KITSKITCHEN INCREASES YEAR-OVER-YEAR QUARTERLY SALES

 

Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Plant-Based Foods”) or (the “Company”), an award-winning plant-based food company is pleased to report that kitskitchen Health Foods Inc., (“kitskitchen”) a portfolio company of Modern Plant-Based Foods, has increased its year-over-year sales for the last quarter. Kitskitchen has successfully developed and launched additional product offerings to its portfolio while concurrently increasing its production capacity. As a result, the quarterly sales have increased by 11.5% from 2021 to 2022.

kitskitchen has launched an aggressive expansion plan through its sales channels and continues to build strong relationships across Canada through distributors and direct-to-store sales. kitskitchen has worked with some of Western Canada’s leading food specialists and has earned the reputation of being the preferred soup brand in Western Canada seeing proven demand for its products. kitskitchen has an extensive network and strong relationships with grocery buyers which kitskitchen looks to capitalize on with its vegan cheeses. By adding the kitscheeze portfolio to its offerings, the Company has been able to increase sales with existing valued retailers while additionally gaining traction into new stores. Retail buyers continue seeking reliable food suppliers as demand grows for healthy, sustainable foods.

“The quarterly sales increase is an indicator of significant impact to the annual sales for kitskitchen as the soup brand has managed to increase sales during its lowest-earning quarter,” states Avtar Dhaliwal, CEO of Modern Plant-based Foods Inc. kitskitchen previously focused primarily on the soup portfolio which is more in demand during the fall and winter months. Since adding the vegan cheeses and increasing sales outreach, they continue to increase sales over previous years’ report. “We continue to pivot and innovate within the food industry across all Modern Foods brands. We are pleased to report this accomplishment during a time of unprecedented economic challenges within the industry.”

Western Grocer reports “With consumers growing increasingly interested in sustainable, ethical, and environmentally responsible food practices, a rise in conscious eating is predicted for 2022. In fact, an estimated 71% of Canadians agree that it’s important for them to understand where their food comes from, with four in five consumers spending more on fresh produce and non-dairy substitutes in 2021.” The company has positioned itself strategically to gear up for the increase in demand and consumption for better-for-you products.

“We have been working diligently to improve our sales during the summer months as we aim to be a staple food item in Canadian kitchens year-round. As we continue to partner with major retailers, we will expect to see significant sales increases as we can now fulfill demand with our new production facility,” stated Joni Berg, Co-Founder, and CEO of kitskitchen. As stated, kitskitchen has significantly increased its production capacity for plant-based soups and cheeses, gearing up for large-scale retailers and sales projections for the next quarter.

The production facility has Canadian Food Inspection Agency (CFIA) staff on-premise to ensure top-quality compliance standards. The large-scale facility has enabled kits kitchen the opportunity to work with larger retail grocery chains such as Loblaws Inc., a subsidiary of Loblaw Companies Limited., a Canadian supermarket chain with stores located across Canada is Canada’s largest food distributor.

About Modern Plant-Based Foods

Modern Plant Based Foods is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups, and vegan snacks. Our products are available at select restaurants and retailers across Canada including our own Modern Wellness Bar located in Vancouver. We take a holistic approach to plant-based living and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. We want people to feel good about the food they eat which is why we are deliberate in choosing ingredients free of soy, gluten, nuts, and GMOs. Our mission is to change the way food is produced and consumed for the benefit of people, animals, and the environment by using natural plant-based ingredients.

 

SOURCE: Modern Plant Based Foods Inc.




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