Press Releases

May 9, 2018

The Chefs’ Warehouse Reports First Quarter 2018 Financial Results

Net Sales Growth of 10.7%

RIDGEFIELD, Conn., May 09, 2018 (GLOBE NEWSWIRE) -- The Chefs’ Warehouse, Inc. (NASDAQ:CHEF), a premier distributor of specialty food products in the United States and Canada, today reported financial results for its first quarter ended March 30, 2018.

Financial highlights for the first quarter of 2018 compared to the first quarter of 2017:

  • Net sales increased 10.7% to $318.6 million for the first quarter of 2018 from $287.7 million for the first quarter of 2017.
  • GAAP net income was $0.5 million, or $0.02 per diluted share, for the first quarter of 2018 compared to net loss of $1.6 million, or $(0.06) per diluted share, in the first quarter of 2017.
  • Adjusted net income per diluted share was $0.03 for the first quarter of 2018 compared to adjusted earnings per diluted share of $(0.05) for the first quarter of 2017.
  • Adjusted EBITDA1 was $12.1 million for the first quarter of 2018 compared to $9.3 million for the first quarter of 2017.

“Despite some challenging winter weather across our network, especially in the mid-west early in the quarter and the four named winter storms that hit the Northeast and mid-Atlantic in February and March, we continued to see solid organic growth amid a supportive economic backdrop and continued strength in independent restaurants,” said Chris Pappas, chairman and chief executive officer of The Chefs’ Warehouse, Inc.

First Quarter Fiscal 2018 Results

Net sales for the quarter ended March 30, 2018 increased 10.7% to $318.6 million from $287.7 million for the quarter ended March 31, 2017. Organic growth contributed $15.9 million, or 5.5% to sales growth in the quarter. The remaining sales growth of $15.0 million, or 5.2% resulted from the acquisition of Fells Point Wholesale Meats Inc. on August 25, 2017. Organic case count grew approximately 4.5% in the Company’s specialty category, which net of the expected attrition from the Chicago fold-in acquisition was 5.5%. In addition, growth in unique customers and placements grew 3.5% and 3.1%, respectively, compared to the prior year quarter. Excluding the impact of the Fells Point acquisition, pounds sold in the Company’s center-of-the-plate category increased 0.3% compared to the prior year quarter. Estimated inflation was 3.8% and 1.5% in the Company’s specialty and center-of-the-plate categories, respectively, compared to the prior year quarter.

Gross profit increased approximately 7.6% to $79.5 million for the first quarter of 2018 from $73.9 million for the first quarter of 2017. Gross profit margin decreased approximately 73 basis points to 25.0% from 25.7%, due in large part to the impact of inflation in certain center-of-the-plate categories. Gross margins in the Company’s specialty category decreased 2 basis points and decreased 146 basis points in the Company’s center-of-the-plate category compared to the prior year quarter.

Total operating expenses increased by approximately 4.2% to $73.8 million for the first quarter of 2018 from $70.8 million for the first quarter of 2017. As a percentage of net sales, operating expenses were 23.2% in the first quarter of 2018 compared to 24.6% in the first quarter of 2017. The decrease in the Company’s operating expense ratio is due largely to better utilization of the Company’s warehouse facilities and selling organization, lower year-on-year compensation and benefit costs related to the Company’s management infrastructure and depreciation and amortization expense.

Operating income for the first quarter of 2018 was $5.7 million compared to $3.1 million for the first quarter of 2017. The increase in operating income was driven primarily by increased gross profit, offset in part by higher operating expenses, as discussed above. As a percentage of net sales, operating income was 1.8% in the first quarter of 2018 compared to 1.1% in the first quarter of 2017.

Total interest expense decreased to $5.0 million for the first quarter of 2018 compared to $5.9 million for the first quarter of 2017 due to a reduction in interest rates charged on the Company’s outstanding debt.

Net income for the first quarter of 2018 was $0.5 million, or $0.02 per diluted share, compared to net loss of $1.6 million, or $(0.06) per diluted share, for the first quarter of 2017. 

