Preliminary SBBC Q1 2023 results are buoyed by
the SBBC's TRUBAR Brand securing distribution nationally at Costco
in the U.S. Market
VANCOUVER, BC, April 11,
2023 /CNW/ - Simply Better Brands Corp. ("SBBC"
or the "Company") (TSXV: SBBC) (OTCQB: PKANF) is pleased to provide
its preliminary sales for the first quarter of fiscal 2023 of USD
$24.8 million compared to USD
$12.1 million in Q1 2022 or a 205%
increase. Preliminary gross profit for the first quarter of 2023 is
55% compared to 66% in the first quarter of 2022. The lower gross
margin is due to sales channel mix as a larger portion of sales to
retailers compared to the prior year's predominantly online sales
delivery.
Significant drivers of the Q1 2023 sales performance were
continued momentum by two of SBBC's focus brands: PureKana, a
leading plant-based wellness brand, and TRUBAR, a clean ingredient
protein bar. During Q1 2023 SBBC secured significant shipments of
TRUBAR to support new distribution nationally at Costco in the U.S.
Market effective early April 2023.
The Costco offering is a dual-pack of the "Oh Oh Cookie Dough" and
"Daydreaming about Donuts" flavors. TRUBAR's above the category
average sales velocity in 2022 led to the expansion as consumers
enjoy the bar's indulgent taste combined with the clean ingredient
guardrails of 12 grams of protein, gluten-free, dairy-free, vegan,
no sugar alcohols, and all-natural.
![Trubars (CNW Group/Simply Better Brands Corp) Trubars (CNW Group/Simply Better Brands Corp)](https://mma.prnewswire.com/media/2051465/Simply_Better_Brands_Corp_SIMPLY_BETTER_BRANDS_CORP__S_ANNOUNCES.jpg)
"Building upon over 400% sales growth versus a year-ago in 2022,
we are proud of the team's continued strong performance in Q1 2023.
We remain committed to building and buying innovative brands in the
clean ingredient space for informed consumers on their wellness
journey. We believe that the fundamentals are in place to connect
with consumers via our channel and category expansion mandate. We
reaffirm our 2023 expected outlook to exceed $80 million in consolidated net sales, with an
expected gross margin between 58%-60%, and expected positive
adjusted EBITDA in the range of USD $3-4 million, all while we expect to reduce our
debt.", comments, Kathy Casey,
SBBC's CEO.
About Simply Better Brands
Corp.
Simply Better Brands Corp. leads an international omni-channel
platform with diversified assets in the emerging plant-based and
holistic wellness consumer product categories. The Company's
mission is focused on leading innovation for the informed
Millennial and Generation X generations in the rapidly growing
plant-based wellness, natural, and clean ingredient space. The
Company continues to focus on expansion into high-growth consumer
product categories including plant-based food, clean ingredient
skincare and plant-based wellness. For more information on
Simply Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" and "forward looking statements" as
such terms are used in applicable Canadian securities laws.
Forward-looking statements and information are based on plans,
expectations and estimates of management at the date the
information is provided and are subject to certain factors and
assumptions, including, among others, that the Company's financial
condition and development plans do not change as a result of
unforeseen events, the impact of the COVID-19 pandemic, the
regulatory climate in which the Company operates, the Company's
ability to execute on its business plans, distribution plans,
reliance on a consistent supply chain, and claims relating to the
efficacy and results of the Company's products. Specifically, this
news release contains forward-looking statements relating to, but
not limited to, timing and launch of new product offerings; timing
for distribution with Costco; expected sales, gross margin,
adjusted EBITDA and plan to reduce debt; consumer expectations and
interest in the Company's products; and future product expansion
plans.
Forward-looking statements and information are subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking statements and
information. Factors that could cause the forward-looking
statements and information in this news release to change or to be
inaccurate include, but are not limited to, changing consumer
preferences, the impacts of COVID-19, that the Company's
financial condition and development plans change, ability to
obtain necessary regulatory approvals and product viability and
risk, as well as the other risks and uncertainties applicable to
the Company and the industries in which it operates, and as set
forth in the Company's annual information form available under
the Company's profile at www.sedar.com.
There is no representation by the Company that actual results
achieved will be the same in whole or in part as those referenced
in the forward-looking statements and the Company does not
undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by applicable securities law.
Financial Outlook
This press release contains future-oriented financial
information and financial outlook information (collectively,
"FOFI") about the financial results for the quarter ended
March 31, 2023, March 31, 2021 and the year ended December 31, 2023, including revenue, gross
profit, net sales, gross margin and adjusted EBITDA of which is
subject to the same assumptions, risk factors, limitations, and
qualifications as set out under the heading "Forward-Looking
Information". The actual financial results of the Company may vary
from the amounts set out herein and such variation may be
material. The Company and its management believe that the
financial outlook has been prepared on a reasonable basis,
reflecting management's best estimates and judgments and the FOFI
contained in this press release was approved by management as of
the date hereof. However, because this information is subjective
and subject to numerous risks, it should not be relied on as
necessarily indicative of future results. Except as required by
applicable securities laws, the Company undertakes no obligation
to update such FOFI. FOFI contained in this press release was made
as of the date hereof and was provided for the purpose of
providing further information about the Company's anticipated
future business operations on a quarterly and annual basis.
Readers are cautioned that the FOFI contained in this press
release should not be used for purposes other than for which it is
disclosed herein.
![Simply Better Brands Logo (CNW Group/Simply Better Brands Corp) Simply Better Brands Logo (CNW Group/Simply Better Brands Corp)](https://mma.prnewswire.com/media/2051464/Simply_Better_Brands_Corp_SIMPLY_BETTER_BRANDS_CORP__S_ANNOUNCES.jpg)
SOURCE Simply Better Brands Corp