Elgin, IL-based nut distributor John B. Sanfilippo & Son Inc. (Nasdaq: JBSS) announced operating results for both its fiscal 2021 fourth quarter and fiscal year ended Jun. 24, 2021. Net income for the fourth quarter of fiscal 2021 was $12.3 million, or $1.07 per share diluted, compared with net income of $10.3 million, or $0.89 per share diluted, for the fourth quarter of fiscal 2020. Net income for fiscal 2021 was $59.7 million, or $5.17 per share diluted, compared with net income of $54.1 million for fiscal 2020, or $4.69 per share diluted.
Sanfilippo & Son's fiscal 2021 fourth-quarter net sales increased 1.2% to $206.7 million from net sales of $204.2 million for the fourth quarter of fiscal 2020 due to a 9.6% increase in sales volume, which is defined as pounds sold to customers. The increase in net sales from the sales volume increase was offset in large part by a 7.6% decrease in the weighted average selling price per pound for the company's products. The decline in the weighted average selling price resulted from a decline in commodity acquisition costs for all major tree nuts.
The company's sales volume in the consumer distribution channel increased 2.5%, which was driven mainly by increased sales of private brand trail and snack mixes from new distribution at existing customers. Sales volume increases for Orchard Valley Harvest products and Fisher snack nuts also contributed to the sales volume increase in the consumer distribution channel. Sales volume in the consumer distribution channel accounted for 73.2% of total sales volume in the current fourth quarter. Sales volume increased 49.5% in the commercial ingredients distribution channel primarily due to a 117.1% increase in sales volume to food service customers.
The increase in foodservice sales volume was attributable primarily to the lifting of indoor dining restrictions in restaurants. Sales volume increased 19.1% in the contract packaging distribution channel primarily due to the impact of increased foot traffic in convenience stores on a major customer’s business in this channel.
Fiscal 2021 net sales declined 2.5% to $858.5 million from $880.1 million for fiscal 2020, while sales volume increased 1.6%. The decline in net sales was attributable to a 4.0% decline in the weighted average selling price per pound for the company's products. As was the case in the quarterly comparison, the decline in the weighted average selling price for the fiscal year resulted from a decline in commodity acquisition costs for all major tree nuts.
Sales volume increased 6.4% in the consumer distribution channel, which was primarily driven by increased sales of private brand trail mixes, snack mixes and snack nuts from new distribution at existing customers, a shift in consumer preferences to lower-priced private brand products and growth in snacking as many consumers continue to purchase food for consumption at home.
Increased sales of Fisher snack nuts also contributed to the sales volume increase in the consumer distribution channel. Sales volume declined 13.9% in the commercial ingredients distribution channel due to a 13.6% decline in sales volume in the company's foodservice business and a decline in sales of peanut crushing stock to peanut oil processors.
The decline in foodservice sales volume was due to nationwide restrictions on indoor dining at restaurants and a decline in air travel due to COVID-19. Sales volume decreased 8.2% in the contract packaging channel primarily as a result of the impact of lower foot traffic in convenience stores on a major customer’s business due to COVID-19.
