ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (hereinafter the “Company”) today announced operating results for both its fiscal 2017 fourth quarter and fiscal year ended June 29, 2017. Net income for the fourth quarter of fiscal 2017 was $6.7 million, or $0.59 per share diluted, compared to net income of $7.3 million, or $0.64 per share diluted, for the fourth quarter of fiscal 2016. Net income for fiscal 2017 was $36.1 million compared to net income of $30.4 million for fiscal 2016. Diluted earnings per share for fiscal 2017 was $3.17 compared to $2.68 for fiscal 2016. Last year’s fourth quarter and fiscal year contained an additional week compared to the same periods in fiscal 2017.
Fiscal 2017 fourth quarter net sales decreased by 12.9% to $201.6 million from net sales of $231.5 million for the fourth quarter of fiscal 2016, primarily due to a 9.0% decrease in sales volume, which is defined as pounds sold to customers. The sales volume decline was primarily attributable to the additional week in last year’s fourth quarter. Sales volume declined in the commercial ingredients distribution channel due to the loss of a bulk almond butter customer in the second quarter of fiscal 2017 and a decline in bulk walnut sales as a result of lower walnut inventories. Sales volume increased in the contract packaging distribution channel from distribution gains and product line expansions implemented by several of our existing customers in this channel. Sales volume declined in the consumer distribution channel mainly due to a decline in sales of Fisher recipe nuts, which was offset in part by increased sales of private brand trail mixes.
Quarterly Comparison Overview:
- Net sales decreased by 12.9%
- Sales volume decreased by 9.0%
- Gross profit margin increased by 220 basis points to 16.7%
- Net income decreased by 7.6%
Annual Comparison Overview:
- Net sales decreased by 11.1%
- Sales volume decreased by 3.7%
- Gross profit margin increased by 240 basis points to 16.8%
- Net income increased by 18.9%