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Aug 26, 2023
Simply Good Foods Q4 2023 Earnings Report
Reported fiscal fourth quarter and full fiscal year 2023 financial results and provided full fiscal year 2024 outlook.
Key Takeaways
Simply Good Foods reported a strong fourth quarter with net sales increasing by 16.9% to $320.4 million, net income increasing to $36.6 million, and adjusted diluted EPS increasing to $0.45. The company's performance was driven by volume and pricing improvements, as well as gross margin expansion due to lower ingredient and packaging costs.
Net sales increased by 16.9% to $320.4 million.
Net income increased to $36.6 million, compared to $30.1 million for the comparable period of fiscal 2022.
Earnings per diluted share increased to $0.36, compared to $0.30 in the year ago period.
Adjusted EBITDA increased to $67.3 million, versus $51.0 million in the year ago period.
Simply Good Foods
Simply Good Foods
Forward Guidance
Simply Good Foods expects net sales to increase at the high end of its long-term algorithm of 4-6%, including the benefit of a fifty-third week. Adjusted EBITDA is anticipated to increase slightly greater than the net sales growth rate.
Positive Outlook
- Net sales expected to increase at the high end of the Company's long-term algorithm of 4-6%, including the benefit of a fifty-third week.
- Adjusted EBITDA anticipated to increase slightly greater than the net sales growth rate.
- Sales growth to be driven by volume.
- Strong advertising and marketing plans in place.
- Innovation, merchandising and promotions that should drive solid, overall, financial and marketplace results.