John B. Sanfilippo & Son, Inc. Net Sales Grew By 3.9% In Second Quarter
Source John B. Sanfilippo & Son, Inc.
ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. (Nasdaq: JBSS) (the “Company”) today announced operating results for its fiscal 2018 second quarter. Net income for the second quarter of fiscal 2018 was $7.8 million, or $0.68 per share diluted, compared to net income of $12.9 million, or $1.13 per share diluted, for the second quarter of fiscal 2017. Net income for the first two quarters of fiscal 2018 was $18.2 million, or $1.59 per share diluted, compared to net income of $23.1 million, or $2.03 per share diluted, for the first two quarters of fiscal 2017.
Net sales for the second quarter of fiscal 2018 were $259.1 million compared to net sales of $249.4 million for the second quarter of fiscal 2017. The 3.9% increase in net sales was primarily attributable to increased sales of snack and trail mix products in our consumer distribution channel. Sales volume, which is defined as pounds sold to customers, increased by 0.9%, as the 6.6% sales volume increase in the consumer distribution channel was offset in large part by a 14.5% decline in sales volume in the commercial ingredients distribution channel. The sales volume decline in the commercial ingredients distribution channel was due to the loss of a bulk almond butter customer that occurred in the latter part of the fiscal 2017 second quarter. The sales volume increase in the consumer distribution channel primarily resulted from increased sales of private brand and Orchard Valley Harvest trail mixes. The sales volume decrease of 1.9% in the contract packaging distribution channel was due to our acquisition of the Squirrel Brand business at the end of November 2017. Squirrel Brand sales volume for December in the current quarter was included in the consumer and commercial ingredients distribution channels, while Squirrel Brand sales volume for December in the fiscal 2017 second quarter was included in the contract packaging distribution channel because Squirrel Brand was a contract packaging customer during the second quarter of fiscal 2017.
