Business
Vital Farms Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Record Fourth Quarter Net Revenue of $77.4 million, up 43.4% versus Prior Year Fiscal Year 2022 Outlook includes 30% Net Revenue Growth AUSTIN, Texas, March
About this update from Vital Farms, Inc.
[{"type":"text","content":"Record Fourth Quarter Net Revenue of $77.4 million, up 43.4% versus Prior Year Fiscal Year 2022 Outlook includes 30% Net Revenue Growth\nAUSTIN, Texas, March 10, 2022 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its fourth quarter and fiscal year ended December 26, 2021. Financial highlights for the fourth quarter and fiscal year 2021 include: Fourth Quarter 2021 Net Revenue increase of 43.4% to a record $77.4 millionFiscal Year 2021 Net Revenue increase of 21.8% to $260.9 millionFiscal Year 2021 Net Income of $2.4 millionFiscal Year 2021 Adjusted EBITDA of $8.0 million1 “2021 was a great year for Vital Farms’ top-line growth, and I want to thank our stakeholders, including our crew members, farmers, suppliers, customers, and consumers, for their role in enabling us to deliver strong performance in Q4, achieving our highest net revenue in a single quarter behind continued robust demand for our products. We made significant gains in retail distribution and increased Vital Farms’ household penetration 15% sequentially to over 6.4 million households. Additionally, our 12-count pasture raised eggs were the number one selling branded egg item in the U.S.2 during the fourth quarter,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued: “Underpinning much of this growth were thoughtful and disciplined marketing investments across every step of the consumer journey and our resilient supply chain, which now includes over 275 family farms, passionate and engaged crew members, and an expanded egg washing and packing facility that will be operational in a few months. We are especially pleased to see this growth while we were working against the backdrop of historic inflation and supply chain complexities that are affecting multiple sectors of the economy.” For the 13 Weeks Ended December 26, 2021 Net revenue increased 43.4% to $77.4 million in the fourth quarter of 2021, compared to $54.0 million in the fourth quarter of 2020. Growth in net revenue in the fourth quarter of 2021 was primarily due to continued growth in egg-related sales, driven by volume increases at our customers, as well as distribution gains at both new and existing retail partners and an increase in butter-related sal...