LSF - Earnings call 3 2020 | Laird Superfood, Inc.

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Operator

Thank you for standing by, and welcome to the Fiscal Third Quarter 2020 Conference Call and webcast for Laird Superfood, Inc. I would now like to turn the call over to Ms.

Ashley DeSimone, Managing Director at ICR to begin.

Ashley DeSimone

Thank you. Good afternoon, everyone, and welcome to Laird Super Foods Third Quarter 2020 Earnings Conference Call and Webcast. Paul Officer. Executive are Ells, and call Financial Chief today's Hodge, Officer; Chief Valerie On

everyone have market now, of press available By should the Laird's release quarter company's on www.lairdsuperfood.com. filed earnings Superfoods' third website today Relations after Investor close. at is access This section to the

federal may all the meaning Before And materially of course ended report the today. uncertainties implied from during those that discussion that other information a these laws. forward-looking actual XX-Q results make for of statements actual on the the securities XX, Form September management filings within or forward-looking company's for we risks to the are any quarterly from those could that beliefs begin, management's the in please today's Please statements presented with press of the statements. expectations this forward-looking SEC made financial differ quarter cause current and on detailed note statements and based call expressed unaudited. the in filed refer These results materially call, XXXX, is with to risks involve SEC and to on differ described and cause the release, could today's

I'd Executive to to Officer And over now Chief like turn of Hodge, Paul? Paul call the Laird Superfood.

Paul Hodge

Valerie then results we our more well On Superfood we why Financial third quarter a of our call company. Officer, reasons before some positioned to with overview from you will the speaking are public and a Laird call, review discuss on provide be and Chief quarter Ashley, earnings for and detail you, the Q&A. business pleasure growth. long-term Thank first our call third to aloha, is review Ells, we everyone. open in as It's and financial I'll highlights our believe who our model an today's briefly

the $XXX an manufacturer when world, good, Laird At because billion food a Superfood, in people growth plant-based grocery better natural better we feel open-ended is healthier opportunity growth, high a food decisions. believe industry. better are Superfood with Laird to leads make they and

sustained down up products of need our part creamer we Our ritual, our throughout sun Superfood sun to days with daily energy, hydration coffee. daily, that as from to and our nutrition and provide excel starting

Our products mission is to We deliver easy want great great to We simple. use, our make convenient, and available and that be products affordable all. quality. to taste

to world our global and the be been We an of known a a incredible in as are expertise. known and vision leader of sustainable healthy have shares who industry, proud to us foods investor, as food provides

product where, flagship in of line the amount #X the Our of natural United is in we States. creamers, coffee cheaper functional time, food established short creamer a our powder line

we're platform, use, and differentiator our trust designed critical around Our broad-based the our And revenue of our founders. natural reflecting and in driving daily growth. brand a food products are authenticity a building that authenticity is

where So our sell reach primarily allows strategy wholesale. they online customers are. us our omni-channel sales to and We

the long for have service term. promise division a with food We also tremendous young

trust coming approximately indicating all from subscription our our unique our growth, total native revenue online recurring, website online and The a X/X highly are of direct with despite in significant half customer our presence We is sales online accounts and a of of tool, new the customer our repeat orders, revenue brand. digital, around or engagement for powerful business is today. level

quarter, early in trajectory wholesale this of expect of for beta the to of shelf a further we consider creamer, and witnessed product, grocery In wholesale, in vinoly our brand. resonance it's In channel, that as we and today. week the our customers are in better-than-expected retail multiples we to span really per CVS, the our chains X,XXX turns grow turns for as presence and the and doors well our Laird major this Costco launch the to X up nod outstanding, liquid a creamer to especially we

authenticity with And for it's in a evidence brand and healthy with our for synonymous to that products. combined in across case living, both its great high-performance no continue channels. we this wholesale the love online Consumers see surprise

with in adding XX% of total wholesale to platform time Online, well customers. this to repeat our growth customer QX with our QX more customers addressable large a wholesale, year-over-year TAM. which existing products including our things, both So roll converting new family effective QX SKUs as pleased acquisition a in improvement rate marketing. adding we in over we a as really We're number using XXX% counts grew brand year XXX% door saw XXXX, the customers. new impact there, addressing doors increased year-over-year. out of total products We in and improvement trusted or markets the first We're to valued attribute

