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Feb 27, 2021
Simply Good Foods Q2 2021 Earnings Report
Reported financial results for the second quarter of fiscal year 2021 and provided full fiscal year 2021 outlook.
Key Takeaways
Simply Good Foods reported a 1.5% increase in net sales, driven by strong e-commerce and Quest performance. Net income increased to $19.1 million, and adjusted EBITDA increased 2.2% to $42.6 million. The company provided a full fiscal year 2021 outlook with net sales expected to be in the $930-940 million range and Adjusted EBITDA expected to be in the $180-185 million range.
Net sales increased 1.5% driven by strong e-commerce and Quest performance.
Net income was $19.1 million versus $10.7 million.
Earnings per diluted share (“EPS”) was $0.19 versus $0.11.
Adjusted EBITDA increased 2.2% to $42.6 million.
Simply Good Foods
Simply Good Foods
Forward Guidance
Assuming consumer mobility in the United States remains at current levels and broad lockdowns are not reimposed, the Company anticipates full year fiscal 2021 net sales of $930-940 million and Adjusted EBITDA of $180-185 million. The Company anticipates 2021 Adjusted Diluted EPS to be in the range of $1.07 to $1.11 versus $0.91 in 2020.
Positive Outlook
- Overall marketplace trends will improve due to easier year ago comparisons.
- Improving shopping trips in measured channels.
- Increase in consumer mobility.
- Portfolio of brands aligned with consumer mega-trends of both health and wellness, convenience and on-the-go nutrition.
- Solid plans in place for both the Atkins and Quest brands, including, innovation, advertising and in-store merchandising and display that we anticipate will drive solid sales and earnings growth.