US nut group Sanfilippo & Son has booked an increase in profits for its third quarter as higher selling prices boosted margins.
The company said yesterday (1 May) that net income totalled US$1.4m in the three-month period, compared to a loss of $5.6m in the comparable period of last year.
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Net sales increased 11.9% to $153.8m. Sanfilippo attributed the gain to price increases, with volumes remaining flat.
The group said its gross profit margin almost doubled from last year, rising to 14.4% from 7.3%. Improved margins were primarily the consequence of higher selling prices, with some contribution from efficiency improvements.
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