DUBLIN, Feb 26 (Reuters) - Nutrition supplement maker Glanbia GL9.I will sell its underperforming U.S. weight management brand SlimFast as part of a wider plan targeting annual cost savings of at least $50 million by 2027, the Irish company said on Wednesday.
Glanbia bought SlimFast for $350 million in 2018, but sales of its products have plummeted since 2022 as weight-loss drugs upended the diet market and consumers moved away from the low-carbohydrate diets that the 50-year-old brand supports.
Glanbia took a non-cash impairment charge of $91.4 million in its 2024 results to reflect SlimFast's performance challenges and the decision to begin the sale process. SlimFast represented 7% of its performance nutrition division at the end of June.
The U.S.-focused company reported a 6.8% increase in full-year adjusted earnings per share to 140.03 cents, in line with its guidance, but said it expected that to fall to between 124 and 130 cents this year 2025 due to unprecedented input cost inflation.
(Reporting by Padraic HalpinEditing by David Goodman)
((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters Messaging: padraic.halpin.thomsonreuters.com@reuters.net))
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