John B. Sanfilippo & Son, Inc. Net Sales Increased by 16% On Higher Pricing And Strong Sales Volume
ELGIN, Ill.--(BUSINESS WIRE)--John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced operating results for its first quarter of fiscal 2015. Net income for the first quarter of fiscal 2015 was $5.9 million, or $0.53 per share diluted, compared to $6.8 million, or $0.61 per share diluted, for the first quarter of fiscal 2014.
Quarterly Comparison Overview:
- Net sales increased by 16.0%
- Sales volume increased by 7.1%
- Gross profit increased by 4.5%
- Net income decreased by 12.7%
Net sales increased to $205.0 million in the first quarter of fiscal 2015 from net sales of $176.7 million for the first quarter of fiscal 2014 primarily as a result of higher selling prices for most major nut types due to higher commodity acquisition costs. A 7.1% increase in sales volume, which is defined as pounds sold to customers, also contributed to the increase in net sales in the quarterly comparison. Sales volume increased in the consumer and export distribution channels, and sales volume increased for all major product types except pecans. The sales volume increase in the consumer distribution channel came mainly from significant increases in sales of private brand snack nut and trail mix products and Fisher recipe and snack nut products. The sales volume increase in the export distribution channel was due primarily to increased sales of private brand and Fisher snack nuts. Sales volume declined in the contract packaging distribution channel, which was mostly attributable to a former customer discontinuing a seasonal item. The decline in sales volume in the commercial ingredients distribution channel was attributable to lower pecan sales, which primarily resulted from a major customer discontinuing a promotional item that contained pecans.
Gross profit increased by $1.3 million, and gross profit margin, as a percentage of net sales, decreased to 15.0% for the first quarter of fiscal 2015 compared to 16.6% for the first quarter of fiscal 2014. The increase in the gross profit was mainly attributable to increased sales volume. The decrease in gross profit margin was attributable to higher acquisition costs for certain grades of pecans and almonds. Full report.
