Business
The Simply Good Foods Company Reports Fiscal Second Quarter 2022 Financial Results and Updates Full Fiscal Year 2022 Outlook
DENVER, April 06, 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, April 06, 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 twenty-six weeks ended February 26, 2022. Second Quarter Highlights:(1) Net sales increased 28.7%Net income(2) of $18.5 million versus a net loss of $26.2 millionEarnings (loss) per diluted share (“EPS”)(2) of $0.18 versus $(0.27)Adjusted Diluted EPS(3) of $0.36 versus $0.25Adjusted EBITDA(4) increased 27.1% to $54.2 million Updates full fiscal year 2022 outlook: Net sales expected to increase 13-15% versus fiscal year 2021, including a 2 percentage point headwind related to the European business exit and Quest frozen pizza licensingAdjusted EBITDA(4,6) anticipated to increase slightly less than the net sales growth rateAdjusted Diluted EPS(3,6) expected to increase greater than the Adjusted EBITDA(4,6) growth rate “We are pleased with our second quarter results as our business delivered another quarter of strong sales and earnings growth,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Goods Foods. “Retail takeaway was in line with our expectations and the price increase instituted last quarter is tracking in line with our estimates and partially offsetting supply chain cost inflation. However, total net sales and earnings growth was greater than our forecast due to the timing of shipments to support earlier than anticipated third quarter retail customer programs.” Total Simply Good Foods retail takeaway for the thirteen weeks ended February 27, 2022, increased 19.6% in the U.S. measured channels of IRI MULO + Convenience Stores and was in line with expectations. The Company estimates its U.S. retail takeaway growth rate in unmeasured channels increased low double-digits on a percentage basis versus last year. As expected, due to strong performance in the year ago period, the growth rate in unmeasured channels moderated. Atkins and Quest fiscal second quarter 2022 retail takeaway in measured channels increased 6.4% and 40.1%, respectively, and each brand gained market share in their respective subsegments of weight management and active nutrition. “Our strong performance in the first half of the year, combined with marketing, customer progra...