John B. Sanfilippo & Son, Inc. announced operating results for its fiscal 2014 third quarter.
Net sales increased to $174.3 million for the third quarter of fiscal 2014 from $163.8 million for the third quarter of fiscal 2013. The increase in net sales was primarily attributable to an 8.1 percent increase in the weighted average sales price per pound, which was driven mainly by higher selling prices for almonds, mixed nuts (which contain almonds) and walnuts.
Sales volume, which is defined as pounds sold to customers, declined by 1.6 percent in the quarterly comparison. The decline in sales volume was attributable to lower sales of inshell walnuts in the export distribution channel due to decreased amounts of inshell walnuts available for export and lower sales of raw bulk peanuts to other peanut processors in the commercial ingredients channel due to a smaller peanut crop. The declines in sales volume in these two channels were largely offset by a 4.2 percent increase in sales volume in the consumer distribution channel.
The increase in volume in the consumer distribution channel was driven by increased sales of private brand snack nuts and a 50.2 percent sales volume increase for Fisher recipe nuts. The substantial increase in sales volume for Fisher recipe nuts was due to increased in-store merchandising activity and product line expansion to larger package sizes by total weight. Full report.
