Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks, reported financial results for the Company’s fiscal second quarter ended July 04, 2021.
CEO Dylan Lissette said, «In the second quarter, our two-year pro forma net sales growth trends continued to improve as our Power Brands’ sales grew significantly faster than the Salty Snack Category in our Emerging and Expansion geographies, and our channels most impacted by Covid-related softness are rebounding. While consumer demand for our products remains strong, our second quarter margins were significantly impacted by higher than planned inflation across key input costs which include commodities, transportation and labor.»
Lissette continued, «We anticipate these costs will continue to be more elevated for the remainder of the year than we previously expected. Our pricing actions and productivity initiatives are well underway, but the benefits are expected to be weighted towards the back half of 2021, lagging the near-term cost pressures. These benefits, however, are expected to have strong carry-over benefits to fiscal 2022. As we manage through these higher costs, we remain focused on the long-term health of our brands, and we continue to prioritize investments to capitalize on our growth opportunities.»
For additional information please read the Company’s PDF file below (127 KB):20210813-UTZ-Q2-2021