Adjusted EBITDA1 was $12.1 million for the first quarter of 2018 compared to $9.3 million for the first quarter of 2017. For the first quarter of 2018, adjusted net income1 was $0.8 million and adjusted EPS1 was $0.03 compared to adjusted net loss of $1.4 million and adjusted EPS of $(0.05) for the first quarter of 2017.

1 Please see the Consolidated Statements of Operations at the end of this earnings release for a reconciliation of EBITDA, Adjusted EBITDA, adjusted net income and adjusted EPS to these measures’ most directly comparable GAAP measure.

Full Year 2018 Guidance

Based on current trends in the business, the Company is providing the following updated financial guidance for fiscal year 2018: 

  • Net sales between $1.40 billion and $1.44 billion
  • Gross profit between $355.0 million and $365.0 million
  • Net income between $19.5 million and $22.0 million
  • Net income per diluted share between $0.68 and $0.77
  • Adjusted EBITDA between $74.5 million and $78.0 million
  • Adjusted net income per diluted share between $0.69 and $0.78

This guidance is based on an effective tax rate of approximately 28.5% and fully diluted shares of approximately 29.5 million shares. The outstanding convertible notes were anti-dilutive for the first quarter of 2018, however the Company expects them to be dilutive for the full year 2018, and accordingly, those convertible shares are included in the fully diluted share count.

Changes to Certain Reporting Metrics

Beginning in the first quarter of 2018, the Company will slightly alter the way it reports certain performance related metrics related to organic growth, inflation and changes in gross profit margins. These metrics were previously reported on a legal entity basis as “Protein”, referring to the four Protein entities the Company acquired since 2013, and “Specialty”, referring to its Specialty distribution entities. Going forward the Company will report these metrics using a product category basis as “Center-of-the-Plate” and “Specialty”. Center-of-the-Plate will encompass all sales of Protein products across Chefs’ Warehouse, while Specialty will encompass all remaining sales not considered Center-of-the-Plate.

Please refer to the table in Exhibit A for a comparison of these metrics for each quarter of 2017 as reported previously by legal entity grouping and as currently reported by product category.

First Quarter 2018 Earnings Conference Call

The Company will host a conference call to discuss first quarter 2018 financial results today at 5:00 p.m. EST. Hosting the call will be Chris Pappas, chairman and chief executive officer, and Jim Leddy, chief financial officer. The conference call will be webcast live from the Company’s investor relations website at http://investors.chefswarehouse.com/. The call can also be accessed live over the phone by dialing (877) 407-4018, or for international callers (201) 689-8471. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the conference ID is 13678578. The replay will be available until Wednesday, May 16, 2018, and an online archive of the webcast will be available on the Company’s investor relations website for 30 days.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include, but are not limited to, the Company’s ability to successfully deploy its operational initiatives to achieve synergies from its acquisitions; the Company’s sensitivity to general economic conditions, changes in disposable income levels and consumer discretionary spending on food-away-from-home purchases; the Company’s vulnerability to economic and other developments in the geographic markets in which it operates; the risks of supply chain interruptions due to a lack of long-term contracts, severe weather or more prolonged climate change, work stoppages or otherwise; the risks of loss of revenue or reductions in operating margins in the Company’s center-of-the-plate category as a result of competitive pressures within this segment of the Company’s business; changes in the availability or cost of the Company’s specialty food products; the ability to effectively price the Company’s specialty food products and reduce the Company’s expenses; the relatively low margins of the foodservice distribution industry and the Company’s and its customers’ sensitivity to inflationary and deflationary pressures; the Company’s ability to successfully identify, obtain financing for and complete acquisitions of other foodservice distributors and to integrate and realize expected synergies from those acquisitions; increased fuel cost volatility and expectations regarding the use of fuel surcharges; fluctuations in the wholesale prices of beef, poultry and seafood, including increases in these prices as a result of increases in the cost of feeding and caring for livestock; the loss of key members of the Company’s management team and the Company’s ability to replace such personnel; and the strain on the Company’s infrastructure and resources caused by its growth. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. A more detailed description of these and other risk factors is contained in the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2018 and other reports filed by the Company with the SEC since that date. The Company is not undertaking to update any information in the foregoing report until the effective date of its future reports required by applicable laws. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. The Company may from time to time update these publicly announced projections, but it is not obligated to do so.

