Inflation has continued to eat away at My Food Bag’s earnings, with deliveries of its meal boxes down 11.8 per cent in January, compared with a year ago.
In the year to January, its revenue was down 8 per cent and earnings down 39.2 per cent.
“Trading in financial year ‘23 has remained challenging, with inflationary pressure on households and low consumer confidence resulting in more subdued demand,” chief executive Mark Winter said.
“These challenges have continued through the traditional “win back” period following the summer holidays, with lower than forecast trading continuing since the two recent long weekends.”
The company issued a downgrade to the market on Friday morning, expecting earnings for the full year to be between $17 million and $19m.