Price increases to offset higher commodity costs has boosted sales – and therefore profits – at US nut firm John B. Sanfilippo & Son.
The company booked net income of US$7.5m for the quarter to 27 September, compared to $2.2m a year earlier. Income from operations more than doubled from $5.5m to $13.9m.
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Net sales jumped 13.2% to $20.7m despite volumes “virtually unchanged” year-on-year, the firm said.
Price increases over the last year and a shift to higher-priced consumer products away from cheaper bulk products to B2B customers boosted sales, it added.
Sales volumes of consumer products did increase, as did contract packing volumes. Commercial ingredient and export volumes fell amid high peanut, pecan and walnut prices.
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