About The Chefs’ Warehouse

The Chefs’ Warehouse, Inc. (http://www.chefswarehouse.com) is a premier distributor of specialty food products in the United States and Canada focused on serving the specific needs of chefs who own and/or operate some of the nation’s leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores. The Chefs’ Warehouse, Inc. carries and distributes more than 48,000 products to more than 30,000 customer locations throughout the United States and Canada.

Contact:
Investor Relations
Jim Leddy, CFO, (718) 684-8415

 
 
THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017 
(unaudited, in thousands except share amounts and per share data)
 
  Thirteen Weeks Ended
       
  March 30, 2018   March 31, 2017
Net Sales $ 318,615   $ 287,690
Cost of Sales 239,093   213,786
Gross Profit 79,522   73,904
       
Operating Expenses 73,782   70,783
Operating Income 5,740   3,121
       
Interest Expense 4,979   5,933
Income (Loss) Before Income Taxes 761   (2,812)
       
Provision for Income Tax Expense (Benefit) 217   (1,170)
       
Net Income (Loss) $ 544   $ (1,642)
       
Net Income (Loss) Per Share:      
Basic $ 0.02   $ (0.06)
Diluted $ 0.02   $ (0.06)
       
Weighted Average Common Shares Outstanding:      
Basic 28,122,723   25,952,222
Diluted 28,197,247   25,952,222
       
       

 

THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 30, 2018 AND DECEMBER 29, 2017 
(in thousands)
 
  March 30, 2018   December 29, 2017
  (unaudited)          
Cash $ 45,074     $ 41,504  
Accounts receivable, net 135,344     142,170  
Inventories, net 101,523     102,083  
Prepaid expenses and other current assets 8,328     11,083  
Total current assets 290,269     296,840  
       
Equipment and leasehold improvements, net 69,544     68,378  
Software costs, net 5,560     6,034  
Goodwill 177,133     173,202  
Intangible assets, net 135,730     140,320  
Other assets 3,005     2,975  
Total assets $ 681,241     $ 687,749  
       
       
Accounts payable $ 68,490     $ 70,019  
Accrued liabilities 21,259     21,871  
Accrued compensation 7,726     12,556  
Current portion of long-term debt 3,432     3,827  
Total current liabilities 100,907     108,273  
       
Long-term debt, net of current portion 313,668     313,995  
Deferred taxes, net 7,092     6,015  
Other liabilities 10,986     10,865  
Total liabilities 432,653     439,148  
       
Preferred stock      
Common stock 287     284  
Additional paid in capital 167,359     166,997  
Cumulative foreign currency translation adjustment (2,471 )   (1,549 )
Retained earnings 83,413     82,869  
Stockholders’ equity 248,588     248,601  
       
Total liabilities and stockholders’ equity $ 681,241     $ 687,749  
               
               

 

THE CHEFS’ WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017 
(unaudited, in thousands)
 
  March 30, 2018   March 31, 2017
Cash flows from operating activities:              
Net income (loss) $ 544     $ (1,642 )
       
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 2,316     2,122  
Amortization 2,903     2,820  
Provision for allowance for doubtful accounts 497     667  
Deferred credits 312     45  
Deferred taxes 340     1,163  
Amortization of deferred financing fees 549     543  
Stock compensation 837     744  
Change in fair value of contingent earn-out liability 124     24  
Changes in assets and liabilities, net of acquisitions:      
Accounts receivable 6,497     5,412  
Inventories 754     (3,427 )
Prepaid expenses and other current assets 2,759     4,053  
Accounts payable and accrued liabilities (7,324 )   (4,081 )
Other liabilities (443 )   (56 )
Other assets (125 )   (264 )
Net cash provided by operating activities 10,540     8,123  
       
Cash flows from investing activities:      
Capital expenditures (2,903 )   (3,764 )
Cash paid for acquisitions, net of cash received (2,377 )    
Net cash used in investing activities (5,280 )   (3,764 )
       
