CEO Walker Kinman commented: “The emergence from the pandemic, a pent-up desire for traveling and visiting restaurants, and household spending affected by soaring inflation have affected e-commerce overall, and online groceries in particular, during the quarter. This development has led to a decline in Net Sales and lower new-customer acquisition rates for LMK Group. However, we have also noted an increased order frequency and average order value, proving an improvement in customer cohort quality. We have continued to develop our organization, invest in tech and drive our product innovation during the quarter, and are now focusing on establishing complementary growth avenues while adjusting our cost structure to match market realities.”