total $XX quarters. deep where we've a functional continue coming billion an been of innovative working on this we highly products, pipeline which release coffee coffee, market, the So in addressable will includes to

from and your out on to and blend consumers initial is our presence sales early functional use supporting very strong. the to our who already don't reach data established online in an creamer, expanded have line coffee whitener. read We wholesale solid adjacent Functional this partners expanding coffee is launch,

to opportunity and day we Snack quarter, larger we ever And we market limited can Nuts. platform. our by the released our innovate snacks, coffee better-for-you of and the adoption sell-through intentionally feed and products This early about indicators $XXX we're also the really overall address even We the results quickly and fourth results were Rock of launch, Pili category. eye snack first how and billion an excited addressing customers at was eventually opening. of expand In and so sales were think out sold launch, the the

of third our hyper-focused in remain of million channels. the and quarter. expansion Net were significant customer increased contributed the sales on relative quarter liquid online gross than us. to more wholesale to We drove in launch million $X.X another was record We our year. both revenue base creamer, which quarter and The a of XXX% last for traditional $X.X

now is liquid Our differentiated and retail trend that on X,XXX are initial our locations, and selling are expectations. read is to up liquid in than creamers highly creamers our more

this velocity it. is and from We changer them. added clean a that game love label. uniqueness Customers are They true product hearing the shelf the for customers Stores love it. There's the great functionality, love here.

packaging that this means in So ultimately we're rates, the our quarter, for And to that effectively. since, we have increase talked the shelf current supply-demand the distributors just the margins. fluid too the And also roadshow which, mismatch during short our high we manage solving life is to in undermined margins. learned about gross

that shelf believe So is And we anticipate as underway will runs on having good for the version we XX to extend news pilot have our from to a life shelf updated X months this X packaging the a change by days are solution to issue. we solve mid-XXXX currently.

It it which to with use product enable The balance experience much tweaks upside the sell to further format, longer next gives solution also to customer time for demand. life and minor distributors has a us spoilage. far also supply same shelf-stable and margins. some longer makes Though the the Amazon advantages. by the year us DXC before ample the It it creamer shelf in the improves to sales to many gives them manage logistics, and the giving with easier deal will

solution is This Superfood. a really Laird for exciting

get and our the that ahead there. are at operate could record-breaking for this strong to world-class We constantly brand not lies the a and what us. all particularly the optimize creamer was we in business. confidence executing profitability, we we Laird and analyzing, how said, path real-time and have quarter, the margins revenue learning time And to more evaluating business liquid about be are excited us and can That

to Monday new who Officer, that delighted at led on the Bond and to many Americas. joins food team has Nestle, and years supply roles our so PepsiCo manufacturing welcome experience operating, companies, team. excited including Laird Operating Fresh McGuire, brings to fresh and to announce Wall I'm us next We're Laird. Scott our Helping of Chief path, Scott CPG chain and Scott operating

breaking. in made we operating up, summary, our to in Revenues and we to take level. continue can third project in the and improve was efficiencies all strides where a have quarter In specifically motion record next Laird our to great identifying channels are Superfood

you to And give a focused remained our huge want mahalos like I'd financial the walk our amazing call I highlights. mission. turn through team who Val, our will to true who now to over to to and

Valerie Ells

you, and our on first speaking everyone. to call public Thank be Paul, afternoon, a with It's company. earnings you as great good

with we Paul third our pleased are noted, quarter As financial results. very

website online in success wholesale the to XXXX, XX% XXX% continued our online of year-over-year key $X.X as hydration supplements. up with growth of reflecting Our performance partners growth where chocolate beverage hot and saw our XXX%, combination net business. and strong We in our platform. relative XXX% increased reflecting creamer shelf-stable XXX%, well as to tea and sales XXX% and wholesale and ongoing growth creamers and in sales with direct third grew a quarter channels, million grew success coffee products liquid our coffee, growth XX% in of enhancing

margins XX.X% third were Gross the during quarter.

