Business
John B. Sanfilippo & Son, Inc. Reports Fiscal Third Quarter 2022 Results
Third Quarter Net Sales Increased 5.1% to $218.6 Million ELGIN, Ill.--(BUSINESS WIRE)-- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS): Quarterly Overview:
About this update from John B. Sanfilippo & Son, Inc.
[{"type":"text","content":"\nThird Quarter Net Sales Increased 5.1% to $218.6 Million\n\n ELGIN, Ill.--(BUSINESS WIRE)--\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS):\n\n\n\nQuarterly Overview:\n\n\n\n\nYear to Date Overview:\n\n\n\n\n\n\n \n\n\n\n- Net sales increased 5.1%\n\n\n\n\n- Net sales increased 7.1%\n\n\n\n\n\n- Sales volume decreased 2.8%\n\n\n\n\n- Sales volume increased 5.6%\n\n\n\n\n\n- Gross profit decreased 14.4%\n\n\n\n\n- Gross profit increased 3.8%\n\n\n\n\n\n- Net income decreased 19.2%\n\n\n\n\n- Net income decreased 6.4%\n\n\n\n\nJohn B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced operating results for its fiscal 2022 third quarter. Net income for the third quarter of fiscal 2022 was $11.9 million, or $1.02 per share diluted, compared to net income of $14.7 million, or $1.27 per share diluted, for the third quarter of fiscal 2021. Net income for the first three quarters of fiscal 2022 was $44.4 million, or $3.83 per share diluted, compared to net income of $47.4 million, or $4.10 per share diluted, for the first three quarters of fiscal 2021.\n\nNet sales increased to $218.6 million for the third quarter of fiscal 2022 from $207.9 million for the third quarter of fiscal 2021. The increase in net sales was attributable to an 8.1% increase in the weighted average sales price per pound. The increase in net sales from higher selling prices was offset in part by a 2.8% decrease in sales pounds, which is defined as pounds sold to customers. The increase in the weighted average selling price was attributable to price increases implemented during the current third quarter in response to higher commodity acquisition costs for all major tree nuts and peanuts and increases in freight, labor and other input costs.\n\nSales volume in the consumer distribution channel decreased 5.8%, which was primarily driven by a 57.1% decrease in peanut butter sales volume due to the planned downtime associated with the upgrade of our peanut butter line that occurred and was completed in the current quarter. The discontinuance of our inshell peanut product line, which occurred in the fourth quarter of fiscal 2021, also contributed to the sales volume decrease in the consumer distribution channel. These two factors accounted for substantially all of the sales volume decline in the consumer distribution channel. Sales volume in the con...