Business
John B. Sanfilippo & Son, Inc. First Quarter Diluted EPS Nearly Doubled to a First Quarter Record $1.12 per Share
Quarterly Overview: Net sales increased by 6.6% Sales volume increased by 9.1% Gross profit increased by 28.2% Net income increased by 95.7% ELGIN,
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nQuarterly Overview:\n\n\n\nNet sales increased by 6.6%\n\n\nSales volume increased by 9.1%\n\n\nGross profit increased by 28.2%\n\n\nNet income increased by 95.7%\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced operating results for its first quarter of fiscal 2020. Net income for the first quarter of fiscal 2020 was $12.9 million, or $1.12 per share diluted, compared to $6.6 million, or $0.57 per share diluted, for the first quarter of fiscal 2019.\n\n\nNet sales increased to $217.8 million for the first quarter of fiscal 2020 from net sales of $204.3 million for the first quarter of fiscal 2019. The increase in net sales resulted from a 9.1% increase in sales volume, which is defined as pounds sold to customers. The increase in net sales from the sales volume increase was offset in part by lower selling prices for cashews, pecans and walnuts, which in turn resulted from lower commodity acquisition costs. The increase in sales volume came from a 17.4% increase in sales volume in our consumer distribution channel, which was offset in part by a 13.0% decline in sales volume in the contract packaging distribution channel. The sales volume decline in the contract packaging distribution channel was due to a reduction in unit ounce weights implemented by a customer for its entire product line and reduced promotional activity by another customer. Sales volume was relatively unchanged in the commercial ingredients distribution channel. The sales volume increase in the consumer distribution channel was mainly due to increased sales of private brand snack nuts and trail mixes from distribution gains with existing and new customers.\n\n\nSales volume for our branded products in the consumer distribution channel changed as follows:\n\n\n\n\nFisher recipe nuts\n\n\n\n\n\n(30.3)%\n\n\n\n\n\nOrchard Valley Harvest\n\n\n\n \n\n\n\n \n\n\n\n12.4%\n\n\n\n\n\nFisher snack nuts\n\n\n\n \n\n\n\n \n\n\n\n(8.0)%\n\n\n\n\n\nSouthern Style Nuts\n\n\n\n \n\n\n\n \n\n\n\n40.3%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nThe sales volume decline for Fisher recipe nuts resulted from lost distribution for some items due to the continued expansion of private brand recipe nut offerings at a major customer. The sales volume increase for Orchard Valley Harvest produce products mainly r...