10-K - SANFILIPPO JOHN B & SON INC (0000880117) (Filer)

Wed, Aug 21, 8:10 PM (228 days ago)

**Summary of Financial Performance for John B. Sanfilippo & Son, Inc. (Fiscal Year Ended June 27, 2024)** For the fiscal year 2024, John B. Sanfilippo & Son, Inc. reported net sales of $1,066,783, a 6.7% increase from $999,686 in fiscal 2023. The growth was largely attributed to the acquisition of snack bar assets, which contributed approximately $119.8 million in net sales. However, excluding this acquisition, sales decreased by 5.3%. Gross profit rose slightly to $214,139, but the gross profit margin declined to 20.1% from 21.2% due to lower selling prices. Net income fell to $60,249, or $5.19 per share, compared to $62,857, or $5.43 per share, in the previous year. Operating expenses increased by 6.2% to $128,952, maintaining a consistent percentage of net sales. The company's financial condition remains robust, with total assets of $515,575 and stockholders' equity of $322,613. Looking ahead, the company faces risks related to raw material costs, competitive pressures, and changing consumer preferences, while continuing to focus on product innovation and strategic acquisitions to enhance growth.