Vending

J&J Snack Foods lifts Q1 2024 earnings despite sales dip

Image; J&J Snack Foods Corp.

February 6, 2024

J&J Snack Foods Corp. lifted its Q1 2024 earnings against declining sales over the prior year period, according to an earnings report. Highlights include:

• Net sales decreased 0.9% from $351.3 million in Q1 2023 to $348.3 million in the fiscal year ending Dec. 30, 2023.
• Net earnings rose 9.8% from $6.6 million to $7.3 million in the comparative quarters.
• EPS rose 8.8% from 34 cents to 37 cents on a diluted basis and from 35 cents to 38 cents on a basic basis.
• Adjusted earnings per diluted share rose 23.8% from 42 cents to 52 cents.
• Foodservice sales fell from $238.3 million to $228.6 million.
• Retail supermarket sales rose from $43.07 million to $43.76 million.
• Frozen beverages sales rose from $69.9 million to $75.9 million.

Shares traded Monday at $155.53 against a 52-week range of $138.17 to $177.71.

The $348.3 million in quarterly revenue missed analyst expectations by $14.57 million while the non-GAAP EPS of 52 cents missed expectations by 26 cents, according to Seeking Alpha.

"Fiscal first quarter net sales declined approximately 1%, in line with trends in the overall industry." Dan Fachner, chairman, president and CEO, said in the press release. "Declines in consumer traffic and consumption at many of our customers impacted our sales in the quarter compared to a strong quarter last year. While we experienced softness across foodservice, we saw resilience in retail and continued strong growth in frozen beverages with sales growing 1.6% and 8.5%, respectively."