My Food Bag warns inflation will squeeze 2023 earnings

The meal-kit delivery company said customers were choosing to buy its lower margin products such as Bargain Box. (Photo: Bex Stevenson)

Dan Brunskill

Mon, 15 Aug 2022

My Food Bag says inflation and a slowing economy have caused customers to downgrade to its cheaper meal-kit options, lowering earnings in the past four months.The meal-kit delivery company told investors today that deliveries were down 3.8% at the end of July, compared to the same period a year earlier.Revenue in the first four months of the March 2023 financial year was up 2.5%, but underlying earnings were down approximately 8.5%, the company said. The omicron outbreak at the start of the calendar year meant My Food Bag experienced supp...

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