Business
Freshpet, Inc. Hosts Investor Day
Announces Plan to Convert 5 Million More Households to Freshpet by the end of 2025 SECAUCUS, N.J., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Freshpet, Inc.
About this update from Freshpet, Inc.
[{"type":"text","content":"Announces Plan to Convert 5 Million More Households to Freshpet by the end of 2025\nSECAUCUS, N.J., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) today held an Investor Day where it outlined its updated strategic plan, “Feed the Growth: 5 by the end of 2025.” The plan calls for continuing Freshpet’s strong growth by increasing its U.S. household penetration from 3 million households in 2019 to 8 million households by the end of 2025. In doing so, the Company expects to generate $1 billion in net sales in 2025. \n The Company also announced: A nearly tripling in its estimate of the Total Addressable Market since it last calculated an estimate in late 2016. The Company now believes that there are 20 million Prime Prospects for Freshpet versus 7.5 million in 2016.Its intention to build the largest Freshpet Kitchen in Ennis, Texas. The first phase of the facility will be approximately 400,000 square feet and is expected to open in 2022. A second phase will increase the size of the facility to approximately 600,000 square feet and the total site would then employ more than 400 people. In combination with the current Freshpet Kitchens in Bethlehem, PA, the total Freshpet capacity would exceed $1 billion in net sales when fully constructed. The launch of some innovative new products, including a food offering for dogs with Sensitive Skin and Stomachs.How it will create and leverage financial and strategic advantages through the increased scale of the business.How it is addressing its responsibility to the environment as part of its Pets. People. Planet. Initiative. Its net sales and earnings guidance for 2020. The Company intends to invest in incremental marketing support, organizational capability and capacity expansion efforts in 2020 in order to fulfill the potential of Freshpet and its mission of changing the way people feed their pets forever. Investor Day & Earnings Presentation Webcast Information As previously announced, Freshpet will host a webcast and presentation at 8:00 a.m. ET with members of the leadership team to discuss this information along with its fourth quarter and full year 2019 financial results. Please visit the “Investors” section of Freshpet’s website at www.freshpet.com to access the live webcast and presentation. The webcast will be available in listen-only mod...