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Sep 29, 2022
Sanfilippo Q1 2023 Earnings Report
John B. Sanfilippo & Son, Inc. reported an increase in net sales and a decrease in diluted EPS for the first quarter of fiscal year 2023.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported an 11.6% increase in net sales, reaching $252.6 million, driven by higher sales prices and volume growth. Diluted EPS decreased by 19.4% to $1.34 per share due to higher operating expenses, including a non-recurring gain in the prior-year quarter.
Net sales increased by 11.6% to $252.6 million.
Sales volume increased by 1.8% to 79.0 million pounds.
Diluted EPS decreased by 19.4% to $1.34 per share.
Gross profit decreased by 2.2% to $50.6 million.
Sanfilippo
Sanfilippo
Forward Guidance
The company will continue to focus on manufacturing efficiencies, optimizing supply chain, and aligning costs with selling prices while responding to the challenging and dynamic operating environment, including the effects of inflation, as they approach the holiday season and throughout this fiscal year. The company has recently experienced some relief as freight and commodity acquisition costs have begun to stabilize.
Positive Outlook
- Focus on manufacturing efficiencies.
- Optimizing supply chain.
- Aligning costs with selling prices.
- Strategic investments and initiatives over the past year will continue to drive strong operating results.
- Resolute team will continue to drive strong operating results.
Challenges Ahead
- Challenging and dynamic operating environment.
- Effects of inflation.
- Impact of COVID-19.
- Potential for economic downturn.
- Uncertainty in economic conditions.