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The Simply Good Foods Company Reports Fiscal Fourth Quarter And Full Fiscal Year 2022 Financial Results and Provides Full Fiscal Year 2023 Outlook
DENVER, Oct. 21, 2022 (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. 21, 2022 (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 27, 2022. Fourth Quarter Summary:(1) Net sales increased 5.5%Net income(2) of $30.1 million versus $18.2 millionEarnings per diluted share (“EPS”)(2) of $0.30 versus $0.19Adjusted Diluted EPS(3) of $0.36 versus $0.29Adjusted EBITDA(4) $51.0 million versus $48.5 million Full fiscal year 2023 outlook: Net sales expected to increase slightly greater than the Company's long-term algorithm of 4-6%, including a headwind of almost 1 percentage point related to the fiscal year 2022 frozen pizza licensingAdjusted EBITDA(4,6) anticipated to increase in line with the net sales growth rate Board of Directors approves $50 million increase to share repurchase authorization “Fiscal 2022 was another successful year for our Company as we exceeded our top and bottom line growth expectations, despite the significant external challenges we faced throughout the year,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “I’m extremely proud of our employees who showed tremendous tenacity and adaptability to overcome those challenges. Due to their efforts, we achieved another strong year of revenue, earnings and market share growth.” “As we look to fiscal 2023, we believe we will build on our momentum and deliver another year of solid net sales and earnings growth. The company is uniquely positioned within the nutritional snacking category to succeed in a challenging economic environment. While early, first quarter fiscal 2023 retail takeaway performance is off to a good start. Despite a slowing economy, we remain cautiously optimistic. Our brands are well developed in the mid to upper income households, there are not meaningful private label alternatives, and we are well positioned in the mass retail channels that typically do better as shoppers seek out value. Therefore, we expect net sales to increase slightly greater than our 4-6% long-term algorithm, including a headwind of almost 1 percentage point related to the previously discussed agreement to license the Quest frozen pizza business.” “We continue to expect supply chain c...