Cash flows from financing activities:      
Payment of debt (1,179 )   (1,191 )
Surrender of shares to pay withholding taxes (472 )   (240 )
Net cash used in financing activities (1,651 )   (1,431 )
       
Effect of foreign currency translation on cash and cash equivalents (39 )   16  
       
Net increase in cash and cash equivalents 3,570     2,944  
Cash and cash equivalents at beginning of period 41,504     32,862  
Cash and cash equivalents at end of period $ 45,074     $ 35,806  
               
               

 

THE CHEFS’ WAREHOUSE, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) PER COMMON SHARE
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017 
(unaudited; in thousands except share amounts and per share data)
 
  Thirteen Weeks Ended
  March 30, 2018   March 31, 2017
Numerator:              
Net Income (Loss) $ 544     $ (1,642 )
Denominator:        
Weighted average basic common shares outstanding 28,122,723     25,952,222  
Dilutive effect of unvested common shares 74,524      
Weighted average diluted common shares outstanding 28,197,247     25,952,222  
         
Net Income (Loss) Per Share:        
Basic 0.02     (0.06 )
Diluted 0.02     (0.06  
           
           

 

THE CHEFS’ WAREHOUSE, INC.
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO NET INCOME (LOSS)
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017 
(unaudited; in thousands)
 
  Thirteen Weeks Ended  
  March 30, 2018   March 31, 2017  
Net Income (Loss) $ 544     $ (1,642 )
Interest expense 4,979     5,933  
Depreciation 2,316     2,122  
Amortization 2,903     2,820  
Provision for income tax (benefit) expense 217     (1,170 )
EBITDA (1) 10,959     8,063  
       
Adjustments:      
Stock compensation (2) 837     744  
Duplicate rent (3)     86  
Integration and deal costs/third party transaction costs (4) 175      
Change in fair value of earn-out obligation (5) 124     24  
Moving expenses (6)     350  
       
Adjusted EBITDA (1) $ 12,095     $ 9,267  
               
  1. We are presenting EBITDA and Adjusted EBITDA, which are not measurements determined in accordance with the U.S. generally accepted accounting principles, or GAAP, because we believe these measures provide additional metrics to evaluate our operations and which we believe, when considered with both our GAAP results and the reconciliation to net income, provide a more complete understanding of our business than could be obtained absent this disclosure.  We use EBITDA and Adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. The use of EBITDA and Adjusted EBITDA as performance measures permits a comparative assessment of our operating performance relative to our performance based upon GAAP results while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
     
  2. Represents non-cash stock compensation expense associated with awards of restricted shares of our common stock and stock options to our key employees and our independent directors.
     
  3. Represents duplicate rent expense for our Chicago, IL and Bronx, NY facilities.
     
  4. Represents transaction related costs incurred to complete and integrate acquisitions, including due diligence, legal and integration.
     
  5. Represents the non-cash change in fair value of contingent earn-out liabilities related to our acquisitions.
     
  6. Represents moving expenses for the consolidation of our Chicago, IL and Bronx, NY facilities.
 
 
THE CHEFS’ WAREHOUSE, INC.
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) TO NET INCOME (LOSS)
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017 
(unaudited; in thousands except share amounts and per share data)
 
  Thirteen Weeks Ended
   March 30, 2018    March 31, 2017
           
Net Income (Loss) $ 544     $ (1,642 )
           
Adjustments to Reconcile Net Income (Loss) to Adjusted Net Income (Loss) (1):          
Duplicate rent (2)     86  
Integration and deal costs/third party transaction costs (3) 175      
Moving expenses (4)     350  
Change in fair value of earn-out obligations (5) 124     24  
Tax effect of adjustments (6) (85 )   (191 )
       
Total Adjustments 214     269  
       
Adjusted Net Income (Loss) $ 758     $ (1,373 )
       
Diluted Earnings per Share - Adjusted $ 0.03     $ (0.05 )
       
