J&J Snack Foods posted a 13% drop in third-quarter net earnings yesterday (24 July), citing the high cost of wheat, dairy and fuel.
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Earnings sank to US$10.8m, or $0.57 per share, down from $12.5m, or $0.66 per share, reported for the comparable period of last year.
Sales, however, were up 9% for the quarter, increasing to $176.8m from $162.5m.
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By GlobalData
“Although pricing initiatives helped to counter soaring input costs, particularly wheat and dairy, our profits were negatively impacted by the higher costs,” said Gerald Shreiber, J&J’s president and CEO.
