Business
The Simply Good Foods Company Reports Fiscal Third Quarter 2024 Financial Results and Updates Full Fiscal Year 2024 Outlook
DENVER, June 27, 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, June 27, 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 thirteen and thirty-nine weeks ended May 25, 2024. The Company completed the acquisition of Only What You Need, Inc. (\"OWYN\") on June 13, 2024, therefore, fiscal third quarter 2024 results exclude the performance of this brand. The reference to \"legacy\" Simply Good Foods in this press release encompasses Simply Good Foods' business excluding OWYN. Third Quarter Summary:(1) Net sales of $334.8 million versus $324.8 millionNet income of $41.3 million versus $35.4 millionEarnings per diluted share (“EPS”) of $0.41 versus $0.35Adjusted Diluted EPS(2) of $0.50 versus $0.44Adjusted EBITDA(4) $71.9 million versus $66.6 million Full fiscal year 2024 Net Sales and Adjusted EBITDA(3) outlook(4): Reaffirm “legacy” Simply Good Foods, excluding OWYN, net sales outlook for the full fiscal year Net sales expected to increase around the mid-point of the Company’s long-term algorithm of 4-6%, including the benefit of a fifty-third week. OWYN net sales are expected to be in the $25-30 million range Total Simply Good Foods Adjusted EBITDA(3), expected to increase about 8% versus a previous 6-8% “Simply Good Foods third quarter results were led by continued Quest growth, improving Atkins marketplace trends as well as strong gross margin performance,” said Geoff Tanner, President, and Chief Executive Officer of Simply Good Foods. “Third quarter retail takeaway of 5.0%(5) was slightly greater than our expectations and, as expected, outpaced net sales growth of 3.1%. Gross margin improvement in the quarter, a 320 basis points increase versus last year, enabled investments in our business and solid earnings growth. Quest retail takeaway was on track with our plans, driven by strong salty snacks growth. We are pleased with the new Quest advertising that aired in March which we believe is a lever to increase household penetration. The Atkins revitalization plan is on track with some elements of the plan in market now and all elements to be in market during the second half of fiscal year 2025.” “I am very pleased we completed the acquisition of OWYN on June 13, 2024. We believe this represents a strate...