Diluted Shares Outstanding - Adjusted 28,197,247     25,952,222  
           
  1. We are presenting adjusted net income and adjusted earnings per share (EPS), which are not measurements determined in accordance with U.S. generally accepted accounting principles, or GAAP, because we believe these measures provide additional metrics to evaluate our operations and which we believe, when considered with both our GAAP results and the reconciliation to net income available to common stockholders, provide a more complete understanding of our business than could be obtained absent this disclosure. We use adjusted net income available to common stockholders and adjusted EPS, together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance.  The use of adjusted net income available to common stockholders and adjusted EPS as performance measures permits a comparative assessment of our operating performance relative to our performance based upon our GAAP results while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
     
  2. Represents duplicate rent expense for our Chicago, IL and Bronx, NY facilities.
     
  3. Represents transaction related costs incurred to complete and integrate acquisitions, including due diligence, legal and integration.
     
  4. Represents moving expenses for the consolidation of our Chicago, IL and Bronx, NY facilities.
     
  5. Represents the non-cash change in fair value of contingent earn-out liabilities related to our acquisitions.
     
  6. Represents the tax effect of items 2 through 5 above.
 
 
THE CHEFS’ WAREHOUSE, INC.
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) PER COMMON SHARE
FOR THE THIRTEEN WEEKS ENDED MARCH 30, 2018 AND MARCH 31, 2017
(unaudited; in thousands except share amounts and per share data)
 
  Thirteen Weeks Ended
  March 30, 2018   March 31, 2017
Numerator:              
Adjusted Net Income (Loss) $ 758     $ (1,373 )
Denominator:          
Weighted average basic common shares outstanding 28,122,723     25,952,222  
Dilutive effect of unvested common shares 74,524      
Weighted average diluted common shares outstanding 28,197,247     25,952,222  
               
Adjusted Net Income (Loss) per share:              
Diluted $ 0.03     $ (0.05 )
               
               

 

THE CHEFS’ WAREHOUSE, INC.
RECONCILIATION OF ADJUSTED EBITDA GUIDANCE FOR FISCAL 2018 
(unaudited; in thousands)
 
  Low-End
Guidance
  High-End
Guidance
Net Income: $ 19,500     $ 22,000  
Provision for income tax expense 7,500     8,500  
Depreciation & amortization 23,000     23,000  
Interest expense 20,500     20,500  
EBITDA (1) 70,500     74,000  
       
Adjustments:      
Stock compensation (2) 3,500     3,500  
Change in fair value of earn-out obligation (3) 500     500  
       
Adjusted EBITDA (1) $ 74,500     $ 78,000  
               
  1. We are presenting estimated EBITDA and Adjusted EBITDA, which are not measurements determined in accordance with the U.S. generally accepted accounting principles, or GAAP, because we believe these measures provide additional metrics to evaluate our currently estimated results  and which we believe, when considered with both our estimated GAAP results and the reconciliation to our estimated net income, provide a more complete understanding of our business than could be obtained absent this disclosure. We use EBITDA and Adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our performance relative to our performance based upon GAAP results while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
     
  2. Represents non-cash stock compensation expense expected to be associated with awards of restricted shares of our common stock to our key employees and our independent directors.
     
  3. Represents the non-cash change in fair value of contingent earn-out liabilities related to our acquisitions.
 
 
THE CHEFS’ WAREHOUSE, INC.
2018 FULLY DILUTED EPS GUIDANCE RECONCILIATION TO 2018 ADJUSTED
FULLY DILUTED EPS GUIDANCE (1)(2)
 
  Low-End   High-End
  Guidance   Guidance
Net income per diluted share $ 0.68     $ 0.77  
               
Change in fair value of earn-out obligations (3)   0.01       0.01  
               
Adjusted net income per diluted share $ 0.69     $ 0.78  
               
  1. We are presenting estimated adjusted EPS, which is not a measurement determined in accordance with U.S. generally accepted accounting principles, or GAAP, because we believe this measure provides an additional metric to evaluate our currently estimated results and which we believe, when considered with both our estimated GAAP results and the reconciliation to estimated net income per diluted share, provides a more complete understanding of our expectations for our business than could be obtained absent this disclosure. We use adjusted EPS, together with financial measures prepared in accordance with GAAP, such as revenue and cash flows from operations, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. The use of adjusted EPS as a performance measure permits a comparative assessment of our expectations regarding our estimated operating performance relative to our estimated operating performance based on our GAAP results while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
     
  2. Guidance is based upon an estimated effective tax rate of 28.5% and an estimated fully diluted share count of approximately 29.5 million shares.
     
