Delivering $23.7 million year to date third quarter 2023 at 32% gross margin as compared to a 38% gross margin for the same period in 2022, TRUBAR expands distribution in Costco, BJ's Wholesale, Longo's, and Sobey's, while it enables a broader manufacturing network to meet growing demand
VANCOUVER, BC, Nov. 8, 2023 /CNW/ - Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: PKANF) is pleased to announce TRUBAR continues its expansion of distribution, portfolio, and capability. The brand is fueling clean ingredient, delicious, and indulgent nutrition in the protein bar category with guardrails of vegan, soy-free, no sugar alcohol, non-GMO, and gluten-free attributes.
This year marks a significant momentum with the addition of a dedicated, national full-service sales team from Acosta propelling TRUBAR into conversations with some of the largest players in the market. Recent accomplishments are as follows:
- COSTCO: Building on its national promotion earlier this year, and above-hurdle rate sales velocities, TRUBAR has now launched a second item into COSTCO with a dual pack of "Get in my belly, PB and jelly", and "It's mint to be chip.". This innovation is in addition to its current base item of "Oh oh cookie dough" and "Daydreaming about donuts." The broader portfolio will provide more flavor variety to TRUBAR loyalists on their "stock up" trip.
- BJ's Wholesale: Seeing the demand for TRUBAR in the marketplace, BJ's Wholesale has added TRUBAR into 164 locations with a dual pack of "Oh oh cookie dough" and "Daydreaming about donuts". "We love having our brand enter the BJ's ecosystem of such a high-quality retailer in the crowded Eastern U.S. market. BJ's enjoys a health-conscious, savvy member base that resonates with TRUBAR's brand positioning.", says Erica Groussman, CEO of TRUBAR.
- Canadian Market: Building on an already diverse retailer footprint in the Canadian market, TRUBAR has confirmed new distribution into 252 locations of Sobey's and 35 stores of Longo's. Both chains are slated to start this November 2023.
- Manufacturing capacity: To ensure its ability to meet growing demand, TRUBAR has added a second manufacturing facility to its supply chain. This expansion is expected to triple its current base and is slated to commence manufacturing in December 2023. The addition of this secondary supply chain is poised to significantly reduce lead times, add greater pack flexibility, and reduce COGS driven by scale. This evolution is a key milestone in its journey, ensuring that TRUBARS continue to be readily available and accessible to health-conscious consumers nationwide.
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 wellness, 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.
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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 impact of the COVID-19 pandemic, the regulatory climate in which the Company operates, the Company's ability to execute on its business plans, distribution plans, reliance on a consistent supply chain, and claims relating to the efficacy and results of the Company's products. Specifically, this news release contains forward-looking statements relating to, but not limited to, timing for the commencement of the second manufacturing facility and the expected effects of the second manufacturing facility to reduce lead times, add greater pack flexibility, and reduce COGS driven by scale.
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, changing consumer preferences, the impacts of COVID-19, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals and product viability and risk, as well as the other risks and uncertainties applicable to the Company and the industries in which it operates, and as set forth in the Company's filings available under the Company's profile at www.sedarplus.ca.
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.
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SOURCE Simply Better Brands Corp
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