Vending

J&J Snack Foods reports record sales for Q2 2023

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May 2, 2023

J&J Snack Foods Corp. reported a record second quarter as sales jumped 20% over the prior year period, according to an earnings release.

Highlights include:

• Net sales increased 20% from $281.5 million in Q2 2022 to $337.9 million for the quarter ending March 25, 2023.
• Net earnings rose from $3.27 million to $6.87 million in the comparative quarters.
• Earnings per both diluted and basic share rose from 17 cents to 36 cents.
• Adjusted earnings per diluted share rose 126.5% from 24 cents to 43 cents.
• Sales grew across all three business segments.
• Foodservice rose 23.8% from $176.3 million to $218.3 million.
• Retail segment sales rose 13.7% from $40.7 million to $46.4 million. Handhelds sales grew by 283.4%, frozen novelty sales grew by 9.8%, soft pretzel sales increased 1.7% and biscuit sales increased 3%.
• Frozen beverage segment sales rose 13.7% from $64.4 million to $73.2 million.

Shares traded Monday at $154.78 against a 52-week range of $117.45-$165.90.

The $337.9 million in quarterly revenue beat analyst expectations by $2.72 million while the non-GAAP EPS for 43 cents missed expectations by 3 cents, according to Seeking Alpha.

"Our sales this fiscal quarter was the highest second quarter sales in company history, and was driven by strong demand across all three business segments," Dan Fachner, president and CEO, said in the press release.