VANCOUVER, BC, May 15, 2024 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQB:SBBCF)  today reported interim financial results for the first quarter ended March 31, 2024. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below. On April 2, 2024, the Company announced the suspension of operations of its PureKana LLC subsidiary and the commencement of bankruptcy proceedings under Chapter 7 of the Bankruptcy Code of the United States. Accordingly, the results of the Purekana business for the first quarter of 2024 are reflected as discontinued operations in our financial statements. The following discussion highlights SBBC financial results on a continuing operations basis. SBBC generated net revenue of $14.0 million in the first quarter of 2024, a 22% increase over the prior year, gross profit of $4.0 million, and adjusted EBITDA of $0.7 million from its continuing operations. "We are very pleased with the continued strong performance and robust growth of TRUBARTM in the quarter and the further expansion of the brand's distribution footprint across North America," said SBBC Interim Chief Executive Officer and Chairman, Kingsley Ward. "With the action we have taken to streamline our portfolio, we are putting additional resources and investment behind TRUBARTM to continue building on its momentum and creating value for SBBC." 2024 FIRST QUARTER COMMERCIAL HIGHLIGHTS TRUBARTM Protein Bar: TRUBARTM generated gross revenue of $15.9 million in the first quarter, a 60% year-over-year increase vs. Q1 2023 revenue of $10.2 million. On a net basis, Q1 revenue was $13.0 million, reflecting the impact of a $2.9 million trade promotion expense to drive consumer awareness and trial nationwide at Costco. In addition to the Costco promotion, growth of the brand in the quarter was driven by continued multi-channel distribution expansion in the convenience, grocery, ecommerce, and club channels. These included a chainwide rollout of  TRUBARTM across more than 700 Sheetz convenience locations, the introduction of the brand in more than 250 additional regional grocery and convenience stores and increased consumer purchases at amazon.com. Looking ahead, the TRUBARTM  team has secured new distribution in major regional and national retailers representing an additional 5,000 stores. This new distribution is expected to roll out over the next two quarters. No B.S. Skincare:  The No B.S. brand recorded revenue of $0.7 million in the first quarter of 2024, an increase of 133% vs. Q1 2023 revenue of $0.3 million. The increase was driven by the national launch of the No B.S. brand in Walgreen's in Q4 2023 across the retail chain's 3,400 locations.  Selected financial and operating information are outlined below and should be read with the Company's interim consolidated financial statements and related management's discussion and analysis for the quarter ended March 31, 2024, which are available under the Corporation's profile on SEDAR+ at www.sedarplus.ca FINANCIAL HIGHLIGHTS FOR QUARTER ENDED MARCH 31, 2024 For the three months ended March 31, 2024, the Company generated revenue of $14.0 million with a gross profit of $4.0 million (29%) compared to $11.9 million with a gross profit of $4.5 million (38%) during the three months ended March 31, 2023.  TRUBAR's first quarter revenue for the three months ended March 31, 2024, was $13.0 million compared to $10.2 million for the comparable period in 2023 (increase of $2.8 million or 27%).     Operating costs for the three months ended March 31, 2024, were $3.5 million, a decrease of $2.0 million (36%), compared to $5.5 million for the three months ended March 31, 2023. During the three months ended March 31, 2024, the Company recorded a net loss of $0.96 million compared to a net loss of $2.7 million for the three months ended March 31, 2023.   The company's Purekana subsidiary accounted for $0.8 million of the consolidated $0.96 loss reported in Q1 2024.  Non-IFRS Measures (EBITDA and Adjusted EBITDA) EBITDA and Adjusted EBITDA are non-IFRS measures used by management that are not defined by IFRS. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that EBITDA and ...