Klepfish will discuss the company's transformation towards a digitally-enabled, e-commerce-centric business model, highlighting a record 317% increase in second-quarter e-commerce sales, reaching $7.5 million. Interested parties can arrange virtual meetings for further discussions. For details, visit LD Micro.