Business
The Simply Good Foods Company Reports Fiscal Second Quarter 2021 Financial Results; Provides Full Fiscal Year 2021 Outlook
DENVER, April 07, 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, April 07, 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 twenty-six weeks ended February 27, 2021. The Company’s fiscal second quarter 2021 and year-to-date period results include Quest results for the full period. The Company's fiscal second quarter 2020 results include thirteen-weeks of Quest and about twenty-three weeks for the year-to-date period. Highlights:(1) Net sales increased 1.5% driven by strong e-commerce and Quest performanceNet income of $19.1 million versus $10.7 millionEarnings per diluted share (“EPS”) of $0.19 versus $0.11Adjusted Diluted EPS (3) of $0.25 versus $0.23Adjusted EBITDA(2) increased 2.2% to $42.6 millionProvides full fiscal year 2021 outlook: Net Sales expected to be in the $930-940 million rangeAdjusted EBITDA(2) expected to be in the $180-185 million range “In the second quarter we executed well against our initiatives driving sales and earnings growth in a challenging operating environment due to continued reduced consumer mobility related to COVID-19,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “Retail takeaway in measured channels was slightly better than the last quarter and our e-commerce momentum continued. Our earnings growth and strong cash flow have provided us with flexibility to invest in our business and deleverage. Our fiscal third quarter is off to a good start and we’re positioned well to deliver on our plans over the remainder of the fiscal year.” Fiscal Second Quarter 2021 Results Net sales increased $3.5 million, or 1.5%, to $230.6 million. The core North America and international net sales increase contributed 1.0% and 1.7%, respectively, to total Company growth and the SimplyProtein® brand divestiture and the European business exit were a combined 1.2% headwind. As expected, trade promotion expense was greater than last year supporting higher levels of in-store merchandising and display. Additionally, as discussed last quarter, second quarter net sales were affected by the timing of shipments related to the seasonal inventory build by certain retailers that occurred in the first quarter. Total Simply Good Foods retail takeaway fo...