08:37 AM EDT, 04/16/2024 (MT Newswires) -- Goodfood Market ( GDDFF ) , a Canadian online meal delivery company, on Tuesday reported a more than 10-fold increase in profit on operational efficiencies, reduced food and product costs, and lower wages and salaries.

Net income was $1.4 million for the three months ended March 2, compared with $98,000 in the same quarter last year. Sales fell about 5% to $39.8 million from $42 million due to a decrease in the number of active customers.

Goodfood said there is scope for additional penetration of meal kits into Canadian households, with recent industry research estimating the Canadian meal kit market will grow at a compound annual growth rate of about 15% through 2028.