Business
John B. Sanfilippo & Son, Inc. Reports Fiscal Fourth Quarter and Full-Year 2022 Results
Fourth Quarter Diluted EPS Increased 40.2% to Fourth Quarter Record of $1.50 per Share ELGIN, Ill.--(BUSINESS WIRE)-- John B. Sanfilippo & Son, Inc. (NASDAQ:
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nFourth Quarter Diluted EPS Increased 40.2% to Fourth Quarter Record of $1.50 per Share\n\n ELGIN, Ill.--(BUSINESS WIRE)-- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS):\n\n\nQuarterly Overview:\n\n\nFiscal Year Overview:\n\n\n\n\n\n\n \n\n\n\n- Net sales increased 24.7%\n\n\n\n\n- Net sales increased 11.3%\n\n\n\n\n\n- Sales volume increased 10.9%\n\n\n\n\n- Sales volume increased 6.9%\n\n\n\n\n\n- Gross profit increased 20.0%\n\n\n\n\n- Gross profit increased 7.9%\n\n\n\n\n\n- Net income increased 41.1%\n\n\n\n\n- Net income increased 3.4%\n\n\n\n\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced its fiscal fourth quarter and full-year 2022 operating results. Net income for the fourth quarter of fiscal 2022 was $17.4 million, or $1.50 per share diluted, compared to net income of $12.3 million, or $1.07 per share diluted, for the fourth quarter of fiscal 2021. Net income for fiscal 2022 was $61.8 million, or $5.33 per share diluted, compared to net income of $59.7 million, or $5.17 per share diluted, for fiscal 2021. Both the current fourth quarter and fiscal year contained an additional week compared to the same periods in fiscal 2021.\n\nNet sales increased 24.7% to $257.7 million for the fourth quarter of fiscal 2022 from $206.7 million for the fourth quarter of fiscal 2021. The increase in net sales was attributable to a 12.5% increase in the weighted average sales price per pound, and a 10.9% increase in sales volume, which is defined as pounds sold to customers. The increase in the weighted average selling price resulted from an increase in acquisition costs for peanuts, all major tree nuts, dried fruits, and other input costs due to inflationary conditions. Excluding the estimated impact of the extra week in the current fourth quarter, net sales increased approximately 16% and sales volume increased approximately 3%.\n\nSales volume increased in all three distribution channels in the current fourth quarter. Sales volume in the consumer distribution channel increased 7.5%, which was primarily driven by a 9.9% increase in private brand sales volume from increases in trail and snack mixes. The sales volume increases for these products mainly resulted from new distribution at an existing customer and increased consumer demand for lower-priced products such as peanuts in response to the current e...