Oliver's Real Food (ASX: $OLI) Financial Performance Update

Oliver's Real Food Limited (ASX: $OLI) has released its combined unaudited financials for January & February 2024, comparing them to the forecast from the announcement on 17 January 2024. The company met its obligation to report actual results compared to the forecast for the final 2-month period. Additionally, the Board announced the closure of the unprofitable Hexham store on 8 March 2024 due to its location and the impact of Covid.

Executive Commentary

The store at Hexham, catering predominantly to morning commuter traffic, has been unprofitable for a long period, especially since the onset of Covid. Despite efforts, the financial viability of the store no longer met our performance benchmarks, and with no prospect of reduced rent from the Landlord, the Board made the decision to close the store. We will provide a comprehensive commentary on our March 2024 quarter trading performance when we release our Appendix 4C next month.

Summary

Oliver's Real Food (ASX: $OLI) has fulfilled its obligation to report actual financial results compared to the forecast for January & February 2024. The closure of the Hexham store, attributed to its unprofitability due to location and the impact of Covid, reflects the company's commitment to maintaining financial viability. The upcoming release of the Appendix 4C next month will provide further insights into the company's trading performance for the March 2024 quarter.