From Our Print Edition

Net sales of The Real Good Food Company, Cherry Hill, N.J., were $29.8 million in the first quarter ended March 31, an increase of 78% on a two-year stacked basis. Year-over-year net was off because of timing of promotional events and a higher R&D spend on new products. Gross margins hit 16.7% in the quarter — the best margin in the past eight quarters. The company is targeting at least $200 million in 2023 revenue, based on a 43% gain in distribution points in the measured channel during the past year. This includes about 14,000 new distribution points recently authorized at a large national grocery retailer for entrees, burritos, and chicken bites, with 7,000 coming in the second half and the remainder next January. Gains are also coming from the national rollout of two of the firm’s breaded poultry items at a large mass retailer, as well as the national rollout of multi-serve Asian entrees.