John B. Sanfilippo & Son reports record 46.5% EPS increase in 2022 Q1
Elgin, IL-based John B. Sanfilippo & Son Inc. (Nasdaq: JBSS) reported net income of $19.2 million, or $1.66 per share diluted, compared with $12.8 million, or $1.11 per share diluted, for the first quarter of fiscal 2021.
Sanfilippo & Son processes, packs, markets and distributes nuts and dried fruit snacks that are sold under a variety of private brands. The snack company's own brand names include Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts and Sunshine Country.
KEY POINTS
- Net sales increased 7.6%
- Sales volume increased 14.0%
- Gross profit increased 31.7%
- Net income increased 50.2%
Sanfilippo & Son's net sales increased to $226.3 million for the first quarter of fiscal 2022 from net sales of $210.3 million for the first quarter of fiscal 2021. The increase in net sales resulted from a 14.% increase in sales volume, which is defined as pounds sold to customers.
The increase in net sales from the sales volume increase was partially offset by a 5.6% decrease in the weighted average selling price per pound for our products. The decline in the weighted average selling price resulted from a decline in commodity acquisition costs for all major tree nuts except cashews.
Sales volume increased in the consumer distribution channel by 13% primarily from a 20.4% increase in private brand sales volume for trail and snack mixes and mixed nuts from new distribution at existing customers.