Business
J&J Snack Foods’ Fiscal 2023 First Quarter Revenue Increases 10.3% to $351.3M
PENNSAUKEN, N.J., Jan. 30, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the first
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"PENNSAUKEN, N.J., Jan. 30, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the first quarter ended December 24, 2022. First QuarterActuals$ v. LY% v. LYNet Sales$351.3M$32.9M10.3%Operating Income$9.3M-$5.5M-37.2%Net Earnings$6.6M-$4.5M-40.2%Earnings per Diluted Share $0.34-$0.24-41.4% Adjusted EBITDA$25.3M-$2.3M-8.3%Adjusted Earnings per Diluted Share$0.42-$0.15-26.3% This press release contains non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures section below for reconciliations to the most comparable GAAP measures. Dan Fachner, J&J Snack Foods President and CEO, commented, “We are pleased to report the seventh consecutive quarter of double-digit top-line growth and remain confident in our plans to continue growing sales. We are investing in our brands, accelerating cross selling opportunities with our customers and across our channels, expanding our production capacity and building a strong pipeline of product innovation. We have hit the ground running with our Dippin’ Dots business, having already gained placement at Regal Theaters, the second largest movie theater chain in the United States. In fact, we increased unit sales in our Dippin’ Dots business over 14% in the first quarter. Also, we recently launched the Hola! Churros brand and are seeing strong momentum, including over 30% sales growth in the first quarter. This positions us well to grow our churros business, including the introduction of new products and entry into new channels. While our industry experienced some declines in traffic and volume in the first quarter, we are well positioned to manage through these economic challenges, and expect to continue growing our top line.” “As we make meaningful progress on our strategic priorities and initiatives to improve operating efficiency and effectiveness, ongoing inflationary pressures and the softening consumer environment impacted our year over year bottom-line results. Our actions to improve gross margins helped us deliver 25.9% this quarter versus 24.9% in the prior year period. However, we continue to manage through cost pressures on the expense side, most notably distribution expenses. We expect to see improvement in expenses as we cycle through these high inflationary periods later in the year. Also, Dippin Dots is a ve...