launch our sequential fully income some costs line the spoilage an where initiatives; fees shelf-stable increased Although of shipping to recently from continued during were elevated and related installed from our the shipping on line outsourcing business, co-packing that as free to production have in-house product increase and and of year in liquid following: XX% become basis, related but our quarter. the creamer elevated direct a we shipping refinement; decline approximately the to combination operational; outbound absolute and waste to over last while continues online and margin business, shipping reduced also creamer the of liquid also expenses we result a for slight grow, our awaited second QX, the process launch our

of have be spoilage, path Regarding alluded a should where realistic Paul liquid quarter-to-quarter key as to, create to to steps we more a spoilage X concern. and operation optimized less a clear creamers

our And XX new line days out this single in design increase industry that X dramatically to We line gives digits. us a rates shelf of to standards spoilage sight will the package are of products, with the extending months. planning to in X a life from

online liquid our we through gross evaluating which, shelf-stable at wholesale. separate to products a would higher and see can products, also to Amazon, XXXX, us as which direct enable other between sell with liquid point margin option and are launch retail in provide a We our blended some

resurgence. our hard are stock up to of COVID-XX is running and still build finished of is Between X production to impact packing full ramping Regarding from it production potential products, lines, any we line at goods operational, safety ahead of our working on our our though, shelf-stable second now speeds. up full installed hand the

fortunate impact very so our been to any to COVID, not building as for hand. our do but avoid on have feel co-packers production to on any far hand We we months. to missed into will for result, stock coming And we material or safety want of have growth, due take thus chances a we inventory we will adequate use the over stock likely until we be XXXX continue opportunities

half existing supporting point, our as the available integration. to production to revamp XXXX, to via plan to cost to looking creamer line the shift So be up our first extend simultaneously ramp reduce we to and planned, leverage to growth outsourced work on and that sometime benefits our expect inventory of the After rates, all our increase our summarize, if margins cut spoilage we shelf second down goes packaging reap us the our life after vertical with on and our of liquid fixed and our improve back as would infrastructure hand.

impact, believe testing after now. aggressive stage free removal by to in a third shipping, the is line of margin data share growth. and is quarter, reviewed we turned we free the This on justified investment Regarding of decided market the the top shipping the this shipping keep at for where

However, shipping rates have increased.

shipping increase In in October. fact, of notice we a an in costs additional XX% received

business. is fulfillment of focus for important the this as an optimize part And of so us our area we

post rates, process, can fulfillment shipping in holidays, COVID solution changes this control help can't we our with some cost. for certainly we a more While and that post optimal identify we

expenses in firmly historically, further as remains effective the on have we these very continue across show management control. to done Moving down board. statement. And the income OpEx we our

road, marketing opportunity here whether as particularly have the and our continue it progress and of the be this or the high business, we on this efficiency capital And metrics other toward as effectiveness significant case across will in justify expect biggest leverage sales forms on cost teams we growth, costs, and that so of OpEx have sales. spend. a here, the public members But We show go as make the percent in spend advertising, the of With delta the flat goal very course, be anticipate moving long-term of to the invest always online outside marketing an board, to long be returns and and forward. of the to eye fixed numbers. we we our in nonrecurring

company this We continue believe public, this leverage and be for scaled a be to us. have we to source will of

Now our it stands CapEx. core reiterate We right to on how to capital-intensive would now. like as business is minimally

low remains in line with now CapEx even place. second Our our

line at We excess have our and speed. is tremendous once capacity fixed cost second leverage running full

and demand. to road We our target operate not from XXXX, changed. we annual roadshow, do As is you in with not we intend business quarterly. many long-term Those on this of have which show, we guidance discussed believe the targets, a long-term guide to issue know

the next XX% to years, X growth run annual EBITDA we X mid-teens. margins digits, in and the double believe business to XXXX, in Over XXXX north can of margins revenue in gross with the this

is with environment. target in we to and today, Our revenue both directions, $XX But timing this at early of changes it the coincides high stage as business quarter-to-quarter of nature total growth in orders the cost the breakeven EBITDA of margin choppy of a variable experienced be million.

comfortable our following at that expectation. $XX.X and revenue XXXX sell-side days we to revenue continue the initial our feel In million, consensus published analysts IPO, with

should potentially should into DTC including account of costs in the factors optimal take balance shipping business, expenses we shipping expectations On increasing also shipping shipping and as and margin the side, gross navigate for the free our fourth beginning quarter expectations next increased fourth discuss take our XXXX spoilage following to intend report quarter upward. should when Paul? the year early first slowly XXXX, float X begin through margin months which, account to into of We full year. we our

