Vending

J&J Snack Foods boosts Q4, FY 2021 sales, earnings

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November 16, 2021

J&J Snack Foods Corp improved sales and earnings in Q4 and FY 2021, according to an earnings release.

Net sales increased 28% from $252.5 million in Q4, 2020 to $323.1 million in Q4 of fiscal 2021, and by 4%, compared to Q4 of fiscal 2019.

Sales were driven by growth in core products, including soft pretzels, churros, bakery and frozen beverages, as well as the continued success of chicken bake handheld recently introduced into the club channel.

Earnings rose 187% from $6.58 million to $18.9 million, while earnings per diluted share rose 180% from 35 cents to 98 cents.

Foodservice sales exceeded Q4 2020 by 35%, and surpassed Q4 2019 by 6%.

Retail segment sales were 9% below Q4 2020 when sales grew 41% benefiting from consumers being home during the pandemic. However, retail sales remained strong compared to pre-pandemic Q4 2019 levels, growing 29%.

Frozen beverage segment sales beat Q4 2020 sales by 46%, led by frozen beverages growing over 104%; frozen beverage sales improved to just 4% below Q4 2019 levels led by strong growth across restaurant, convenience and amusement channels, partially offset by a slower recovery across theater customers.

Sales for fiscal 2021 increased 12% to $1.145 billion for full year fiscal 2021, versus full year fiscal 2020, as performance in the last two quarters of the year returned to pre-COVID levels.

Full year earnings rose 204% to $55.6 million

The $323.1 million in quarterly revenue beat analyst expectations by $9.89 million while the GAAP EPS of 98 cents missed expectations by 30 cents, according to Seeking Alpha.

"We are pleased with the strong finish to the year and the positive trends we see across our business, including exceeding pre-COVID sales levels in the fourth quarter despite an incredibly challenging operating environment," Dan Fachner, J&J's president and CEO, said in the press release.

For an update on how the coronavirus pandemic is affecting convenience services, click here.