Pennsauken, NJ-based J&J Snack Foods Corp. (NASDAQ-JJSF) reported a 15% sales decrease for the first quarter, ended Dec. 26, 2020. Net earnings were $1.8 million in the quarter, comparted with $17.1 million for same period a year ago.
J&J’s earnings per diluted share were $.09 for the first quarter, down from $0.89 last
year. Operating income decreased 97% to $578,000 in the current quarter from $21.7 million last year. Operating income was impacted by approximately $730,000 of COVID-19 related costs as we remain focused on the safety and protection of our associates.
Visit J&J’s investors’ page for the full report.
J&J president Dan Fachner commented, “Consumers continue to stay at home which has driven strong growth in our retail segment, but closures and limited capacity food ervice venues are challenging sales in other parts of our business. Our balance sheet is strong, and we will continue to focus on driving cost efficiencies across our operations. We continue to be optimistic and remain confident that we are well positioned for future growth.”