Paul Hodge

Val. Thanks,

questions, feel and this confident you #X the business, creamer the the to worth are consumers optimize go immediately we liquid just because is there, and is I priority in resources to feel let time the want brand the to effort have We has traction. before place optimize we we to business So today us. know our fast-growing about before plans the

of front we Our the us quarter are us. the meaningful was All we multibillion-dollar the the and products, customers in love we know for in creamer opportunity a in hyper-focused this for Laird and can take and market on of share front all, brand, huge opportunities of us.

let's with We now team place, we the are so expanded delighted have in to questions. go and

Operator

And question [Operator Canaccord. from the line from Instructions] first Burleson your comes of Bobby

Bobby Burleson

think gross I spoilage just on impact the is one my margin. first on So

you that basis if points? of on of kind can in curious what terms Just in zero guys was

Valerie Ells

Sure, Yes. course. of

about again, XXX mean, solution potential in So place potential this past comes the But we've down of like been overall option and confident road. call, spoilage, creamer we're margin. the the on mean, lot a liquid have and pretty e-com I upside has over quarters. XXX mentioned X each and between to I with excited points quarter the in basis we

Bobby Burleson

Okay. Great.

because don't on Is we've just of so was I the talked of incremental And weigh a guess, expectations, kind probably about way there to would of spoilage, before. I terms margins? kind this think isolate much it how in that what versus

Valerie Ells

Yes.

we really, really initially the demand. a So those in Road to supply mismatch and in attributed historically, and on conversations, when talked Show we it

driver. we to co-packers the actually, recall, I'll we subsequent. And in initially let you was quarter. quantity second you with mean If speak run that the the had launching I Paul, our as were and minimum a main

Paul Hodge

over of that was in mismatch the is for is month part, just what still spoilage. as mean I most really, sort the we've the having corrected that past Yes. we're past, realized

themselves dug as to to stores, we with So life manner shelves really XX-day in was from going with distributors co-pack enough where just were to product that on good. to say, the to the distributors we it Coast in with get West the East the not Coast, any efficient do life learned what's what get to and shelf we've able handle the shelf really see enough on, an the

some for Coast, much late week late might it their In can't less gets example, XX% the we a the capability. the produce factory pick on a after time up cases, as it, like as they and then warehouses accept it, the to distributors our shipment by from has because it life West shelf than

at there. So what it was was really when kind look to on surprise of we dug in going a

X XX we ranges. from to was surprise. that eliminates it eliminate of speak, bit those taking Danone, the this X great a that for completely going life. We're months. to issue, solution And much basically We're pretty help sort this distributors. with so pretty of it's to days it of problem. So just extended logistics the in that found a to shelf comfortable And with And a

So kind this be some we it's new that even go to after but this are some strides that never to solution. in we spoilage completely and was ways, really continuing we to reduce the of happen meantime correct until in making mismatch, to fixed going

are quality. So we in as as can trial already with sacrificing driving this runs packaging. we're quick the we new basically possibly without And

Bobby Burleson

quick Okay. here. Great. And follow-up then a Great. just

You incredibly guys your sold creamer. wondering, And my inventory turns stores of noticed that that it out, like in vanilla-flavored was it stuff the like the lopsided real-time vanilla lots Because seemed high just for vanilla. planning? but adjustments in your guys for unflavored are mentioned demand of almost I the local making wasn't. liquid extremely towards you is I'm terms

Paul Hodge

at standards. increasing the using product for original the those the -- Yes, are vanilla well sign. flavors brand-new very on in analyzing as the which And of good marketplace. more, But actually we're sign are There's -- also base is especially are that and the that the currently It highest, turn the that weekly don't being back And are performing people the great really but others getting of X look that by still, coming a customer are kind underestimate all the and the I needs. turns unsweetened stores. it actually, some good We're products building it's absolutely. Yes, well. and the in product. producing basically is means Yes. -- that is and turning a

So we're which exciting. still seeing those ramp-up, really rates is

-- love and really service from People so to our product. the I on just feedback the And think we get consumers portal. customer we're through

Bobby Burleson

some stores like seems they like. It shop a people Good. had were I checkout were conversations with I buzz it and building, Yes. aware seems the at. product, of they at kind And the of there was the saying that --

