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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."
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Title Annotation:Last Licks
Publication:Ice Cream Reporter
Date:Aug 20, 2008
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