Simply Good Stock Price, News & Analysis

The Simply Good Foods Company (Nasdaq: SMPL) has appointed Mike Clawson as Chief Customer Officer (CCO), effective October 14, 2024. This strategic move aligns with the company's growth plan, focusing on an enhanced selling model and multi-year growth plans with key customers. Clawson, a CPG veteran with 25 years of experience, will report directly to CEO Geoff Tanner.

Clawson's appointment comes as part of Simply Good Foods' efforts to expand its leadership in the nutritional snacking category. He replaces Jill Short, who is departing after 17 years with the company. The company reports that the integration of the OWYN business is progressing well, and it is on track to meet its fiscal 2024 financial objectives.

Atkins, a pioneer in low-carb lifestyle, has launched the 'Atkins Way' campaign featuring Rob Lowe, alongside new product innovations. The campaign aims to offer a joyful approach to eating and freedom from dieting. New products include:

1. Atkins Strong High Protein Shakes: 30g protein, 7g prebiotic fiber, 2g net carbs
2. Coffee House Collection Latte Meal Bars: 15g protein, 2g sugar, 4 net carbs
3. Atkins Endulge Truffles: 2g net carbs per serving
4. Atkins Endulge Gummy Bears: <1g sugar, 2 net carbs

These products are designed to support weight wellness journeys and align with a balanced lifestyle.

Quest Nutrition has launched its new Quest™ Bake Shop line, featuring Chocolate Brownies, Blueberry Muffins, and Chocolate Chip Muffins. This marks the brand's first venture into the bakery category, offering treats that are high in protein and low in sugar and net carbs. Each serving contains 10g of protein, 2-3g of net carbs, and less than 2g of sugar.

The new line aims to provide indulgent options that support a healthy lifestyle while delivering the macronutrients consumers seek. Quest™ Bake Shop products are now available at major retailers including Amazon, Walmart, Target, and Kroger. This launch aligns with Quest's mission to turn snacks into nutritional hacks, making it easier for consumers to enjoy classic flavors while supporting their health goals.

The Simply Good Foods Company reported its fiscal third quarter 2024 results on June 27, 2024. Net sales increased 3.1% to $334.8 million, driven by Quest volume. Net income rose to $41.3 million, with diluted EPS at $0.41. Adjusted diluted EPS was $0.50, and adjusted EBITDA reached $71.9 million. For the full fiscal year, the company anticipates net sales growth around the mid-point of its 4-6% target and adjusted EBITDA growth of about 8%. The acquisition of Only What You Need (OWYN) is expected to contribute $25-30 million in net sales for fiscal 2024. Gross margin improved by 320 basis points to 39.9% due to lower ingredient and packaging costs.

GroundForce Capital announces the sale of its portfolio company, Only What You Need (OWYN), to The Simply Good Foods Company (Nasdaq: SMPL) for $280 million. OWYN, a leading ready-to-drink (RTD) protein shake brand, has grown nearly 10x since GroundForce Capital's initial investment in 2019. The company's growth was driven by product development, retail expansion, and a strong omni-channel strategy. This acquisition aligns with both companies' goals of delivering healthier and more sustainable products to a wider audience. GroundForce Capital highlights the sale as a significant milestone, reflecting broader industry trends towards transparency and quality in food products.

Purchase Capital has finalized the sale of OWYN, a prominent plant-based RTD protein shake brand, to Simply Good Foods (NASDAQ: SMPL). Mark Olivieri, Senior VP and GM of OWYN, expressed gratitude for investor support and highlighted the brand's exponential growth, national expansion, and thriving eCommerce platform. Nicholas J. Singer, Founder and Managing Partner of Purchase Capital, praised the leadership and management team for their achievements and expressed confidence in OWYN's future success under Simply Good Foods. Houlihan Lokey acted as OWYN's financial advisor, while Greenberg Traurig provided legal counsel.

The Simply Good Foods Company (Nasdaq: SMPL) has completed the acquisition of Only What You Need (OWYN), a leading plant-based ready-to-drink (RTD) protein shake brand, initially announced on April 29, 2024. This $280 million acquisition enhances Simply Good Foods' product portfolio, strengthening its presence in the RTD protein shake market.

OWYN, recognized for exceptional net sales growth and expected to achieve net sales of about $120 million in 2024, offers potential for profitable growth through enhanced distribution, increased household penetration, and a cost-efficient supply chain. The acquisition is funded by a combination of cash and a $250 million term loan, with a total term loan debt of $490 million expected to be partially paid down by fiscal year-end August 2024.

A new fiscal year 2024 outlook, inclusive of OWYN, is to be provided in the upcoming third-quarter earnings report on June 27, 2024.

The Simply Good Foods Company (NASDAQ: SMPL) announced it will release its financial results for the third quarter of fiscal year 2024 on June 27, 2024, before the market opens. The results will cover the 13-week period ending May 25, 2024.

A conference call to discuss these results will be held at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) on the same day. The call will feature the company's President and CEO, Geoff Tanner, and CFO, Shaun Mara. Investors can join the call via specific dial-in numbers or listen through a live webcast available on the company’s Investor Relations website.

A replay of the call will be accessible until July 4, 2024. Simply Good Foods, known for brands like Atkins, Quest, and OWYN, focuses on nutritious snacking products and is committed to growth through innovation and investment opportunities.

The Simply Good Foods Company, listed on NASDAQ as SMPL, will participate in a fireside chat at the Goldman Sachs Global Staples Forum on May 14, 2024. The event will feature key members of the company's management team discussing their branded nutritional foods and snacking products. The live webcast can be accessed on the company's website.