John B. Sanfilippo & Son Inc. (Nasdaq: JBSS) announced operating results for its fiscal 2022 second quarter, which generated net of $13.2 million, or $1.14 per share diluted, compared with net income of $19.9 million, or $1.72 per share diluted, for the same quarter in 2021.
The nut company’s net sales increased to $253.2 million for the second quarter of fiscal 2022 from $233.6 million for the second quarter of fiscal 2021. Sanfilippo & Son attributed the increase to a 6% increase in sales volume, which it defines as pounds sold to customers, and a 2.3% increase in the weighted average sales price per pound.
The increase in the weighted average selling price per pound came from a shift in product mix from lower priced peanuts to higher priced trail and snack mixes and tree nuts as consumer preferences favored higher priced products in the current second quarter.
Sales volume for the company’s branded products within the consumer distribution channel changed in the quarterly comparison as follows:
|Fisher recipe nuts||9.6%|
|Orchard Valley Harvest||4.1%|
|Fisher snack nuts (excluding discontinued product line)||(13.7)%|
|Fisher snack nuts (including discontinued product line)||(45.0)%|
|Southern Style Nut||8.5%|