Simply Better Brands Corp. (OTCQB:PKANF) (CVE:SBBC) provided its preliminary sales for the first quarter of fiscal 2022 of $12.1 million compared to $2.5 million reported in Q1 2021. The first quarter 2022 preliminary sales are 383% higher than the first quarter in 2021. Preliminary gross profit for the first quarter 2022 is 59% compared to 60% in the first quarter of 2021. The full financial results for the first quarter of 2022 will be reported on May 30, 2022.
The 383% higher sales growth in the first quarter was led by SBBC’s PureKana and Tru brands.
The company’s brands are distributed through both its e-commerce platforms as well as brick and mortar retail channels. SBBC’s key brands are PureKana (CBD Wellness), TRUBAR (plant-based nutrition) and No B.S. Skincare (clean ingredient skin care).
For 2022, the company’s prior guidance released on February 23, 2022 provided an expectation for consolidated net sales to be between $32 million and $35 million. Based on the strong sales results for the first quarter 2022, the company has increased 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 projects to achieve positive Adjusted EBITDA in 2022.
"Our key focus for 2021 was optimizing the fundamentals of the PureKana, TRUBAR, and No B.S. Skincare brands. As our strong Q1 2022 results illustrate, we are now positioned for sustainable growth in 2022. Strategic priorities for the balance of the year are to lead in consumer-centric innovation and relentlessly acquire customers to these emerging brands by driving category, channel and geographic expansion," stated SBBC CEO, Kathy Casey.
Photo: Courtesy o Jeff W on Unsplash
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