Vending

John B Sanfilippo reports Q2 2022 earnings loss against sales gain

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January 28, 2022

John B. Sanfilippo & Son Inc. reported an earnings loss against a sales gain for Q2 2022, according to an earnings release.

Sales rose 8.4% from $233.6 million in Q2 2021 to $253.2 million for the quarter ending Dec. 23, 2021.

The increase in net sales was attributable to a 6% increase in sales volume, which is defined as pounds sold to customers, and a 2.3% increase in the weighted average sales price per pound.

Net income fell from $19.9 million to $13.2 million.

Basic earnings per common share fell from $1.73 to $1.14, while diluted earnings per common share fell from $1.72 to $1.14.

Sales volume gains and losses for the branded products within the consumer distribution channel were as follows in the comparative quarters: Fisher recipe nuts, 9.6%, Orchard Valley Harvest, 4.1%, Fisher snack nuts excluding discontinued line, -13.7%, Fisher snack nuts including discontinued line, -45%, and Southern style nuts, 8.5%.

Shares traded at $82.42 Thursday against a 52-week range of $74.96-$92.61.

"We reported sales volume growth for a majority of our brands, in all our distribution channels and in our e-commerce initiatives," CEO Jeffrey Sanfilippo said in the press release. "In addition, our commercial ingredients and contract packaging channels continue to recover from the impact of COVID-19 as sales volume in these channels has approached pre-pandemic levels.

"However, inefficiencies from supply chain issues, higher than anticipated inflationary input costs and labor shortages had a negative impact on our profitability as they outpaced our pricing actions in respect to timing."

For an update on how the coronavirus pandemic has affected convenience services, click here.