Business
J&J Snack Foods’ Fiscal 2023 Fourth Quarter Revenue Increases 10.8% to a Quarterly Record of $443.9M
-Full Year Fiscal 2023 Revenue Grows 12.9%- MOUNT LAUREL, N.J., Nov. 15, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today
About this update from J & J Snack Foods Corp.
[{"type":"text","content":"-Full Year Fiscal 2023 Revenue Grows 12.9%-\nMOUNT LAUREL, N.J., Nov. 15, 2023 (GLOBE NEWSWIRE) -- J&J Snack Foods Corp. (NASDAQ: JJSF) (the “Company”) today reported financial results for the fourth quarter and full year ended September 30, 2023. Fourth QuarterFull-YearActuals% v. LYActuals% v. LYNet Sales$443.9M10.8%$1,558.8M12.9%Operating Income$41.7M93.0%$109.5M77.2%Net Earnings$30.4M75.7%$78.9M67.1%Earnings per Diluted Share $1.5774.4%$4.0865.9% Adjusted EBITDA$62.2M55.2%$181.6M46.3%Adjusted Earnings per Diluted Share$1.7364.8%$4.5063.0% 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, “J&J Snack Foods ended fiscal 2023 on a strong note, including record sales and profitability for both the fourth quarter and full year. We achieved these results through the dedicated efforts of our J&J employees across the business, as well as the positive impact of various operational and strategic initiatives we have undertaken over the past two years. Fiscal fourth quarter net sales increased to a record $443.9 million, driven by Food Services sales growth of 5.3%, Retail segment sales growth of 21.2% and Frozen Beverages sales growth of 20.6%. In addition, our work to improve profit margins continues to gain momentum led by a 32.8% gross margin in the quarter and lower distribution expenses. Operating income and adjusted EBITDA increased 93.0% and 55.2%, respectively, for the fourth quarter and 77.2% and 46.3%, respectively for fiscal 2023. “Diving deeper into our sales performance, we are seeing marked success across our core brands, as pretzels, churros and frozen novelties continue to post healthy growth on the back of our initiatives to onboard new customers, bring new products to market and improve the effectiveness of our brand marketing. I am particularly pleased with Dippin’ Dots performance in its first full year as a part of J&J’s portfolio. Dippin’ Dots achieved its highest sales and profitability in its history, growing over 13% and 80% for the fiscal year, respectively, on the back of our success in driving synergies, penetrating new sales channels, and leveraging new products. Our Retail segment delivered a strong fourth quarter, growing 2...