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.
About Simply Better Brands
Corp.
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.
Forward-Looking
Information
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