Fiscal 2023 Outlook
The Company is providing initial guidance ranges for net sales and adjusted EBITDA1, as follows:
| Net sales | $900-$925 million |
| Adjusted EBITDA | $130-$135 million |
Guidance reflects 10% to 13% organic net sales growth2 as compared to the Adjusted Fiscal Year 2022 Net Sales of $818.9 million, defined below, and Adjusted EBITDA1 growth of 9% to 13%.
| Net Sales | |||
| (In millions) | Fiscal Year 2022 | ||
| Reported Net Sales | $ | 878.4 | |
| Less: | |||
| 53rd Week4 | (18.3 | ) | |
| Birch Benders5 | (41.2 | ) | |
| Adjusted Fiscal Year 2022 Net Sales | $ | 818.9 | |
Sovos Brands cannot provide a reconciliation between its forecasted adjusted EBITDA1 and a forecasted net income without unreasonable effort due to the inherent difficulty of forecasting and providing reliable estimates for certain adjustment items. These items may reside outside of the Company’s control and vary greatly between periods and could significantly impact future financial results. For more information regarding the use of non-GAAP measures, please see the discussion provided under Non-GAAP Financial Information in this press release and the Company’s public filings.
