The Very Good Food Company Inc (NASDAQ: VGFC) stock price rallied 25% today, reversing yesterday’s 18% decline as investors reacted positively to news that the company had signed a distribution agreement with Wegmans Food Markets stores in the United States.
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According to the news report released yesterday, The Very Good Butchers brand products will now be available at 107 Wegmans Food Market stores across the United States. Investors cheered the announcement to bring the company’s butcher products to more customers.
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The Very Good Food Company also revealed that it had increased its product placements within its existing network of retailers, including Farm Boy, Save-On-Foods, and The Giant Company. As a result, the firm has over 3,000 distribution points across the United States.
The company announced on Thursday, December 1, 2022, a new partnership with Albertsons that would see its Maple Bourbon Ribz, Butchers Smokey and the Very Good Steak displayed in the freezer sections of 7 Albertsons Divisions at 900 stores adding 2,700 new distribution points.
The Albertsons partnership will come into effect on January 1, 2023, increasing the company’s target audience substantially when combined with the Wegmans deal.
The Very Good Food Company has also increased its presence in the retailers already part of its distribution network. The company has expanded its presence at 168 Save-On-Foods locations, one of the largest grocery retail chains in Western Canada. Furthermore, the retailer has increased the company’s SKU count from 5 to 9, with 1,260 distribution points.
Furthermore, Farm Boy has increased the SKU count of the Very Good products from 7 to 14 at 44 locations in Ontario with 616 distribution points. In addition, the retailer is merchandising VERY GOOD’s gluten and soy-free Butcher’s Select line within its plant-based protein division.
Investor interest in Very Good Food’s shares remains high, with over 10.88 million shares changing hands at the time of publishing.
*This is not investment advice.
Very Good Food (VGFC) stock price.
The Very Good Food (VGFC) stock price rallied 25% to trade at $0.1000, rising from Tuesday’s closing price of $0.800.
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