I that shipping that shut along? always one, bit. a guys Curious, there? longer. little of thought free a to Was guess, you've Or I then all strategy the there in change And on a were that been an -- kind bit last on was online. was you on off planning this just just tried you little turned keeping planning experiment

Paul Hodge

the those hard have unless to going initiative. of where times measure you constantly do shipping free it's measure it be effectiveness testing to the the opposite. We're And you can

really to costs And the implementing with there's ideas customer test new of of measurement we're of be our really able experience creative but new to different get also -- with of initiatives. kind to, -- can that it free then returns. So look a also Amazon, shipping we to ways off reduce that that lot and want solid compete in get provide shipping various turn to really we essence, at versions it a that different

number we be going of over next, initiative. months X to to about we're fully optimize to so at whole tests look really that how excited the X And actually running we're say, that a

to I be continue to with play So data, to and it to important it think. measure is the able

Bobby Burleson

And that up costs in that October. you XX% Is said shipping were correct?

Paul Hodge

increase. actually Yes. a from We that carriers rate primary of received our notice couple is a there

what the by of Monday. expert And of experienced And to that so supply chain new business COO, logistics I there's hyper-focused consider, on fulfillment And a in McGuire, we on area. starts He's, this because feel Scott the here are a our room going some really in global lot to is highly the arena. find be improvements. way, this he we area

So is dig we're of really excited to first board. business. deep of to initiatives get to going one his him the area into this be And on

Bobby Burleson

hire. Congratulations upside Sounds like quarter. the on great a the in

Operator

from Capital. comes question next Fuhrman line Craig-Hallum Your the Alex of from

Alex Fuhrman

were Can the a about been color would us of I nice been quarter on trending much ask of meaningful has that third lairdsuperfood.com. subscriptions? of throughout have sales be number know your give you how really I here. a that's year contributor by the online historically. subscriptions on share the for you revenue to how wanted on Congratulations you any pretty Or can quarter really helpful. subscriptions you generated

Valerie Ells

Yes.

Of course.

and north third that, online Repeat So about despite in business continues up around accounts, was I business That XX%, was growth terms just new strong subscription direct subscription that as of of the repeat still still in customer mean, make quarter. overall then to well. grow X/X slightly XX%. of that And continues to our XX%.

were up you look we up XX% over when QX year, we the quarter. we're over a of XXX% back year. last second But believe So about

and to LTV continued going lot strength purchaser and we're of there. that subscriptions a is us So subscriber is or that going repeat a enhanced onetime the the to dramatically attention improved of over a be again, of put because, always a And part for purchaser. focus business in

Alex Fuhrman

before long momentum That's a it take it to in given here. back QX you're the with step the is you grown consistently continued I you in the had to of year? big that really little going liquid the put think kind to reasonable It sell third QX, probably Is a and retail launch just magnitude really here together. the creamer like that quarter. obviously, quarter-over-quarter into online guys is pretty have growth time a then for revenue helpful. resuming choppier, looks next sale. sell to on all seeing trying like liquid nice seems of Wholesale, in And be bit it the going mean,

Paul Hodge

business very on guiding But we're make to in in get hard wholesale this Black We're we're know Yes. or numbers. exactly. is it's a why stage those -- There's we got I'll -- in to at we this which programs hoping great And those predict just annually. to it's into we've some quarter-to-quarter, at, obviously, that that Friday. And forecast place. order impactful QX. an impact don't are it how that could to big hugely come pushed say

what the So year. we just annual And just say stick and to next just of -- we'll provide the would we gave quarter, end is guidance, the that. we we'd our next guidance for

And I'm is hard a we're predict definitely a anything of trying business, that those And stick in to I hide dynamic road we're meantime. with issue change, we matures everything change years, in not know very, the in to it's high-growth just anybody. the meantime, very quarter-to-quarter that Once will to just from sort great and down share This the talk now. would and keep couple through sure to very And that of right every the we happy can little with process. business going. discussions that. in company -- happy But and detail

Alex Fuhrman

that reacted seems mostly ask I then to could out customers that's there? the just if and to the it product new helpful. line time appreciate I'm category curious, product? mentioned Paul. snacking that existing the get curious pili buying quickly who in back that you And is your is quickly in that what Just was general. the like area, trial. I exciting That's sold that that, lastly, just an out really nuts on It

