Business
The Simply Good Foods Company Reports Fiscal Fourth Quarter And Full Fiscal Year 2021 Financial Results and Provides Full Year 2022 Outlook
DENVER, Oct. 22, 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, Oct. 22, 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 and fifty-two weeks ended August 28, 2021. The Company’s fiscal fourth quarter 2021 and full year results include Quest results for the full period. The Company’s fiscal fourth quarter 2020 results include thirteen weeks of Quest and about forty-two weeks for the prior year. Fourth Quarter Highlights:(1) Net sales increased 16.9% driven by solid Atkins and Quest performanceGross profit margin of 40.2%, an increase of 60 basis pointsNet income(2) of $18.2 million versus a net loss(2) of $39.3 millionEarnings per diluted share(2) of $0.19 versus a loss per diluted share of $(0.41)Adjusted Diluted EPS(3) of $0.29 versus $0.20Adjusted EBITDA(4) increased 30.9% to $48.5 millionFull year fiscal 2022 outlook: Net sales expected to increase 8-10% versus fiscal year 2021, including a 1 percentage point headwind related to the European business exitAdjusted EBITDA(4,6) anticipated to increase slightly greater than the net sales growth rateAdjusted Diluted EPS(3,6) expected to increase greater than the Adjusted EBITDA(4,6) growth rate “I’m pleased with our fourth quarter and fiscal 2021 performance as our team executed well against our plan under improving, yet challenging circumstances,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “We delivered solid sales and earnings growth, increased gross margin in an inflationary environment and instituted a price increase, effective in September, to address supply chain cost inflation in fiscal 2022.” “Fourth quarter fiscal 2021 net sales growth was driven by increasing household penetration, improving shopper trips and greater consumer mobility versus the year ago period. Total Simply Good Foods retail takeaway for the thirteen weeks ended August 28, 2021, increased 18.7% in the U.S. measured channels of IRI MULO + Convenience Stores and, as expected, resulted in retail dollar sales similar to last quarter. The Company estimates that its U.S. retail takeaway growth rate in unmeasured channels was about the same as measured channels driven by solid Quest e-commerce performance. Atkins and Quest fiscal f...