Simply Good Foods Q2 net sales flat YoY; adjusted EPS down to $0.32; lowers FY23 adjusted EBITDA growth outlook

Simply Good Foods Co

2023-Q2 EPS reported $0.61 revenue$597,462,000

Net sales $296.6M vs $296.7M YoY; net income $25.6M vs $18.5M (prior year included warrant remeasurement charge).
Adjusted diluted EPS $0.32 vs $0.36; adjusted EBITDA $50.9M vs $54.2M.
Gross margin 34.6%, down 200 bps due to higher ingredient and packaging costs.
Full year FY23 outlook: net sales growth slightly above 4-6% reaffirmed; adjusted EBITDA now expected to increase slightly less than net sales growth (previously in line).
U.S. retail takeaway up ~16% in Q2; March up ~12%; Atkins +6%, Quest +26% in combined channels.

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