Sales Performance - First quarter sales volume increased by 24.5% to 91.2 million pounds, with net sales rising 18.0% to $276.2 million, driven primarily by the Lakeville Acquisition[1][3] - Net sales from the Lakeville Acquisition contributed approximately $40.5 million, while excluding this impact, net sales increased by only 0.7%[3][4] - Consumer distribution channel sales volume grew by 30.8%, with private brand sales volume increasing by 36.1%[4][5] Profitability - Gross profit decreased by 18.4% to $46.5 million, resulting in a gross profit margin decline to 16.9% from 24.4% in the prior year[1][6] - Diluted earnings per share (EPS) fell by 33.8% to $1.00, compared to $1.51 in the same quarter last year[1][15] Operating Expenses - Total operating expenses decreased by $2.9 million year-over-year, with operating expenses as a percentage of net sales dropping to 10.7% from 13.9%[7] Inventory and Assets - Inventory value increased by $19.8 million, or 11.3%, primarily due to the Lakeville Acquisition[8] - Total assets increased to $519,367 thousand as of September 26, 2024, up from $424,853 thousand a year ago, representing a growth of 22.3%[16] - Accounts receivable increased to $83,787 thousand, up from $68,363 thousand, reflecting a growth of 22.6%[16] - Inventories slightly decreased to $194,565 thousand from $196,563 thousand, a decrease of 1.0%[16] Liabilities and Equity - Current liabilities rose to $139,833 thousand, compared to $89,301 thousand a year ago, an increase of 56.6%[16] - Long-term debt, less current maturities, decreased to $6,169 thousand from $6,924 thousand, a reduction of 10.9%[16] - Retained earnings decreased to $174,220 thousand from $155,925 thousand, a decline of 11.7%[16] - Total stockholders' equity decreased to $310,803 thousand from $287,367 thousand, an increase of 8.2%[16] Borrowings and Financial Strategy - Revolving credit facility borrowings increased significantly to $47,152 thousand from $6,008 thousand, an increase of 684.5%[16] - Operating lease right-of-use assets increased to $28,034 thousand from $6,845 thousand, a growth of 309.5%[16] - The company plans to focus on optimizing commodity acquisition costs and enhancing operational efficiencies moving forward[9] Upcoming Events - The company will host an investor conference call on October 31, 2024, to discuss these results[10] - The company is scheduled to present at the Southwest IDEAS conference on November 20, 2024[11]
John B. Sanfilippo & Son(JBSS) - 2025 Q1 - Quarterly Results