Vending

J & J Snack Foods reports sales decline in Q2

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April 29, 2020

J & J Snack Foods Corp. sales decreased 2% in the second quarter, to $272.0 million, compared to $276.3 million in last year's second quarter, according to a press release.

Net earnings decreased 64% to $7.3 million compared to $20.4 million a year ago. Earnings per diluted share decreased 65% to $.38 compared to $1.08 last year and operating income dipped 56% to $11.0 million compared to $24.8 million a year ago.

For the six months ended March 28, 2020, sales increased 1% to $554.9 million from $547.9 million in last year's first half. Net earnings decreased 36% to $24.4 million in the six months from $37.9 million last year. Earnings per diluted share decreased 36% to $1.28 from $2.00 last year.  Operating income decreased 30% to $32.7 million this year from $46.9 million last year. 

The company said sales for the first four weeks of its third quarter, that will end June 27, 2020, were down approximately 45% from a year ago.

Approximately two thirds of sales are to venues and locations that have shut down or sharply curtailed foodservice operations, so the company anticipates COVID-19 will continue to have a negative impact on its business.