Real Good Foods, a leading player in the health and wellness frozen foods industry, has announced lower-than-expected sales for the third quarter. According to the company, sales for the three months ended September 30 are projected to range between $55 million and $57 million, showing a year-on-year increase. However, this falls short of the company's previous sales guidance of $60 million to $65 million.
Real Good Foods attributes this shortfall to unexpectedly high growth in consumption, which outpaced sales growth during the quarter. Additionally, consumption trends were heavily weighted towards the latter part of the quarter, further impacting sales performance.
Furthermore, the Cherry Hill, N.J.-based company has revised its full-year sales outlook for the period ending December 31. The new guidance suggests sales will fall between $185 million and $194 million, down from the earlier forecast of at least $200 million.
Looking ahead, Real Good Foods remains optimistic about its long-term prospects. The company expects to achieve sales of at least $245 million by the end of 2024.