Nut producer John B. Sanfilippo & Son has booked a drop in profits in the second quarter.
For the three-month period, net profits dropped to US$5.2m compared to $8.8m earned in the prior-year period, the firm reported yesterday (25 January). Operating profit slid to $9.9m from $15.4m last year.
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Net sales however, increased to $223.6m in the quarter from $180.1m. Around 39% of the sales increase was attributed to products associated with the acquisition of Orchard Valley Harvest in the fourth quarter of fiscal 2010. Sales volume increased by 7.4% in the quarter.
“We saw a strong increase in net sales in the second quarter of fiscal 2011 fuelled mainly by price increases implemented during the first and second quarters of fiscal 2011 in all channels except the consumer distribution channel,” said Jeffrey Sanfilippo, chairman and CEO.
For the 26 weeks ended 23 December, net profits dropped to $6.3m from $13.6m a year earlier. Operating profit slid to $13.4m from $25.1m, while sales climbed to $370.4m from $306.9m in the comparable period last year.
John B. Sanfilippo shares rose 2.4% to $12.29 at close of trading in New York yesterday.
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By GlobalDataClick here to view the full earnings release.
