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The Simply Good Foods Company Reports Fiscal Fourth Quarter and Full Fiscal Year 2024 Financial Results and Provides Full Fiscal Year 2025 Outlook
DENVER, Oct. 24, 2024 (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, Oct. 24, 2024 (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 fourteen and fifty-three weeks ended August 31, 2024. The acquisition of Only What You Need, Inc. (\"OWYN\") was completed on June 13, 2024; therefore, the Company's fourth quarter and full fiscal year 2024 results include approximately eleven weeks of OWYN performance. The reference to \"legacy\" Simply Good Foods in this press release encompasses Simply Good Foods' business excluding OWYN. Fourth Quarter Summary:(1) Net sales of $375.7 million versus $320.4 millionNet income of $29.3 million versus $36.6 millionEarnings per diluted share (“EPS”) of $0.29 versus $0.36Adjusted Diluted EPS(2) of $0.50 versus $0.45Adjusted EBITDA(3) $77.5 million versus $67.3 million Full Fiscal Year 2025(3,4) Outlook: Net sales expected to increase 8.5% to 10.5% OWYN full fiscal year 2025 Net Sales expected to be in the $135-145 million range Adjusted EBITDA(3) expected to increase 4% to 6%The fifty-third week in the fiscal 2024 comparison year is about a 2-percentage point headwind to both Net Sales and Adjusted EBITDA growth in full year fiscal 2025 and is incorporated in the outlook aboveAssuming a comparable full year of OWYN results are included in fiscal 2024, as well as the exclusion of the fifty-third week in fiscal 2024, fiscal 2025 is expected to be in line with the Company's long-term algorithm; net sales growth in the 4-6% range and Adjusted EBITDA growth slightly greater than the net sales increase \"In fiscal 2024, the Simply Good Foods team delivered on our strategic initiatives driving solid retail takeaway gains that resulted in full year volume driven legacy(5) net sales growth of about 5% and an increase of Adjusted EBITDA of nearly 10%,\" said Geoff Tanner, President and Chief Executive Officer of the Company. \"OWYN marketplace momentum was strong and the brand's fourth quarter net sales and earnings contribution to the Company's overall results was at the high end of our estimates. Fourth quarter legacy(5) net sales increased 8.1%, including the benefit of the extra week, and combined with solid cost controls, resulted in strong gross margin and total Company Adjusted EBITDA ...