Sanfilippo & Son reports annual sales increase

ELGIN — John B. Sanfilippo & Son Inc. said net sales for its 2023 fiscal year increased 4.6%, to $1 billion.

The maker of Fisher nuts and other snack foods reported financial results for its fourth quarter and full fiscal year on Thursday. Diluted earnings per share for the fiscal year was $5.40, up 1.3%.

“We also achieved an important milestone toward our goal of diversifying our product offerings during the second half of the fiscal year,” said Jeffrey T. Sanfilippo, chief executive officer. “We launched a new product line of private brand nutrition bars and sold over $4.2 million of this bar product to a number of our key retail partners.”

The company is moving through a challenging operating environment and elevated levels of inflation, he added. Though sales revenue was up for the year, sales volume decreased 1.8% to 308.5 million pounds.

“Looking ahead to fiscal 2024, we are focused on accelerating our volume growth by capitalizing on the success of our private brand nutrition bars, strategically investing in our brands, partnering with our key private brand customers, and exploring strategic acquisition opportunities,” Sanfilippo said.