Foodservice Gentle Pretzel Gross sales Improve J&J Snack’s Annual Income | 2019-11-12

PENNSAUKEN, NJ — J&J Snack Meals’ internet revenue for the 12 months ended Sept. 28 totaled $94,819,000, or $5.04 per share on frequent inventory, down 9% from $103,596,000 , or $5.54 per share, in fiscal 2018. Outcomes for fiscal 2018 included a $20.9 million acquire on remeasurement of deferred tax liabilities and a discount of 8. $8 million of revenue taxes primarily associated to the decrease company tax price enacted in December 2017 underneath the Tax Cuts and Jobs Act.

Internet gross sales elevated 4% from $1,138,265,000 to $1,186,487,000.

Fourth quarter internet revenue totaled $26,067,000, or $1.36 per share, up 11% from $23,385,000, or $1.24, in the identical interval a 12 months in the past . Internet gross sales elevated from $1,138,265,000 to $1,186,487,000.

“Foodservice comfortable pretzels continued their current sturdy gross sales development in comfort retailer chains, however gross sales to restaurant chains declined barely,” mentioned Gerald B. Shreiber, president and chief government officer, throughout an interview. a convention name with analysts on November 8. “Gross sales of churros proceed to be sturdy at membership retailers and throughout the board. Funnel cake gross sales proceed to do nicely at colleges. Gross sales of bakery merchandise elevated this quarter as we had considerably greater gross sales to a buyer. Handheld system gross sales had been down 23% for the quarter resulting from decrease co-pack exercise and chain restaurant gross sales. Frozen juice bar and Icee gross sales elevated within the quarter and 12 months resulting from elevated outlet retailer exercise.

“Total chain restaurant gross sales are down this 12 months, whereas college gross sales are up barely.”

Total, J&J Snack Meals’ whole foodservice working revenue elevated 5.5% in fiscal 2019 to $78,130,000 from $74,056,000 in the identical interval a 12 months in the past. one 12 months outdated. Gross sales, in the meantime, rose 2% to $761,603,000. Throughout the foodservice division, baked items gross sales totaled $384,636,000, up 3.5% from the identical interval a 12 months in the past, whereas comfortable pretzels gross sales had been down barely. elevated from $208,544,000 to $209,227,000, and churros fell 19% to $31,685,000. Handheld pc gross sales fell 19% from $38,928,000 to $31,685,000.

Within the retail grocery store section, working revenue totaled $8,876,000, up 7% from $8,304,000 a 12 months in the past. Whole gross sales within the grocery store retail section had been $119,276,000, down from $120,939,000 in the identical interval a 12 months in the past. Throughout the retail grocery store division, gross sales of sentimental pretzels fell lower than 1% to $36,264,000, frozen juice and ice cream fell 1% to $73,751,000 and handhelds fell 12% to $10,902,000.

Looking forward to fiscal 12 months 2020, Mr. Shreiber recognized just a few key priorities.

“We need to proceed to develop and we’re in search of strong mid-percentage development in our total enterprise,” he mentioned. “And that can hopefully be augmented by a few of our new merchandise that we’re making proper now.”

Shreiber mentioned the corporate believes its innovation pipeline to 2020 is “no less than pretty much as good and possibly even just a few factors higher” than it was in 2019.

“We proceed to overinvest in our manufacturing, which incorporates our R&D, and we now have a number of merchandise within the pipeline that we plan to launch over the following 12 months,” he mentioned.

Gerard G. Legislation, senior vice chairman, mentioned new merchandise embody comfortable pretzels and frozen desserts geared toward comfort shops and healthcare channels.