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The Simply Good Foods Company Reports Fiscal First Quarter 2025 Financial Results and Reaffirms Fiscal Year 2025 Outlook
DENVER, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (Nasdaq: SMPL) (“Simply Good Foods,” or the “Company”), a developer, marketer and
About this update from The Simply Good Foods Company
[{"type":"text","content":"DENVER, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The Simply Good Foods Company (Nasdaq: SMPL) (“Simply Good Foods,” or the “Company”), a developer, marketer and seller of branded nutritional foods and snacking products, today reported financial results for the thirteen weeks ended November 30, 2024. The acquisition of Only What You Need, Inc. (\"OWYN\") was completed on June 13, 2024. Therefore, the Company's year ago performance for the thirteen weeks ended November 25, 2023, does not include results of the OWYN business. The reference to \"organic\" or \"legacy\" Simply Good Foods in this press release encompasses Simply Good Foods' business excluding OWYN. First Quarter Summary:(1) Net sales of $341.3 million versus $308.7 millionNet income of $38.1 million versus $35.6 millionEarnings per diluted share (“EPS”) of $0.38 versus $0.35Adjusted Diluted EPS(2) of $0.49 versus $0.43Adjusted EBITDA(3) $70.1 million versus $62.0 million Reaffirm Fiscal Year 2025(4) Outlook: Net sales expected to increase 8.5% to 10.5%Adjusted EBITDA(3) expected to increase 4% to 6%The fifty-third week in fiscal year 2024 comparison year is about a 2-percentage point headwind to both Net Sales and Adjusted EBITDA growth in fiscal year 2025 and is incorporated in the outlook above. \"We continue to see increased relevance and \"mainstreaming\" of nutritional snacking products as consumers seek high protein, low-sugar, low-carb foods. This resulted in strong first quarter retail takeaway growth for both the category and Simply Good Foods,\" said Geoff Tanner, President and Chief Executive Officer of Simply Good Foods. \"Simply Good Foods first quarter retail takeaway was about 8%, representing a good start to the year and positions us well to deliver on our fiscal year 2025 plans and commitments. Net sales growth of 10.6% was primarily driven by the OWYN acquisition. Gross margin was better than our estimate and resulted in strong Adjusted EBITDA growth of 13.1%.\" “As we exited the first quarter, Quest chips capacity returned to optimal levels, and we now have the capability to support merchandising and programming as well as increased distribution for these products. We have strong marketing plans in place to support all our brands in the upcoming \"New Year, New You\" season that should result in solid overall volume driven growth. With three uniquely posit...