Reports Q3 revenue $324.8M, consensus $321.38M. “I’m pleased with our third-quarter financial and marketplace results that were greater than our expectations,” said Joseph Scalzo, Chief Executive Officer of Simply Good Foods. “U.S. retail takeaway in the third quarter of fiscal 2023, in the U.S. combined measured and unmeasured channels increased about 11%. As expected, retail takeaway growth outpaced the net sales change principally due to the customer inventory build last year. Total net sales in the third quarter of fiscal 2023 increased 2.6%. Gross margin of 36.7% exceeded our forecast and sequentially improved versus the second quarter gross margin of 34.6%. The better than expected gross margin was primarily due to input cost moderation compared to our estimate. Higher net sales and gross margin versus our forecast, as well as good cost control, resulted in Adjusted EBITDA greater than our outlook giving us flexibility to invest in brand building initiatives in the fourth quarter,” Scalzo concluded.
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