Utz Brands increased sales and profits in its first full year as a public company, but supply chain issues kept a lid on profitability, according to executives.
Utz, which had been America’s largest private salty snack company, went public in 2020. Its sales for fiscal 2021 came in at $1.18 billion, a 22% increase over the pro-forma figure from 2020. Gross profit was $383.9 million, an increase of 15% over last year.
Company executives said higher costs for ingredients and other necessities cut into profits, and that they decided to absorb some of these costs to protect market share.
“These decisions impacted our short-term profits, but I'm confident that these are the right decisions for the long-term health of our growing company and brands,” CEO Dylan Lisette told financial analysts in a conference call.
