My Food Bag first-half profit drops by 38%

My Food Bag first-half profit slumped 38% as consumers tighten their wallets and hunt for bargains in a high-inflation environment. The shares hit a record low. The meal-kit company said net profit fell to $5.9 million in the six months to September 30, from $9.4m last year. Revenue slid 4.1% to $94.4m. My Food Bag had previously warned that profit would take a hit this year as consumers tighten their wallets, with more customers choosing the lower margin ‘‘bargain box’’, and smaller bags. Overall deliveries fell 9.4% in the first half to 732,000, although bargainbox deliveries lifted 2.1%. Chief executive Mark Winter said the trend had continued into the second half of the year. The company will pay a firsthalf dividend of 3 cents per share.