Simply Good Foods (SMPL) Stock Plummets 27% on Weak Sales and Slashed Outlook
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Simply Good Foods' stock plummeted 27% after the company reported weak sales and slashed its outlook for the fiscal year. The company's net sales declined 9.4% from the previous year, falling short of its own forecast, and its revised revenue outlook represents a 7-10% year-over-year decrease.
Simply Good Foods reported a decline in net sales, falling 9.4% from the previous year to $326M. The company's revised revenue outlook is $1.31B-$1.35B, a 7-10% decrease from the previous fiscal year. CEO Joe Scalzo announced immediate corrective measures to address the disappointing results. The stock price dropped 27% to $10.50 at the market open. The company's poor performance has led to a significant decline in stock value, with a loss of over 60% in the past year.
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