Sanfilippo & Son reports record net income

ELGIN — John B. Sanfilippo & Son Inc. announced operating results for both its fourth quarter and fiscal year 2021 ended June 24. Net income for the year was $59.7 million, or $5.17 per share diluted, compared to net income of $54.1 million in fiscal year 2020, or $4.69 per share diluted.

Fourth quarter net sales increased 1.2% to $206.7 million from net sales of $204.2 million in the same period last year due to a 9.6% increase in sales volume, which is defined as pounds sold to customers.

Fiscal 2021 net sales declined 2.5% to $858.5 million from $880.1 million for fiscal 2020.

“As was the case in the previous two quarters, we again reported record net income and diluted earnings per share for the current fourth quarter.” said Jeffrey T. Sanfilippo, chief executive officer. “The record results were driven primarily by rebounds in our food service business and contract packaging distribution channel as many indoor dining restrictions were lifted throughout the country, and foot traffic increased in convenience stores, respectively.”

Sanfilippo & Son is a maker and distributor of nut and dried fruit-based snacks that are sold under a variety of private brands and under the company's Fisher Nuts and Orchard Valley Harvest labels.

An increase in total operating expenses in the quarter was partially offset by a reduction in advertising expense and a gain of $2.3 million from the final insurance recovery related to a fire in its Garysburg, North Carolina, facility, which occurred late last year, the company said.