Sanfilippo Q1 EPS down 33.8% to $1.00; sales up 18.0% on acquisition

SANFILIPPO JOHN B & SON INC

2024-Q1 EPS reported $1.00 revenue$276,196,000

Diluted EPS $1.00 vs prior year, down 33.8%; gross profit fell 18.4% to $46.5M.
Net sales $276.2M (+18.0%), including $40.5M from Lakeville snack bar acquisition; ex-acquisition net sales +0.7%.
Sales volume +24.5% to 91.2M lbs; consumer channel +30.8% (+3.4% ex-Lakeville) on new peanut butter and nutrition bar distribution.
Profitability hit by one-time price concession to snack bar customer, higher commodity costs; capacity constraints at Lakeville resolved.
Operating expenses down $2.9M; total inventories +11.3%, driven by Lakeville inventory.

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