Business
Vital Farms Reports Fourth Quarter and Fiscal Year 2020 Financial Results
Net Revenue for the Fiscal Year Up 52%, Third Consecutive Year Achieving Over 30% Topline Growth Gross Profit of $17.6 Million for the Quarter, Gross Margin
About this update from Vital Farms, Inc.
[{"type":"text","content":"Net Revenue for the Fiscal Year Up 52%, Third Consecutive Year Achieving Over 30% Topline Growth Gross Profit of $17.6 Million for the Quarter, Gross Margin up over 900 Basis Points Year-Over-Year Provides Full Year 2021 Outlook AUSTIN, Texas, March 24, 2021 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced pasture-raised foods nationwide, today reported financial results for its fourth quarter and fiscal year ended December 27, 2020. “We entered 2020 with a strong track record of growth in net revenue, household penetration, and retail distribution. We saw each of these metrics grow significantly in 2020 as consumers increased at-home consumption, became even more conscious of their food choices, and voted with their dollars for brands like Vital Farms that prioritize and care for their stakeholders,” said Russell Diez-Canseco, President and CEO, Vital Farms. “Building on our longstanding position as the leading pasture-raised egg brand in the United States, Vital Farms now has an 82% share of retail dollar sales in the U.S. pasture-raised egg market, distribution in over 16,000 stores, and five million households have purchased our high-quality, ethically produced eggs. Additionally, in 2020, we were the largest contributor to the total retail egg category growth by retail dollar sales.” “As we look ahead to the post-pandemic era, I want to be very clear in our belief that Vital Farms is uniquely positioned to address a substantial market opportunity,” Diez-Canseco continued. “We have demonstrated consistent growth in the years prior to and throughout 2020 and are investing significantly in our future—from growing our network of family farms, doubling capacity at Egg Central Station where we wash and pack eggs, launching a new marketing campaign, entering a national foodservice partnership with Acosta, and attracting top talent to join our team. We believe Vital Farms is well-positioned for success in 2021 and beyond.” For the Three Months Ended December 27, 2020 Net revenue increased 30% to $54.0 million in the fourth quarter of 2020 compared to $41.4 million in the fourth quarter of 2019. Growth in net revenue in the fourth quarter of 2020 was driven primarily by volume increases to our distributors and retail partners, and distribution gains in new and existi...