Tear Sheet: Chefs' Warehouse Inc.

Chefs? Warehouse Inc. revenue rose 5.6% in the third quarter ended Sept 27, 2024, led by a 7.5% increase in specialty sales. The sales growth in the quarter comprised only organic growth as Chefs? has prioritized integrating its past acquisitions this year, optimizing product assortment and cross selling its products. S&P Global Ratings forecasts revenue will increase 9.3% in 2024, down from 31% in 2023, due to a deceleration in sales trends during the second half of the year. In 2025, we expect revenue will increase 6% largely through volume growth supported by investments in infrastructure and capacity expansion. S&P Global Ratings-adjusted EBITDA increased 13% in the third quarter driven by price inflation and sales growth, partially offset by elevated

...Rating Component Scores Foreign currency issuer credit rating B+/Stable/-- Local currency issuer credit rating B+/Stable/-- Business risk Weak Country risk Very Low Industry risk Intermediate Competitive position Weak Financial risk Aggressive Cash flow/leverage Aggressive Anchor b+ Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile b+...

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