Simply Good Foods (NASDAQ: SMPL) reported Q1 EPS of $0.29, $0.08 better than the analyst estimate of $0.21. Revenue for the quarter came in at $231.2 million versus the consensus estimate of $209.72 million.

Outlook:

“We are encouraged with our start to the year, the improved marketplace performance of our business during the quarter, and the progress we are making against our strategic initiatives. However, there is still uncertainty related to the duration of reduced consumer mobility and when shopping trips will return to pre-pandemic levels, particularly in the mass market retail channel. Therefore, it remains difficult to provide a full-year fiscal 2021 outlook at this time. We will continue to execute against our strategies, and we believe we are positioned for long-term sustainable net sales and earnings growth that we expect will create value for all shareholders,” Scalzo concluded.

The Company updated its outlook for the first half of fiscal 2021. Assuming U.S. consumer movement restrictions remain at the current levels, the Company anticipates net sales of $455-465 million and Adjusted EBITDA(2,5) of $85-90 million. As previously stated, the divestiture of SimplyProtein and the exit of Europe is about a 2% headwind to both the first half and full year fiscal 2021 net sales growth. The Company’s previous outlook for the first half of fiscal 2021 net sales and Adjusted EBITDA(2,5) was $425-435 million and $77-82 million, respectively. Additionally, due to the Company's variable business model, the Company reaffirms its expectation that full year gross margin will be about the same as fiscal 2020 and that Adjusted EBITDA margin will increase.

For earnings history and earnings-related data on Simply Good Foods (SMPL) click here.