Paul Hodge

in also customer acquisition responded be, for well, should days week. programs I next Yes. shipments delays. with existing are happening they time our biggest long to assuming by our were yes, in new a be had that, the getting out back they will We well We there our there. -- can all because we've in stock those really of should hopefully of say we have end but customers some as marketing -- -- customers

move. product, waiting meantime. product opener our in far from So it honestly. -- people to was quickly would huge receive It that got really for us, incredible did are we've as list those it how as more. lucky response the And the a expectations And the get far quite we our enough wanting the eye for customers that exceeded got

that about power our we category. of And of it that we're out So was got the in jump brand here. coming the excited some first snack field. have snacking, near other into platform just the kind snacking We've It products shows the healthy future.

this base and this So here. And that on they're to in just this The be the we're building company building brand my trusted going of customer get platform, authenticity. based shows opinion. customers this it, power it

Operator

Capital from line from And the of question Kelly comes your next George ROTH Partners.

George Kelly

sure sort products should you tell but there's far more new So to I year. few tell just of pipeline? were as just maybe you what's can a just of curious -- more year? dialogue talk next broadly I us have want for pili for what the or year? you. expect I kind start about you if coming what your continuing as what still guess we guess sort on you to of having nuts, new can't not then And products what us, next this And Like, I'm

Paul Hodge

we been. more frame just we new really our probably I mean and are really pipeline product really that for it I of products. We've than XXXX will saying solid what about line innovative consider in got we've exciting excited ever a

again, time these product and busy for for move this kind road lines, year, and But kind things because the are very additional year about. functional talked we that. having the excited we really personally excited products I'm on coffee about coming some things like of control our of a out printers time this packaging rest do printing, launches show of the of of we're For some Once out category. that

Performance Mushrooms well space are how got I resonate And think a product. some do coffee think say would a it taste concerned exactly or are do Performance Mushrooms for Mushrooms first It's And the what is saw really And mushrooms coffee are did Performance well. me. as functional. we interesting. products I like of little that our future some product maybe going to people like functional I the we've

of do some the some happening our may launches exactly, nuts be what We this have functional one sure? down to but We're do go can't next to I schedule year. Yes. next as essential days for coffee course, the a coming to pili that. this other excited -- But daily is greens I continued as QX year with clear there this XX here. And, of the marketplace. year, little to functions in it's have sometime there's more we those say -- in product bit But That to should going are. are or for -- these hit are planned, which for well. back other that year the launches be about

George Kelly

That's great. then creamer. your just liquid from prepared understand commentary back to want to your try remarks. maybe I And to Okay.

if -- through sold will that there are or will any mid-XXXX? So being existing -- continue changes the form

of And can or talk you solutions? the anything ingredients about then more is just secondly, tell sort Just it the about us you can fix? or packaging else

Paul Hodge

life then a like the but sort where it to And also packaging. that product ingredients process, is a on of the product. temperature ability the The way all. But would us same different fully with can same it small this version solution It's our storage then package designed a again, a room there the formula, feel And this will really of sell uses, us shelf-stable conditions. is for tweak at protect gives give that's to approach. itself that production sort we Amazon. it's line us we then packaging still life which through really shelf just with give rest taste this of exactly ingredients, the margin get is We product, aseptic -- it the slightly better BXC shelf extended And The what Same the a online to process. to. same XX-month to have Happy the as we going for where and change business products, just size, do as move does. it's of Yes. can blended at it exciting the change. won't packaging is

about are that. we So excited

say. to a it's timing, as far tough bit As little

we're shelf now. market can. into margin we'll looking would that definitely the Everything mentioned, it we middle the trial improvements quick then by on as I impacts runs and going to of have the on front. see doing the start strong. it the really say year, the and move I as is As to We're

Valerie Ells

on Yes. selling out. that that when we will And round Because version shelf, swap is it's existing to we'll out, the is really on it well. solution keep definitely George, in place, then shelf and it until

fantastic, the mentioned Paul especially launch. being early sell-through on As in is for the as earlier, data

think continue at So that trend to of in solution we're terms. ultimately, looking here. those to found place impact But see in in we all. not XXXX. it we improvements we're we going forward hope to having weekly And we that And right the

George Kelly

And then Okay. Great. for last question me.

between Just the and and down you break lairdsuperfood.com online a Can then -- modeling revenue question. everything else?

