By Exec Edge Editorial Staff
Sovos Brands, Inc. (Nasdaq: SOVO) sales rose last year on strong demand for its Rao’s brand sauces, frozen foods, soup and pastas, the company said in a statement.
In 2022, net sales were $878.4 million, a 22.1% increase from a year earlier, it said. In the fourth quarter, net sales were $262.1 million, a 38.5% increase over the prior year period, it said.
For 2023, the company updated its guidance ranges for net sales of $900 million to $925 million and adjusted EBITDA of $130 million to $135 million.
“In 2022, we delivered another year of sector-leading growth driven by both volume and price, reflecting a uniquely balanced growth profile relative to most of our peers,” said Todd Lachman, President and CEO. “I am particularly proud of how our teams responded to a challenging year of historically high inflation and global supply chain disruptions.”
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