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Simply Good Foods Company (Nasdaq: SMPL) reported its financial results for the second quarter ended February 25, 2023. The Company achieved net sales of $296.6 million, nearly unchanged from last year. Net income rose to $25.6 million compared to $18.5 million in the previous year, resulting in earnings per diluted share of $0.25, up from $0.18. However, the gross margin declined to 34.6% due to rising supply chain costs. The Company reaffirmed its full-year sales outlook of slightly over 4-6% growth, though gross margin is expected to decline more than previously anticipated. Adjusted EBITDA for the year is projected to grow, but at a lesser rate than net sales.
The Simply Good Foods Company (NASDAQ: SMPL) has announced it will release its financial results for the 13-week fiscal second quarter ending February 25, 2023, on April 5, 2023, before market opening. A conference call will follow at 6:30 a.m. Mountain time (8:30 a.m. Eastern), featuring CEO Joseph E. Scalzo and CFO Shaun P. Mara. Investors can participate via a U.S. dial-in number or internationally. The conference will also be streamed live on the company’s website, with a replay available for two weeks after the call.
The Simply Good Foods Company (NASDAQ: SMPL) has announced a CEO succession plan, naming Geoff Tanner as President, COO, and CEO Elect effective April 3, 2023, succeeding Joseph E. Scalzo on July 7, 2023. Scalzo will transition to Executive Vice Chair of the Board and will serve until August 31, 2024. Under Scalzo's leadership, the company experienced significant growth, increasing net sales from $369 million in 2016 to nearly $1.2 billion in 2022, achieving a 21.2% CAGR. Tanner brings over 20 years of experience in the food industry, previously with The J.M. Smucker Company, and is expected to drive continued growth and innovation at Simply Good Foods.
The Simply Good Foods Company (Nasdaq: SMPL) reported a 7.0% increase in net sales to $300.9 million for Q1 FY2023. Net income rose to $35.9 million, while earnings per diluted share increased to $0.36. However, gross profit declined by $5.6 million to $111.0 million, with a gross margin of 36.9%. The company reaffirmed its fiscal 2023 guidance, expecting net sales to grow slightly above the long-term 4-6% target. Challenges in logistics and contract manufacturing costs were noted, although an improved outlook for ingredient costs in H2 FY2023 was mentioned.
The Simply Good Foods Company (NASDAQ: SMPL) will report its fiscal first quarter results for the 13 weeks ending November 26, 2022, on January 5, 2023, before market open. A conference call will be held at 6:30 a.m. MT (8:30 a.m. ET) to discuss these results, featuring CEO Joseph E. Scalzo and CFO Shaun P. Mara. Interested investors can listen in via phone or through the company’s website. A replay of the call will be available until January 19, 2023.
The Simply Good Foods Company (NASDAQ: SMPL) announced the appointment of Shaun Mara as Chief Financial Officer, effective October 27, 2022. Previously the CFO of Atkins Nutritionals, Mara has extensive financial experience. He succeeds Todd E. Cunfer, who is resigning for personal reasons but will assist in the transition. Joseph E. Scalzo, CEO, expressed confidence in Mara's capabilities to drive sustainable growth. The company focuses on nutritional foods and plans to expand its wellness platform and snacking innovation.
The Simply Good Foods Company (Nasdaq: SMPL) reported a 5.5% increase in net sales to $274.2 million for Q4 2022, with net income rising to $30.1 million from $18.2 million, resulting in Earnings per Share (EPS) of $0.30. For fiscal 2022, net sales grew 16.2% to $1.17 billion. The company anticipates net sales growth exceeding 4-6% in fiscal 2023, despite challenges like supply chain cost inflation. A $50 million increase in share repurchase authorizations was also approved.