  3. Represents the non-cash change in fair value of contingent earn-out liabilities related to our acquisitions.

EXHIBIT A

The quarterly sales mix of our revised principal product categories during fiscal year 2017 is as follows:

               
  Q1   Q2   Q3   Q4
Center-of-the-Plate $ 124,528     43.3 %   $ 146,620     44.2 %   $ 144,105     44.3 %   $ 164,772     46.1 %
Dry Goods 49,722     17.3 %   57,859     17.4 %   56,442     17.4 %   60,300     16.9 %
Pastry 40,928     14.2 %   43,901     13.2 %   43,654     13.4 %   48,189     13.5 %
Cheese and Charcuterie 31,040     10.8 %   36,054     10.9 %   32,753     10.1 %   33,177     9.3 %
Dairy and Eggs 19,479     6.8 %   22,551     6.8 %   23,294     7.2 %   25,289     7.1 %
Oils and Vinegar 16,325     5.7 %   18,493     5.6 %   18,360     5.6 %   18,784     5.3 %
Kitchen Supplies 5,668     1.9 %   6,178     1.9 %   6,468     2.0 %   6,587     1.8 %
Total $ 287,690     100 %   $ 331,656     100 %   $ 325,076     100 %   $ 357,098     100 %
                                                       

The quarterly sales mix of our principal product categories during fiscal year 2017 as previously reported is as follows:

               
  Q1   Q2   Q3   Q4
Center-of-the-Plate $ 132,545     46.1 %   $ 156,949     47.3 %   $ 151,062     46.5 %   $ 171,355     48.0 %
Dry Goods 49,722     17.3 %   57,859     17.4 %   56,442     17.4 %   60,300     16.9 %
Pastry 40,928     14.2 %   43,901     13.2 %   43,654     13.4 %   48,189     13.5 %
Cheese 23,023     8.0 %   25,725     7.8 %   25,796     7.9 %   26,594     7.4 %
Dairy 19,479     6.8 %   22,551     6.8 %   23,294     7.2 %   25,289     7.1 %
Oils and Vinegar 16,325     5.7 %   18,469     5.6 %   18,360     5.6 %   18,784     5.3 %
Kitchen Supplies 5,668     1.9 %   6,202     1.9 %   6,468     2.0 %   6,587     1.8 %
Total $ 287,690     100 %   $ 331,656     100 %   $ 325,076     100 %   $ 357,098     100 %
                                                       

The pro-rated 13-week quarterly performance metrics of our specialty and center-of-the-plate categories during fiscal 2017 are as follows:

       
  As Currently Reported   As Previously Reported
  Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
Growth Metrics                              
Organic Case Count Growth 4.4 %   5.7 %   2.5 %   3.4 %   6.0 %   6.4 %   3.6 %   4.4 %
Organic Case Count Growth Net of Chicago Attrition N/A     N/A     5.0 %   5.7 %   N/A     N/A     5.2 %   5.8 %
Pounds Sold Growth 4.4 %   4.5 %   3.7 %   5.9 %   1.3 %   1.2 %   (1.2 )%   (0.6 )%
Inflation Metrics                              
Specialty 0.7 %   2.7 %   4.1 %   3.8 %   1.1 %   4.3 %   5.3 %   4.2 %
Center-of-the-Plate (formerly Protein) 0.8 %   4.3 %   4.5 %   (1.1 )%   (0.6 )%   2.8 %   5.1 %   0.7 %
Year-Over-Year Change in Gross Profit Margin (basis points)                              
Specialty 45     23     29     105     26     12     (12 )   70  
Center-of-the-Plate (formerly Protein) 13     5     (35 )   (150 )   42     12     (3 )   (190 )

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Source: The Chefs' Warehouse, Inc.