The Simply Good Foods Company (NASDAQ: SMPL) reported its financial results for the second quarter of fiscal 2018.
Revenue for the second quarter increased 7% from $102.31 million for the same period last year to $109.35 million, missing analysts’ estimates of $109.37 million.
Net income increased from $35.00 million, or $0.47 per share, for the same period last year, to $41.40 million, or $0.56 per share, for the second quarter. Estimates of analysts was $ 0.14 per share for the second quarter of fiscal 2018.
“I’m pleased with our fiscal second-quarter results as we continued to build on our marketplace momentum, which resulted in a net sales increase of 6.9%, gross margin expansion and solid operating profit growth,” Joseph E. Scalzo, the President and Chief Executive Officer of The Simply Good Foods Company, said in the statement on Tuesday.
“Retail takeaway performance continues to be strong and increased 4.7% and 5.1% for the thirteen and twenty-six weeks ended February 24, 2018. While early, fiscal third-quarter marketplace performance is off to a good start giving us confidence in our growth initiatives to create value for our shareholders,” Joseph continued.
For fiscal 2018, the company reaffirmed its outlook for net sales.