Business
John B. Sanfilippo & Son, Inc. Reports Fiscal 2024 Fourth Quarter and Full-Year Results
Fourth Quarter Sales Volume Increased 23.5% and Net Sales Increased 15.1% to $269.6M Driven by Snack Bar Sales from the Lakeville Acquisition1 ELGIN,
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nFourth Quarter Sales Volume Increased 23.5% and Net Sales Increased 15.1% to $269.6M Driven by Snack Bar Sales from the Lakeville Acquisition1\n\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced financial results for its fiscal 2024 fourth quarter and full fiscal year ended June 27, 2024.\n\n\nFourth Quarter Summary1\n\n\n\nSales volume increased 17.4 million pounds, or 23.5%, to 91.6 million pounds\n\n\n\nNet sales increased $35.4 million, or 15.1%, to $269.6 million\n\n\n\nGross profit decreased 8.6% to $50.0 million\n\n\n\nDiluted EPS decreased 31.7% to $0.86 per share\n\n\n\nFull Year Summary1\n\n\n\nSales volume increased 38.1 million pounds, or 12.3%, to 346.6 million pounds\n\n\n\nNet sales increased $67.1 million, or 6.7%, to $1.07 billion\n\n\n\nGross profit increased 1.2% to $214.1 million\n\n\n\nDiluted EPS decreased 4.6% to $5.15 per share\n\n\n\nCEO Commentary\n\n\n“I am proud to report a successful and historic fiscal 2024 as we exceeded $1 billion in annual net sales for the first time in our company’s history. We also successfully executed a key component of our strategic plan by further diversifying our product offering through the acquisition, integration and optimization of our Lakeville bar facility and operations. Our snack and nutrition bar offering generated approximately $131.0 million in net sales for the fiscal year, of which $120.0 million was related to the Lakeville Acquisition. In addition, we made substantial progress in optimizing the operations in Lakeville, ahead of schedule, and are excited about the expected impact it will have on our operating results in fiscal 2025 and beyond. Through the hard work of our team, our net sales from Lakeville operations were at the top end of our original range and dilution per share from the Lakeville Acquisition (for the fiscal year) was approximately $0.17 per share, which was significantly better than our original expected per share dilution of $0.80 to $1.00. Lastly, we raised our annual dividend by 6.3% to $0.85 per share and supplemented our annual dividend with an additional special dividend of $1.25 per share, both of which will be paid on September 11, 2024. These results were due to our team’s unyielding perseverance and leadership as we navigated through a challenging operating enviro...