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J & J Snack Foods Corp. (JJSF-0.68%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing an increase in net sales to $1,574,755,000 from $1,558,829,000 in the previous year. The increase is attributed to growth across all three business segments despite the headwind of an extra week in fiscal 2023.
Cost of goods sold for the year was $1,088,630,000, remaining flat compared to the previous year. Gross profit increased to $486,125,000, representing 30.9% of sales, up from 30.1% in the previous year.
Operating expenses increased to $368,580,000 from $360,347,000, with marketing expenses rising to $118,805,000 from $110,258,000, primarily due to new product launches and increased licensing fees.
The company reported an operating income of $117,545,000, up from $109,518,000 in the previous year. Net earnings were $86,551,000, compared to $78,906,000 in the previous year.
Cash provided by operating activities was $173,066,000, while cash used in investing activities was $77,666,000, mainly for property, plant, and equipment purchases.
The company had no outstanding borrowings under its amended credit agreement as of September 28, 2024, with $212,700,000 of additional borrowing capacity available.
J & J Snack Foods operates in three segments: Food Service, Retail Supermarkets, and Frozen Beverages. The Food Service segment saw a slight increase in sales to $985,195,000, while Retail Supermarkets sales rose to $221,308,000. Frozen Beverages sales increased to $368,252,000.
The company completed the acquisition of the Thinsters cookie business from Hain Celestial Group (HAIN-0.42%) for $7,000,000, which is included in the Food Service segment.
J & J Snack Foods continues to focus on expanding its product portfolio and increasing operational efficiencies to drive growth and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the J & J Snack Foods Corp. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.