Hanover, PA-based Utz Brands Inc. (NYSE: UTZ) reported that its retail sales as measured by IRI MULO-C increased 5.9% on a two-year CAGR basis for the company's first quarter, ended April 4. This is consistent with salty snack category growth of 6% for the same period.
For the 13-week period, ended April 4, Utz's Power Brands’ retail sales increased 7.6% on a two-year CAGR basis, increasing to nearly 87% of sales versus approximately 84% in the same period in 2019.
Power Brand sales growth during the two-year period was led by Utz, On The Boarder, Zapp’s, Torriyashi, Golden Flake Pork Skins, Boulder Canyon, Hawaiian, TGI Fridays and Herdez. As expected, the two-year CAGR retail sales decline of 4.3% in Foundation Brands reflects the company’s continued strategy to focus its resources on its Power Brands.
Net sales in the quarter increased 18% to $269.2 million, compared wit $228.0 in the first quarter of 2020. The increase in net sales was driven by acquisitions.
Partially offsetting these factors were volume declines of 4.7% due to transitory events, namely pantry loading at the onset of the COVID-19 pandemic and the February 2021 snowstorms. The company estimates the February snowstorms negatively impacted its net sales growth rate in the quarter by 200 to 300 basis points.
See Utz Brands' full first-quarter report at Business Wire.
