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The Simply Good Foods Company Reports Fiscal First Quarter 2021 Financial Results; Updates Fiscal First Half of Year 2021 Outlook
DENVER, Jan. 06, 2021 (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. 06, 2021 (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 28, 2020. Year ago amounts for the first quarter ended November 30, 2019 represents thirteen weeks of legacy Atkins and approximately three weeks of Quest Nutrition, LLC (“Quest”). The Company’s references to “legacy Atkins” in this press release encompasses Simply Goods Foods’ business excluding Quest. Highlights:(1) Net sales increased 51.9% driven by the Quest acquisitionNet income of $22.5 million versus a net loss of $4.8 millionEarnings (loss) per diluted share (“EPS”) of $0.23 versus $(0.05)Adjusted Diluted EPS (3) of $0.29 versus $0.22 Adjusted EBITDA(2) increased 53.2% to $48.7 millionOutlook for the first half of fiscal 2021 updated: Net Sales expected to be in the $455-465 million range, greater than the previous estimate of $425-435 millionAdjusted EBITDA(2) expected to be in the $85-90 million, greater than the previous estimate of $77-82 million “We are pleased that our fiscal first quarter performance exceeded our expectations despite the ongoing challenges of operating in the COVID-19 environment,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “We delivered another quarter of sequential improvement in both net sales and earnings driven primarily by strong e-commerce growth, retail takeaway that exceeded our expectations and the timing of shipments related to the seasonal inventory build by certain retailers.” “Total Simply Good Foods retail takeaway for the thirteen weeks ending November 28, 2020, increased 1.4% in the U.S. measured channels of IRI MULO + Convenience Stores, and outpaced the category. We estimate that total Simply Goods Foods U.S. retail takeaway in measured and unmeasured channels increased mid-single-digits, on a percentage basis versus last year, driven by solid Quest measured channel performance and a combined 55% year over year increase of Atkins and Quest within the e-commerce channel. The Atkins and Quest brands are tightly aligned with the consumer mega-trends of both health and wellness and convenience and on-the-go nutrition, attributes that consumers tell us are importan...