PENNSAUKEN, NJ – The highest govt of J&J Snack Meals Corp. mentioned the corporate stays dedicated to long-term worthwhile gross sales development after posting 1 / 4 during which web gross sales elevated however web earnings fell.
The web revenue of J&J Snack Meals Corp. within the first quarter ended December 28, 2019 totaled $17,059,000, or 89c per share on strange shares, down 3% from $17,526,000, or 93c per share, in the identical interval a 12 months . The outcomes for fiscal 2019 benefited from a discount of roughly $900,000 in earnings taxes. Earnings earlier than earnings taxes totaled $23,463,000, up from $23,095,000 within the first quarter of fiscal 2019.
Internet gross sales elevated 4% from $271,612,000 to $282,897,000.
Total, J&J Snack Meals’ whole foodservice working earnings elevated 2% within the first quarter to $18,034,000 from $17,697,000 in the identical interval a 12 months in the past. Gross sales, in the meantime, rose 2% to $183,448,000. Throughout the foodservice division, baked items gross sales totaled $96,372,000, up 2% from the identical interval a 12 months in the past, whereas churros gross sales elevated 8% to $16,391,000 and tender pretzel gross sales elevated 2% to $49,941,000.
Gerard G. Legislation, Senior Vice President and Assistant to the President, mentioned J&J Snack has a number of new merchandise able to roll out within the restaurant section, together with new French fries, funnel muffins and saltine crackers.
“We’re happy with the progress of the colleges, which was a headwind for us within the first quarter,” Legislation mentioned on a Jan. 28 convention name with analysts.
Within the retail grocery store section, working revenue totaled $2,217,000, up barely from $2,211,000 a 12 months in the past. Whole gross sales within the grocery store retail section had been $29,426,000, down 6% from the identical interval a 12 months in the past. Throughout the retail grocery store division, gross sales of sentimental pretzels fell 4% to $9,826,000, frozen juice and ice cream fell 8% to $10,093,000 and handhelds elevated 8%. % to $2,761,000.
“Retail resets are going to be nice for us, we predict,” Legislation mentioned. “We have now refreshed the packaging of our Luigi, which we predict we are going to eliminate. We have now a… extra complete advertising program that can proceed over the following two quarters. So we’re doing lots within the firm to maneuver the highest line.
Gerald B. Shreiber, President and CEO, added that Auntie Anne’s, which was acquired almost two years in the past, was an excellent acquisition for J&J Snack.
“Whereas it is a competitor for us within the tender pretzel and grocery store class, it is now a complementary product to our SuperPretzel,” he mentioned.