Business
The Simply Good Foods Company Reports Fiscal Third Quarter 2021 Financial Results; Updates Full Fiscal Year 2021 Outlook
DENVER, July 01, 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, July 01, 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 thirty-nine weeks ended May 29, 2021. The Company’s fiscal third quarter 2021 and year-to-date period results include Quest results for the full period. The Company's fiscal third quarter 2020 results include thirteen-weeks of Quest and about thirty-six weeks for the year-to-date period. Third Quarter Highlights:(1) Net sales increased 32.0% driven by strong Atkins and Quest performanceNet income(2) of $5.9 million versus $48.1 millionEarnings per diluted share (“EPS”)(2) of $0.06 versus $0.17Adjusted Diluted EPS(3) of $0.43 versus $0.26Adjusted EBITDA(4) increased 55.6% to $67.5 million Updates full fiscal year 2021 outlook: Net Sales expected to be in the $995-1,005 million range, greater than the previous estimate of $930-940 millionAdjusted EBITDA(3) expected to be in the $200-205 million range, greater than the previous estimate of $180-185 million “As expected, our third quarter sales and earnings growth improved driven by increasing consumer mobility and improving shopper traffic in brick and mortar retailers versus the year ago period that was pressured by COVID-19 movement restrictions,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “Our results were solid across all forms, although the resurgence of bars was greater than our expectations. As we have previously stated, there is a high correlation of mobility to the consumption of our brands. As shopper traffic within brick and mortar retailers, particularly in the mass and convenience store channels improved, our business, particularly bars, improved as well. The diversification of our portfolio across forms, customers and retail channels demonstrates the advantages of our business model and multiple ways for us to win in the marketplace.” “We were pleased with our earnings and margin growth in the third quarter, however, as we discussed last quarter we do expect higher raw materials and freight costs starting in the fourth quarter and in fiscal 2022. Given the anticipated inflation next year, in June, we notified customers of our plans to institute a price increase effec...