05:26 PM EDT, 07/24/2024 (MT Newswires) -- Colabor Group ( COLFF ) Wednesday said its second-quarter profit fell 28% on weaker sales.

The company said it earned $1.66 million, or $0.02 per share, in the period, down from $2.31 million, or $0.02, in the year-prior quarter.

Revenue fell 1.8% to $161.28 million from $164.19 million.

"The contribution of new customers and the growth in purchasing volume among certain customers of the distribution sector allowed us to gain market share and mitigate the effect of the anticipated drop in volume in our wholesale activities and headwinds currently operating in the restaurant industry," chief executive Louis Frenette, said in a statement.

The company's shares closed up $0.04 to $1.31 on the Toronto Stock Exchange.