Business
J & J Snack Foods’ Fiscal Third Quarter Revenue Increases by 17.2% to an All Time Quarterly Record of $380.2M
PENNSAUKEN, N.J., Aug. 02, 2022 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the third
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"PENNSAUKEN, N.J., Aug. 02, 2022 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the third quarter ended June 25, 2022. Third QuarterActuals% vs. LY Net Sales$380.2M17.2%Operating Income¹$21.3M(44.3%)Net Earnings$15.6M(46.1%)Earnings per Diluted Share (EPS)¹$0.81(46.4%) ¹ GAAP Operating Income includes the impact of $3.1 million in acquisition costs related to the acquisition of Dippin’ Dots. Excluding these one-time expenses, Adjusted Operating Income was $24.3 million, Adjusted Earnings per Diluted Share was $0.93 and Adjusted EBITDA was $38.4 million. See reconciliation of non-GAAP measures below. Dan Fachner, J & J Snack Foods President and CEO, commented, “J & J Snack Foods delivered strong results in fiscal third quarter, including record quarterly sales and significant improvements in gross margin at 28.7%. This performance reflects a number of positive trends across all three of our business segments, including strong demand for our higher-margin core products, continued strength in our key sales channels and expanding penetration of our products with new and existing customers. I am very proud of the J & J team as they worked tirelessly to help us rebound from the ERP implementation challenges in Q2 and deliver our best sales quarter in the history of the company.” “We delivered wide-spread strength across all three of our business segments. Frozen Beverages segment sales grew 23.5% compared to the same quarter last year, led by a 36.7% increase in beverages. Food Services segment sales increased 16.0% year-over-year, driven by exceptional growth in our handheld, churros and frozen novelty offerings, as well as double-digit growth in bakery and 9.9% growth in pretzels. Retail sales grew 13.3% in the quarter and 46.1% above pre-Covid 2019 third quarter led by frozen novelties.” “I am excited about the opportunities ahead for our Company and confident that our portfolio of brands, investments in our business and targeted strategic initiatives will help us to continue to grow, and to do so more efficiently. We are focused on strengthening our operating infrastructure and improving efficiencies in order to become a more resilient and faster growing organization and deliver added value to our customers and shareholders. We believe the recent acquisition of Dippin...