My Food Bag chairman Tony Carter says stabilising demand a positive sign

My Food Bag says its customer base has stabilised and it is poaching market share from its major competitor, HelloFresh.

My Food Bag says its customer base has stabilised and it expects to pay interim and full-year dividends in the 2025 financial year.

At the meal kit company’s annual meeting, chairman Tony Carter said the company is poaching market share from its major competitor, HelloFresh.

At 3pm, shares traded up 1.66% at 18.4 cents on light volumes.

“We’ve had an encouraging start to the year with the first 20 weeks of trading broadly in line with the prior year,” Carter said in his address. “Active customers of 60,100 while net sales are down around 1.6%.”

‘Challenging consumer backdrop’

Jarden retail analyst Guy Hooper said demand is “finding its floor post-pandemic”.

“This is as challenging a consumer backdrop as we’ve seen ... to see stabilising demand in this environment is a positive sign.”

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