US-based nut group John B. Sanfilippo & Son has booked a drop in third-quarter profits on the back of higher commodity costs for almonds and trail mixes.
Earnings in the three months ended 28 March amounted to US$342,000 compared to $1.14m last year. Operating profit dropped to $3.3m from $4m in the year-ago period.
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Net sales, however, increased 6.5% to $163.8m in the quarter driven by a 15.6% increase in sales volume.
“We are extremely pleased with our sales growth during the third quarter, particularly for our Fisher brand,” CEO Jeffrey Sanfilippo said. “Sales volume grew significantly in all of our distribution channels, which generally suggests that our direct customers and the end-user consumers are reacting positively to lower prices for many of the key products that we sell.”
