SIMPLY BETTER BRANDS CORP.'S TRUBAR BRAND, GROWING AT 2.5x YEAR-AGO AT A 32% GROSS MARGIN, EXPANDS IT CONVENIENCE CHANNEL FOOTPRINT AND CAPABILITY
Building on the record momentum of preliminary revenue of approximately $19.2 million in first half 2023 TRUBAR revenue, new distribution is confirmed with leading wholesalers of McLane, Coremark, considered as the two largest U.S.-based convenience store chains, as well as retail placement within Circle K and Andretti Petroleum
VANCOUVER, BC, July 20, 2023 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQB: PKANF) is pleased to announce their broader expansion into the convenience retail channel with new resources and capability. TRUBAR is broadening its distributor footprint, partnering with both McLane and Coremark, considered as the two largest U.S based convenience distributors, to support servicing the expanding retailer class of trade. In addition to the new distributor network, SBBC's announces retail expansion with Circle-K Southeast and Andretti Petroleum. This placement increases TRUBAR's current retail footprint to 400+ stores in North Carolina, South Carolina, Georgia, and California. Both Circle-K Southeast and Andretti Petroleum have confirmed plans to launch TRUBAR in Q3 2023.
The 2023 Mintel study on the bar category suggests Gen Z's, an important cohort in the convenience channel, over-index in meal replacement offers and "soft-baked bars", like TRUBAR, are #1 in purchase intent for the category. However, taste remains the most important driver in the consumer decision tree.
Driven primarily by TRUBAR's expansion into Costco, preliminary first half revenue on TRUBAR is approximately $19.2 million or 2.5x a year-ago at a 32% gross margin. In all of 2022, full year revenue for TRUBAR was $10 million.
"Our convenience channel expansion is supported by a strong business case: the bar category is disproportionally purchased in the convenience channel, opening price point offerings are critical to consumer trial and awareness, and convenience stores are a destination for meal replacement solutions. This expansion effort is incremental to TRUBAR's successful expansion into the Warehouse Club Channelnd the recent announcement of Acosta as the sales and marketing agency for the natural and grocery channels. TRUBAR's strict nutritional guardrails of all-natural, certified vegan and gluten-free, dairy-free, non-GMO, no sugar alcohols, and low in sugar resonant with today's wellness-seeker agnostic of channel.", says Kathy Casey, CEO of Simply Better Brands.
"TRUBAR continues to drive innovation as the new offerings are "fit for purpose" for this convenient trip mission and shopping occasion. We have strategically listened to our customers and are thrilled to be launching a single-serve pricing strategy, shopper marketing and merchandising support with our retail partners." said Simply Better Brands Vice President, Joe Wichser.
In addition to TRUBAR's new market penetration, Simply Better Brands is expanding its retail customer-facing and marketing team to support the expansion. The newly-strengthened team will focus on enhancing retail partnerships, expanding distribution channels, and ensuring seamless availability of TRUBAR Protein Bars in "grab n go" locations.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company's mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including plant-based food, clean ingredient skincare and plant-based wellness. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the regulatory climate in which the Company operates, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: Circle-K Southeast's and Andretti Petroleum's plans to launch TRUBAR in Q3 2023 and the preliminary revenue for the TRUBAR in the first half of the year.
Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for proposed transactions, as well as the other risks and uncertainties applicable to the plant-based food, clean ingredient skincare and plant-based wellness or broader wellness industries and to the Company, and as set forth in the Company's annual information form available under the Company's profile at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
SOURCE Simply Better Brands Corp
Simply Better Brands Corp., Brian Meadows, Chief Financial Officer, +1 (855) 553-7441, [email protected]
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