Sales and costs up at Sanfilippo & Son

ELGIN — John B. Sanfilippo & Son Inc. said net income for its 2022 fiscal year was $61.8 million, or $5.33 per share diluted, compared to net income of $59.7 million, or $5.17 per share diluted, for fiscal 2021.

Sanfilippo & Son is a processor, packager, marketer and distributor of Fisher peanuts and other nut and dried fruit brands. The company's fiscal year ended June 30.

For fiscal 2022, net sales increased 11.3% to $955.9 million from $858.5 million for fiscal 2021. The increase in net sales was primarily attributable to a 6.9% increase in sales volume and a 4.2% increase in the weighted average selling price per pound, the company said.

The increase in the weighted average selling price resulted mainly from an increase in acquisition costs for peanuts, all major tree nuts except walnuts, dried fruits, and other input costs due to inflationary conditions.

Total operating expenses for fiscal 2022 increased $12.4 million. The increase in total operating expenses was mainly due to increases in freight, base compensation, advertising, consumer insight research and related consulting and sales broker commission expenses, which was partially offset by a decrease in incentive compensation expense.