J+J Snack Foods: Reports Q1 Fiscal 2024 Results

Pennsauken / NJ. (jj) J+J Snack Foods Corporation reported financial results for the first quarter ended December 30, 2023. President and CEO Dan Fachner: «J+J Snack Foods continues to execute on our long-term strategy while managing through a softer consumer environment. Fiscal first quarter net sales declined approximately 1 percent, in line with trends in the overall industry. Declines in consumer traffic and consumption at many of our customers impacted our sales in the quarter compared to a strong quarter last year. While we experienced softness across Food Service, we saw resilience in Retail and continued strong growth in Frozen Beverages with sales growing 1.6 percent and 8.5 percent, respectively. Despite overall softer sales, our ongoing focus on gross margin expansion resulted in a 130-basis point improvement, reflecting the positive impact of our strategy to grow higher margin core products, as well as continued gains in overall productivity. This resulted in healthy bottom-line growth, including a 20.6 percent increase in adjusted operating income and a 19.4 percent increase in adjusted Ebitda.»

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