Simply Better Brands Corp. PKANF SBBC provided its preliminary sales for the first quarter of fiscal 2022 of $12.1 million compared to $2.5 million million published in the first quarter of 2021. The first quarter of 2022 preliminary sales are 383% higher than in the first quarter of 2021. Preliminary gross profit for the first quarter of 2022 is 59% compared to 60% in the first quarter of 2021. Full financial results for the first quarter of 2022 will be published on May 30, 2022.
383% sales growth in the first quarter was led by SBBC Pure Kana and Tru brands.
The Company’s brands are distributed through both its e-commerce platforms and physical retail channels. The main brands of SBBC are PureKana (CBD Wellness), TRUBAR (vegetable nutrition) and No BS skincare (skin care with clean ingredients).
For 2022, the company’s prior guidance released on February 23, 2022 called for consolidated net sales of between $32 million and $35 million. Based on the strong first quarter 2022 sales results, the company increased its sales guidance to $40-42 million for 2022, an increase of approximately 22%. The company expects gross margin as a percentage of net sales to be between 58% and 60%. It also expects to achieve positive Adjusted EBITDA in 2022.
“Our primary focus for 2021 was to optimize the fundamentals of the PureKana, TRUBAR and No BS Skincare brands. As illustrated by our strong first quarter 2022 results, we are now positioned for sustainable growth in 2022. The strategic priorities for the rest of the year are to lead consumer-centric innovation and relentlessly acquire customers for these emerging brands by driving category, channel and geography expansion,” said SBBC CEO, Kathy Casey.
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