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Utz Brands announces major jump in net sales
Paula Wolf//May 13, 2022
Spurred by record customer demand, Utz Brands Inc. reported a nearly 27% increase in net sales in the first quarter.
The Hanover-based leading manufacturer of branded salty snacks also said that it was raising its 2022 net sales outlook.
Utz’s net sales jumped from $269.2 million in the first quarter last year to 340.8 million this year. Organic net sales grew 20.7% as well.
“Consumer demand for our strong portfolio of brands is at an all-time high, and we are incredibly excited about the continued opportunity to improve our market position in key growth channels and geographies,” Dylan Lissette, Utz CEO, said in a release. “In addition, as inflation continues to increase, we are taking incremental price actions to help offset higher costs, and we are encouraged by our continued sales volume increases as price elasticity is better than we anticipated.”
He added that the company remains “on track to achieve our profit outlook as our pricing actions, along with our productivity programs, give us confidence that we will be able to offset the continuing high inflation as we exit 2022 and move into 2023.”
Because of strong consumer demand and higher prices, Utz is increasing its total net sales growth outlook in fiscal 2022 from 7-10% to 10 -13%, and its organic net sales growth outlook from 4-6% to 8-10%.
