John B. Sanfilippo & Son, Inc. (JBSS) Q1 2025 Earnings Call Transcript
Net Sales $276.2 million (up 18% from $234.1 million in Q1 2024) due to a $40.5 million contribution from the Lakeville acquisition; excluding this, net sales increased by $1.6 million or 0.7%.
Gross Profit $46.5 million (down $10.5 million or 18.4% from the previous year) primarily due to lower selling prices from competitive pressures, higher commodity costs, and a one-time concession to a customer.
Gross Profit Margin 16.9% (down from 24.4% in Q1 2024) due to lower selling prices and higher costs, exacerbated by the increased sales base from the Lakeville acquisition.
Operating Expenses Decreased by $2.9 million compared to Q1 2024; excluding Lakeville, decreased by $4.9 million due to lower advertising and incentive compensation expenses.
Net Income $11.7 million or $1 per diluted share (down from $17.6 million or $1.51 per diluted share in Q1 2024) due to lower gross profit.
Inventory Value Increased by $19.8 million or 11.3% compared to Q1 2024, primarily due to $21.1 million from the Lakeville acquisition; excluding this, inventory decreased by $1.4 million.
Interest Expense Increased to $500,000 from $200,000 in Q1 2024 due to higher average debt levels.
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