Vending

John B Sanfilippo lifts Q2 2024 sales, earnings

Image: John B. Sanfilippo & Sons Inc.

February 1, 2024

John B. Sanfilippo & Son Inc. lifted sales and earnings for Q2 2024 over the prior year period, according to a press release. Highlights include:

• Net sales increased 6.2% from $274.3 million in Q2 2023 to $291.2 million in the quarter ending Dec. 29, 2023, which included approximately $28.7 million of net sales from the Lakeville acquisition.
• Net income rose from $16.9 million to $19.17 million in the comparative quarters.
• EPS rose from $1.45 to $1.64 on a diluted basis and from $1.46 to $1.65 on a basic basis.
• The consumer distribution channel rose 15.3%. Private brand sales rose 20.2%, driven by the Lakeville acquisition, whose sale volume is almost exclusively private brand bars. Excluding the Lakeville acquisition, sales volume decreased 2.3% due to soft consumer demand at a mass merchandising retailer along with fewer seasonal items at another mass merchandising retailer.
• Branded sales fell 10.5% primarily attributable to a 12.6% decrease in the sales volume of Fisher recipe nuts due to soft consumer demand across mass merchandising and grocery retailers and less merchandising activity at several grocery retailers.
• The commercial ingredients distribution channel sales rose 6.5%, 2.8% excluding the impact of the Lakeville acquisition. Excluding the Lakeville acquisition, sales volume increased 2.8% due to increased peanut butter sales to several existing foodservice and industrial customers.
• The contract packaging distribution channel sales fell 8.6% due to fewer seasonal items and reduced promotional activity at a major customer and an item discontinuance at another customer.

Shares traded at $107.13 on Wednesday against a 52-week range of $81.16 to $125.78.

"Sales volume for the second quarter, excluding the impact of the Lakeville acquisition, decreased 2.6% as we continue to navigate a challenging operating environment characterized by elevated retail selling prices and cautious consumers," Jeffrey San Filippo, CEO, said in the press release. "The decrease in overall sales volume in the quarter, while disappointing, represents a significant improvement over the decrease we experienced in the first quarter of fiscal 2024 and I am confident that we have the right strategy, agility, and team to continue to deliver strong results."