Business
John B. Sanfilippo & Son, Inc. Reports Fiscal 2025 First Quarter Results
First Quarter Sales Volume Increased 24.5% and Net Sales Increased 18.0% to $276.2M Driven by Snack Bar Sales from the Lakeville Acquisition1 ELGIN,
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nFirst Quarter Sales Volume Increased 24.5% and Net Sales Increased 18.0% to $276.2M Driven by Snack Bar Sales from the Lakeville Acquisition1\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced financial results for its fiscal 2025 first quarter ended September 26, 2024.\n\nFirst Quarter Summary1\n\n\nSales volume increased 18.0 million pounds, or 24.5%, to 91.2 million pounds\n\n\nNet sales increased $42.1 million, or 18.0%, to $276.2 million\n\n\nGross profit decreased 18.4% to $46.5 million\n\n\nDiluted EPS decreased 33.8% to $1.00 per share\n\n\nCEO Commentary\n\n“We were encouraged by sales volume increases across all three of our distribution channels in the first quarter. The consumer distribution channel delivered its strongest quarterly sales volume growth (excluding the impact from the Lakeville Acquisition) in the past eight quarters, as the overall core nut and trail mix category continues to stabilize and recover. We remain optimistic that the strategic pricing actions we initiated last quarter will continue to drive positive momentum in our consumer distribution channel. However, the category may be challenged by increasing commodity costs and corresponding selling price increases in the next few quarters,” stated Jeffrey T. Sanfilippo, Chief Executive Officer.\n\n“In addition to the impact from our strategic pricing actions, our profitability in the quarter was impacted by a one-time concession to a snack bar customer due to capacity constraints at our Lakeville facility. We believe these capacity constraints have been resolved. However, we continue to focus on identifying and implementing cost savings and operational efficiencies to enhance our future profitability,” Mr. Sanfilippo concluded.\n\n\n_____________________________\n\n\n\n1\n\n\n\nResults include the impact of the acquisition of the TreeHouse Foods snack bar business (the “Lakeville Acquisition”) which was completed on September 29, 2023, the first day of our second fiscal quarter of fiscal 2024.\n\n\n\n\nFirst Quarter Results\n\nNet Sales\n\nNet sales for the first quarter of fiscal 2025 increased $42.1 million, or 18.0%, to $276.2 million, including approximately $40.5 million of net sales from the Lakeville Acquisition. Excluding the Lakeville Acquisition, net sales increased $1.6 mill...