Summer Infant, Inc. (SUMR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 2, 2022

Exhibit 99.1

PRESS RELEASE

SUMR Brands Reports 2021 Fourth Quarter Results

Transaction with Kids2 Approved by Company’s Board of Directors;

Closing Expected Second Quarter

WOONSOCKET, R.I., March 16, 2022 – SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a global leader in premium infant and juvenile products, today announced financial results for the fiscal fourth quarter ended January 1, 2022.

Recent Highlights

“The fourth quarter of 2021 continued to be challenging across a number of fronts, with supply chain constraints and higher material costs negatively impacting our ability to meet demand and maintain margins,” said Stuart Noyes, CEO. “In general, things did not improve as we had hoped, and such conditions have remained as we begin fiscal 2022. Elevated container rates, demurrage, and related logistics expense, along with air freight – to better serve customers – have been constant headwinds against our efforts to efficiently manage supply. Working capital has also been under pressure due to the need for increased inventory and elongated transit times.

“While seeing strong demand for many of our products, we have entered into an agreement to sell SUMR to Kids2 to unlock value for shareholders. This will ensure the future of our successful, innovative products within a competitive landscape and uncertain supply chain environment. In the meantime, we are grateful for the support and near-term financial flexibility provided by Wynnefield, our largest shareholder.”

Fourth Quarter Results

Net sales for the three months ended January 1, 2022 were $35.3 million compared with $36.0 million for the three months ended January 2, 2021, with the slight decrease year-over-year primarily reflecting ongoing supply chain disruptions. While the Company often faced challenges meeting overall demand, revenue across several key product categories rose year-over-year, including potties, bathers, strollers, and boosters. Sales shifted to ecommerce channels during the quarter, with Amazon revenue up over 30% year-over-year.