Valerie Ells

Yes.

wholesale making then, channel course, of the and overall XX% was the XX-XX I sales, for mean, this out it between about a with sales rounding lairdsuperfood.com remaining X%. And and quarter, It that. So of mix with up total Amazon. to of X% foodservice about the about online XX% was split quarter

George Kelly

out gate. strong the quarter first on the of Congrats

Operator

comes question next from your line the of from Canaccord. And Burleson Bobby

Bobby Burleson

here QX on this was are that guys about shipped wondering, direct? all at I are talking products So Or point? are of in of wholesale only next some you XX the them those capable are days, just and happening being over the new

Paul Hodge

the of to going kind the feedback, products understand start fully ritual just wholesale products functional wholesale with online need initially if we big of But going products products. to tweaks sort And we're get do look want those sure demand the expect we're customer of time packaging products our to is those the and the gauge are we -- channels. strong make performance just into amount sizes I the we be reiterate or like some direct change for investment and like and these make building only. in maybe at daily the and copy And Actually, for then a coming. go next and performance run of online, playbook, seen blends will we some we we To or will do that typical just understand then online this wholesale will would flavors these before and some really out. we performance, wholesale. we've because early to to our really year say, to

be need process minds. get as The the know that it's investment our go that well. We the make we're to that one wholesale functional already to exception the to going in And soon sort we're to willing possible. going we as do don't that It's of just and perform will coffee testing. accelerate channels because going to in do ahead to

Bobby Burleson

going on feedback is that how any Costco? And with

Paul Hodge

Yes.

Costco resonance feel, good. market which wouldn't going age with X a in to the the reorder their consumer. been strong of But as it's keep we the that, probably have Even of it Mushroom flavors, is stores. continuing and Performance So with blend, with mass

supporting X that. the I out. so it regions And -- them now And started with think selling one coffee. we're in it in reason And we're

expansion well. as been there's So region some

Bobby Burleson

products XXXX. Great. a deceleration versus is then the sounds some there? what year SKUs of also of introductions like about that's -- is the to you culling a are the I'm have coming of are good XXXX, this underperforming? I it portfolio out? going guys new that for slated in you pipeline we like there trade-offs mean of think if the wondering, number And stuff cadence How

Paul Hodge

variables say, to process. hard it's mind, to little the for come to -- the about we're to every have of There's one them There part I ideas that to bit of talk this would going XX Absolutely. for pipeline future constantly makes process. because quite affect actually at look that's It's any we're stage product it a that We're looking SKUS. year to year, products probably -- we than more of the there's can I go next that insisting and of we're prior. planning we really to a it. number when where -- say launch there's in that out. it's lot will of schedule when timing the have products it launch still But those that replace. few a to But And underperforming been year next the just there's be looking

Bobby Burleson

X just at better on they're wholesale like sections of terms and about retail that distribution you, Eleven. there, that. others It Great. customers, food with opportunities, wondering And a seems aisle. for I'm then Is in their out building radar? that's like Target your there's your like someone a how obviously, company of

Paul Hodge

slated that pipeline, that are So next that product kind we and development of of engineered more there some for environment. sort in designed have of c-store year, part products be to which are really

And has of So not, VP in great in I new experience or that thinking is guess, about. area. something QX, new Sales -- that some we're it -- our

we're so products looking up and channels And that are that -- that. fit, those for anticipating we sales eventually are some the into having ground from built

Operator

questions closing at are to this over Hodge, I further There Mr. the turn some you Paul time. remarks. call for no

Paul Hodge

everybody, excited thank be to And you excited and Well, we're call. Be and to talk you, we'll guess for I you season. of great Okay. safe. future. summarizing holiday a guidance XXXX We'll giving And during our have then. the see We're next XXXX. kind

appreciate everybody support growth going really with So on journey and Superfood. this the in Laird

Operator

conference participating. you today's for this Thank and Ladies concludes call. gentlemen,

may You disconnect. now

Laird Superfood (LSF) 12 Nov 202020 Q3 Earnings call transcript