08:03 AM EDT, 07/16/2024 (MT Newswires) -- Goodfood Market Corp. ( GDDFF ) , a Canadian online meal solutions company, on Tuesday said it swung to third quarter profit, even as net sales fell.

The company reported net income of $0.31 million, compared with a net loss of $1.16 million, last year.

Net sales fell 8% to $38.5 million, from $42 million, and missed a Capital IQ consensus forecast of $40.16 million. Goodfood said the decrease was due to fewer active customers, as the company focuses on more profitable customers, partially offset by an increase in average order value.

The improvement in net income was mainly the result of lower wages and salaries, the company added.