ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. today announced operating results for its first quarter of fiscal 2016. Net income for the first quarter of fiscal 2016 was $8.0 million, or $0.71 per share diluted, compared to $5.9 million, or $0.53 per share diluted, for the first quarter of fiscal 2015.
Net sales increased by 10.1% to $225.8 million in the first quarter of fiscal 2016 from net sales of $205.0 million for the first quarter of fiscal 2015 as a result of higher selling prices for most major nut types due to higher commodity acquisition costs. Sales volume, which is defined as pounds sold to customers, was relatively unchanged in the quarterly comparison. Sales volume declined in the consumer distribution channel mainly due to a 28.7% decline in volume for almond products. The decline in almond sales volume occurred primarily with existing private brand customers and was a contributing factor to a 1.4% decline in Fisher recipe nut sales volume. The decline in almond sales volume was attributable to the overall negative impact on consumer demand from significantly higher retail prices. Sales volume for Fisher snack nuts was down by 2.4%, which was mainly driven by lower peanut sales to an existing customer due to the timing of promotional activity. These sales volume declines were partially offset by new sales of Fisher Nut Exactly snack bites. Combined sales volume for Orchard Valley Harvest and Sunshine Country produce products increased by 2.8% in the quarterly comparison. The sales volume decline in the consumer distribution channel was offset by a sales volume increase in the contract packaging distribution channel, which primarily came from new product launches made by existing customers in that channel. Sales volume was relatively unchanged in the commercial ingredients and export distribution channels. Full report.
