J & J Snack Foods Corp.
J & J Snack Foods Corp. has announced record sales but lower
earnings for its third quarter and nine months ended June 28, 2008.
Sales for the third quarter increased 9% to $176.8 million from $162.5
million in last year's third quarter. Net earnings decreased 13% to
$10.8 million from $12.5 million last year. For the nine months ended
June 28, 2008, sales increased 11% to $452.0 million from $406.7 million
in last year's nine months. Net earnings decreased 23% to $16.7
million in the nine months from $21.6 million last year. Gerald B.
Shreiber, J & J's President and Chief Executive Officer,
commented; "Despite overall sales growth of over 9 percent and
significantly improved operating income from our retail supermarket
segment, our overall earnings declined. Although pricing initiatives
helped to counter soaring input costs, particularly wheat and dairy
based ingredients, our profits for the quarter were negatively impacted
by the higher costs."