Everything Fresh Q1 profit falls one-third as Melissa fallout and costs weigh on margins

Food distributor Everything Fresh Ltd said first-quarter profit for the period ending March 2026 fell by roughly one-third, even as tighter control over what it owes suppliers helped push cash holdings close to double last year's level.

Managing Director Courtney Pullen, in remarks ahead of the financial statements, said: "The quarter's performance was positive, though we are still experiencing lingering impacts of events surrounding Hurricane Melissa in late October 2025."

Revenue for the quarter reached $1.09 billion, up 3.2 per cent from the same period in 2025. The increase offered limited but real forward movement for a company still dealing with temporary shutdowns and fewer arrivals linked to the tourism sector. Stronger sales were largely offset on the bottom line. Net profit stood at $28.5 million, compared with $42.5 million a year earlier. Pullen still described the result as encouraging.

Cash at banks, including short-term investments, rose to $252.5 million from $133.3 million twelve months before. Operating cash flow turned positive at $121.4 million, a sharp reversal from the negative $8.7 million recorded in the prior-year quarter. Management attributed much of the shift to how supplier payables were handled, which produced a net cash benefit in the quarter where the comparable period had seen an outflow. Payables on the balance sheet totalled $694.3 million, up from $469.2 million a year earlier.

Pullen added: "We will remain resilient and continue focusing on achieving our targets for the year, delivering value and growth for all shareholders."

Total assets grew to $2.1 billion, a 20 per cent year-on-year increase, led by a 40 per cent jump in inventory to $1.0 billion. That build-up fits restocking and a wider push into retail distribution that Pullen has previously outlined to the Financial Gleaner.

Total borrowings increased to $779.2 million from $659.3 million. The debt mix changed sharply: most loans are now due within a year, leaving only $30.8 million in long-term debt, down from $407.9 million a year ago. The company ended the quarter with capital of $561.5 million, up from $538.6 million.