Business
John B. Sanfilippo & Son, Inc. Fourth Quarter Diluted EPS Increased 20.0% to a Fourth Quarter Record $1.07 per Share
Quarterly Overview: Net sales increased 1.2% Sales volume increased 9.6% Gross profit increased 14.9% Net income increased 20.3% Fiscal Year Overview: Net
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nQuarterly Overview: \n\n\nNet sales increased 1.2%\n\n\nSales volume increased 9.6%\n\n\nGross profit increased 14.9%\n\n\nNet income increased 20.3%\n\n\nFiscal Year Overview:\n\n\nNet sales decreased 2.5%\n\n\nSales volume increased 1.6%\n\n\nGross profit increased 5.2%\n\n\nNet income increased 10.4%\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for both its fiscal 2021 fourth quarter and fiscal year ended June 24, 2021. Net income for the fourth quarter of fiscal 2021 was $12.3 million, or $1.07 per share diluted, compared to net income of $10.3 million, or $0.89 per share diluted, for the fourth quarter of fiscal 2020. Net income for fiscal 2021 was $59.7 million, or $5.17 per share diluted, compared to net income of $54.1 million for fiscal 2020, or $4.69 per share diluted.\n\nFiscal 2021 fourth quarter net sales increased 1.2% to $206.7 million from net sales of $204.2 million for the fourth quarter of fiscal 2020 due to a 9.6% 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 large part by a 7.6% decrease in the weighted average selling price per pound for our products. The decline in the weighted average selling price resulted from a decline in commodity acquisition costs for all major tree nuts. Sales volume in the consumer distribution channel increased 2.5%, which was driven mainly by increased sales of private brand trail and snack mixes from new distribution at existing customers. Sales volume increases for Orchard Valley Harvest products and Fisher snack nuts also contributed to the sales volume increase in the consumer distribution channel. Sales volume in the consumer distribution channel accounted for 73.2% of total sales volume in the current fourth quarter. Sales volume increased 49.5% in the commercial ingredients distribution channel primarily due to a 117.1% increase in sales volume to food service customers. The increase in food service sales volume was attributable primarily to the lifting of indoor dining restrictions in restaurants. Sales volume increased 19.1% in the contract packaging distribution channel primarily due to the impact of increased foot traffic in convenience stores on a major customer’s busines...