Vending

John B Sanfilippo lifts FY 2023 results despite Q4 declines

Logo provided by John B. Sanfiliopo & Sons Inc.

August 24, 2023

John B. Sanfilippo & Sons Inc. lifted its sales and earnings for full year 2023 despite fourth quarter declines, according to an earnings report.

Highlights include:

• Net sales decreased 9.1% from $257.7 million in Q4 2022 to $234.2 million for the quarter ending June 29, 2023, mainly due to a 9% decrease in sales volume. Excluding the estimated impact of the extra week in the prior year fourth quarter, net sales decreased by approximately 2.1%.
• Net income fell from $17.4 million to $14.6 million in the comparative quarters.
• Basic EPS fell from $1.51 to $1.27 while diluted EPS fell from $1.50 to $1.26.
• The consumer distribution channel sales fell by 6.9%. The private brand business declined by 4.7% while the branded business fell by 15.4%. The sales volume decrease was mainly attributable to a 29.1% decrease in the sales volume of Fisher snack nuts due to decreased promotional activity at two major customers, a 26.5% decrease in volume for Southern Style Nuts due to reduced promotional activity at a current club customer and the sales volume associated with the extra week in the fourth quarter of the prior fiscal year.
• Full year net sales increased 4.6% from $955.89 million in 2022 to $999.7 million in the year ending June 29, 2023. The increase in net sales was primarily attributable to a 6.5% increase in the weighted average selling price per pound, which was partially offset by a 1.8% decrease in sales volume. Excluding the estimated impact of the extra week in the prior year fourth quarter, net sales increased by 6.6%.
• Full year net income rose from $61.8 million to $62.8 million.
• Full year diluted EPS rose from $5.33 to $5.40 while basic EPS rose from $5.36 to $5.43.

Shares traded today at $106.09 against a 52-week range of $71.34 to $125.78.

"I am very proud of our financial performance in fiscal 2023 as we navigated through a challenging operating environment and elevated levels of inflation and delivered a record diluted earnings per share for the fiscal year," CEO Jeffrey Sanfilippo said in a press release. "We also achieved an important milestone toward our goal of diversifying our product offerings during the second half of the fiscal year. We launched a new product line of private brand nutrition bars and sold over $4.2 million of this bar product to a number of our key retail partners."