Sanfilippo Earnings Fall 30.2% to $1.11 a Share in First Quarter
Key Facts
Diluted earnings per share at John B. Sanfilippo & Son fell 30.2% to $1.11 in the first quarter of fiscal 2027, as gross profit declined 9.6% to $48.9 million, according to the company's results statement filed with the U.S. Securities and Exchange Commission. Net sales fell 3.5% to $288.1 million during the period, while sales volume was unchanged at 90.5 million pounds. The results show pressure on revenue and profitability despite steady sales volumes. Chief Executive Jasper Sanfilippo said the company improved earnings per share by more than 50% compared with the fourth quarter of fiscal 2026. That quarter-on-quarter comparison comes alongside a year-over-year decline in earnings per share in the first quarter.
The company attributed the sales decline to a 3.6% drop in the weighted-average selling price per pound, saying the factors included a lower-priced product mix and lower prices for some products as commodity purchasing costs declined. It said gross margin was 17.0% of net sales, compared with 18.1% in the first quarter of fiscal 2026. The company linked the margin decline to pricing pressure, the timing of pricing actions, product mix and manufacturing costs. The lower average selling price and narrower margin coincided during the period, while sales volume was unchanged from the year-earlier period. The chief executive said sales volume remained steady, while earnings per share improved by more than 50% compared with the previous quarter.
The company has previously returned capital to shareholders through cash distributions during 2026. The board announced a special distribution of $1.50 a share on March 30, paid on May 21, according to the company's annual report. In July, it also announced an annual distribution of $0.95 a share and a special distribution of $1.05 a share, to be paid on September 9. The company said total cash distributions paid amounted to $46.8 million during fiscal 2026. These distributions provide context on its shareholder-return policy during the year, while the company listed its shares under the ticker JBSS on the Nasdaq Global Select Market.
The company says its long-term plan focuses on accelerating its private-label business with key customers in fast-growing snack categories, including private-label snack bars. The plan also includes expanding distribution of its Fisher and Orchard Valley Harvest brands. The company is scheduled to participate in the Southwest IDEAS Conference in Dallas on November 18, 2026, according to its results statement. The conference will be held in Dallas on November 18 and 19, according to organizer Three Part Advisors. The event follows the first-quarter results as the company presents its growth plan amid year-over-year declines in sales and profitability.