Utz Brands, Inc. Decreased Revenue Guidance for Fiscal Year 2023
November 09, 2023 at 06:30 am
Share
Utz Brands, Inc. decreased revenue guidance for fiscal year 2023. For the period, the company expects total net sales growth of 2% to 3% (previously 3% to 5%) and Organic Net Sales growth of 3% to 4% (previously 4% to 6%), with the Company?s continued shift to IOs expected to impact total net sales growth by approximately (-1.0%). The revised range reflects the impact of aggressive supply chain optimization actions and normalizing Salty Snack category growth with some channel shifting by consumers.
Net sales growth is expected to be driven by net price realization, increased marketing and innovation, and continued distribution gains of the Company?s Power Brands, partially offset by the estimated impact of approximately (-3%) from the Company?s SKU rationalization program. Based on these assumptions, the Company now expects volume /mix to be modestly lower than fiscal 2022.
Utz Brands, Inc. is a manufacturer of branded salty snacks. The Company produces salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, veggie snacks, pub/party mixes, and other snacks. The Companyâs brands include Power and Foundation brands. Power brands comprised of its Utz brand and On The Border brand; craft brands, such as Zappâs, Golden Flake Pork Skins, TORTIYAHS!, and Hawaiian; BFY brands, such as Good Health and Boulder Canyon, and selected licensed brands, such as TGI Fridays. Foundation brands include regional snacking brands, such as Bachman, Golden Flake Chips and Cheese, Timâs Cascade Snacks, Snyder of Berlin, Dirty Potato Chips, and R.W. Garcia. The Company serves its products to grocery, mass merchant, club, convenience, drug, and other retailers through direct shipments, distributors, and over 2,100 direct-store-delivery routes. The Company manufactures its products in over 16 manufacturing facilities across the United States.
UTZ BRANDS, INC. 
