Sanfilippo & Son reports sales increase

ELGIN - John B. Sanfilippo & Son Inc. Friday reported earnings for its fiscal year second quarter, including net income of $13.2 million, or $1.14 per diluted share, compared to net income of $19.9 million, or $1.72 per diluted share, for the second quarter of fiscal 2021.

The maker of Fisher Nuts and other snack products said net sales increased to $253.2 million for the second quarter from $233.6 million for the same period last fiscal year. The increase in net sales was attributable to a 6% increase in sales volume, which is defined as pounds sold to customers, and a 2.3% increase in the weighted average sales price per pound. The increase in the weighted average selling price per pound came from a shift in product mix from lower priced peanuts to higher priced trail and snack mixes and tree nuts as consumer preferences favored higher priced products in the current second quarter.

Total operating expenses increased $9 million, and total operating expenses, as a percentage of net sales, increased to 13.4% from 10.7% in the quarterly comparison. The increase in operating expenses resulted mainly from an approximately $3 million increase in advertising, consumer insight research and related consulting expenses as the company continues to reinvent and reinvigorate its brands, Sanfilippo & Son said.

"I am pleased to report that we continue to deliver strong net sales and volume growth in this unprecedented operating environment. We reported sales volume growth for a majority of our brands, in all our distribution channels and in our e-commerce initiatives," said Jeffrey Sanfilippo, chief executive officer.