05:25 PM EDT, 05/02/2024 (MT Newswires) -- Colabor Group ( COLFF ) on Thursday said its first-quarter loss widened on lower sales.

The company said it lost C$1.78 million, or C$0.02 per share, in the period, compared with a loss of C$0.16 million. or nil, in the year prior quarter.

Revenue fell 2% to C$131.2 million from C$133.92 million.

"During the first quarter, the restaurant industry was directly affected by a more difficult macroeconomic environment. The efforts of recent years dedicated to diversifying our clientele and penetrating new territories allow us to mitigate the effect of the weakness felt. Thus, the contribution of new customers and the growth in purchasing volume among certain customers of our distribution activities allow us to mitigate the effect of the drop in volume observed in our wholesale and distribution activities among customers of the restaurant industry," chief executive Louis Frenette said in a statement.

Colabor ( COLFF ) is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets in Quebec and in the Atlantic provinces, as well as the retail market.