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Jun 29, 2023
Sanfilippo Q4 2023 Earnings Report
Reported a decrease in net sales and diluted EPS compared to the prior year quarter, which contained an extra week. However, the company reported a record fiscal year diluted EPS.
Key Takeaways
John B. Sanfilippo & Son, Inc. reported a decrease in net sales by 9.1% to $234.2 million and a decrease in diluted EPS by 16.0% to $1.26 per share for the fourth quarter of fiscal year 2023, compared to the prior year quarter which contained an extra week. The company launched a new product line of private brand nutrition bars and sold over $4.2 million of this bar product to a number of key retail partners. The company raised its annual dividend by 6.7% to $0.80 per share and supplemented its annual dividend with a special dividend of $1.20 per share.
Net sales decreased 9.1% to $234.2 million due to a 9.0% decrease in sales volume.
Sales volume decreased 9.0% to 74.2 million pounds.
Gross profit decreased 2.6% to $54.7 million, with gross profit margin increasing to 23.4% of net sales from 21.8%.
Diluted EPS decreased 16.0% to $1.26 per share.
Forward Guidance
Looking ahead to fiscal 2024, the company is focused on accelerating volume growth by capitalizing on the success of its private brand nutrition bars, strategically investing in its brands, partnering with its key private brand customers, and exploring strategic acquisition opportunities.
Positive Outlook
- Capitalizing on the success of our private brand nutrition bars
- Strategically investing in our brands
- Partnering with our key private brand customers
- Exploring strategic acquisition opportunities
- Confident we can continue to deliver strong operating results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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