Business
John B. Sanfilippo & Son, Inc. Reports Fiscal 2023 Third Quarter Results
Third Quarter Diluted EPS Increased 32.4% to a Third Quarter Record of $1.35 per Diluted Share on Volume Growth in all Distribution Channels ELGIN,
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nThird Quarter Diluted EPS Increased 32.4% to a Third Quarter Record of $1.35 per Diluted Share on Volume Growth in all Distribution Channels\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced financial results for its fiscal 2023 third quarter and nine months ended March 30, 2023.\n\n\nThird Quarter Summary\n\n\n\nNet sales increased 9.1% to $238.5 million\n\n\n\nSales volume increased 5.0% to 75.0 million pounds\n\n\n\nGross profit increased 26.3% to $49.8 million\n\n\n\nDiluted EPS increased 32.4% to $1.35 per share\n\n\n\nCEO Commentary\n\n\n“I am proud to report record diluted earnings per share for our third quarter and our second consecutive quarter of double-digit diluted earnings per share growth. This strong performance was mainly driven by volume growth in all three of our distribution channels as our net sales increased by $20 million or 9.1%, compared to last year’s third quarter. I am very proud of this accomplishment given the ongoing challenging operating and inflationary environment,” stated Jeffrey T. Sanfilippo, Chief Executive Officer.\n\n\n“As I discussed last quarter, we began to ship our new product line of private brand nutrition bars to a mass merchandising retailer during the third quarter and anticipate shipping private brand nutrition bars to additional customers during the fourth quarter. We have received favorable feedback from our retail partners and expect to gain additional nutrition bar customers in subsequent quarters,” Mr. Sanfilippo stated.\n\n\n“As we look ahead to the fourth quarter and to fiscal 2024, we are focused on executing our Long-Range Plan to accelerate volume growth and deliver sustainable earnings growth. We will continue to optimize our cost structure, focus on portfolio optimization, diversify our product offerings and increase flexibility as we continue to respond to the ongoing macroeconomic volatility. Our strong operating results would not be possible without the dedication of our talented employees, who continue to exceed expectations and create value for our customers and shareholders,” Mr. Sanfilippo concluded.\n\n\nThird Quarter Results\n\n\nNet Sales\n\n\nNet sales for the third quarter of fiscal 2023 increased 9.1% to $238.5 million due to a 5.0% increase in sales volume, which is defined as pounds sol...