Business
The Simply Good Foods Company Reports Fiscal Third Quarter 2022 Financial Results
DENVER, June 30, 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, June 30, 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 thirty-nine weeks ended May 28, 2022. Third Quarter Highlights:(1) Net sales increased 11.5%Net income(2) of $38.8 million versus $5.9 millionEarnings per diluted share (“EPS”)(2) of $0.38 versus $0.06Adjusted Diluted EPS(3) of $0.44 versus $0.43Adjusted EBITDA(4) $63.3 million versus $67.5 millionFull fiscal year 2022 outlook: Net sales expected to increase 14-15%, the Company's previous outlook was for net sales growth of 13-15%Adjusted EBITDA(4,6) expected 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 third quarter financial results and the solid marketplace performance of our business that continues to be driven by our focus on growth and ability to execute effectively in a challenging operating environment,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “Net sales increased 11.5% and combined measured and unmeasured channel U.S. retail takeaway growth was about 15%, in line with the core North America net sales increase. The net sales increase in the quarter was greater than our expectation due to better than anticipated retail takeaway growth and higher customer inventory that was not drawn down during the quarter. In the third quarter, supply chain costs were greater than the year ago period and in line with our expectations.” “As we enter the fourth quarter of fiscal 2022, our year-to-date results position us to deliver on our goals. Our customer service levels are solid and our discussions with key customers continue to be collaborative and focused on driving growth. We anticipate that full year fiscal 2022 net sales will increase 14-15% and continue to expect Adjusted EBITDA to increase slightly less than the net sales growth rate. Due to the year-to-date higher than usual customer inventory levels, we expect fourth quarter net sales performance to be below the anticipated retail takeaway increase of high-single digits on a percentage basis versus last year. We have good visibility into our ...