Business
John B. Sanfilippo & Son, Inc. First Quarter Diluted EPS was $1.11 per Share
Quarterly Overview: Net sales decreased 3.5% Sales volume decreased 3.5% Consumer distribution channel sales volume increased 3.8% Gross profit decreased
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nQuarterly Overview:\n\n\nNet sales decreased 3.5%\n\n\nSales volume decreased 3.5%\n\n\nConsumer distribution channel sales volume increased 3.8%\n\n\nGross profit decreased 6.9%\n\n\nNet income decreased 0.9% \n\n\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 2021. Net income for the first quarter of fiscal 2021 was $12.8 million, or $1.11 per share diluted, compared to $12.9 million, or $1.12 per share diluted, for the first quarter of fiscal 2020.\n\nNet sales decreased to $210.3 million for the first quarter of fiscal 2021 from net sales of $217.8 million for the first quarter of fiscal 2020. The decrease in net sales resulted from a 3.5% decline in sales volume, which is defined as pounds sold to customers. Sales volume increased in the consumer distribution channel by 3.8% primarily from a 6.9% increase in private brand sales volume for trail and snack mixes, mixed nuts, cashews and peanuts at existing customers. The increase in sales volume for these products was partially offset by a decline in peanut butter sales volume due to a temporary peanut supply shortage during the current quarter. Increased sales of Fisher snack nuts also contributed to the sales volume increase in the consumer distribution channel. Sales volume declined 27.7% in the commercial ingredients distribution channel due to a 40.9% decline in sales volume for almond, peanut, walnut, sunflower and pecan products in our food service business. The decline in food service sales volume was due to a decline in air travel and nationwide restrictions on occupancy rates in and closures of restaurants, both of which were attributable to COVID-19. Sales volume in the contract packaging distribution channel decreased 12.2% due to the unfavorable impact of lower convenience store foot traffic on one customer’s business as a result of COVID-19 and the loss of peanut butter business with another customer due to the temporary peanut supply shortage discussed earlier.\n\nSales volume for our branded products in the consumer distribution channel changed as follows:\n\n\n\nFisher recipe nuts\n\n\n\n\n\n\n\n(14.1)%\n\n\n\n\n\nOrchard Valley Harvest\n\n\n\n\n\n\n\n(16.1)%\n\n\n\n\n\nFisher snack nuts\n\n\n\n\n\n\n\n12.6%\n\n\n\n\n\nSouthern Style Nuts\...