The Simply Good Foods Company (NASDAQ:SMPL) shares fell sharply Thursday after the company reported mixed second-quarter results and lowered its full-year outlook.
The packaged food maker posted adjusted earnings of 45 cents per share, topping analysts’ estimates of 40 cents. However, revenue declined 9.4% year over year to $326.0 million, missing the consensus estimate of $345.6 million.
Chief Executive Officer Joe Scalzo said the company is not pleased with its current performance and is taking steps to address the shortfall.
Sales Decline Driven by Brand Weakness
The revenue drop was largely driven by steep declines in its Atkins and OWYN brands, which fell 26.6% and 16.8%, respectively. Growth in the Quest brand was modest at 0.3% and did little to offset the …
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