Exhibit 99.1

 

jj01.jpg

 

J&J SNACK FOODS FOURTH QUARTER NET SALES

INCREASE 28%, DRIVING 187% RISE IN NET EARNINGS

 

- Fourth Quarter and Full-Year Fiscal 2021 EPS of $0.98 and $2.91 -

 

Pennsauken, NJ, November 15, 2021

- J&J Snack Foods Corp. (NASDAQ: JJSF) today reported financial results for the fourth quarter and full year ended September 25, 2021.

 

   

Fourth Quarter

   

Full-Year

 
   

Actuals

   

% v. LY

   

Actuals

   

% v. LY

 
                                 

Net Sales

    $323.1M       28%       $1,145M       12%  

Operating Income

    $25.3M       543%       $71.2M       314%  

Net Earnings

    $18.9M       187%       $55.6M       204%  

Earnings per Diluted Share (EPS)

    $0.98       180%       $2.91       203%  

 

Dan Fachner, J&J’s President and CEO, commented, “We are pleased with the strong finish to the year and the positive trends we see across our business, including exceeding pre-Covid sales levels in the fourth quarter despite an incredibly challenging operating environment. While fiscal 2019 was one of our strongest years, our net sales for Q4 ’21 increased 4%, compared to the same period in fiscal 2019, driven by a 6% increase in our Food Service segment and 29% growth in our Retail segment as traffic across many of our customers’ venues and outlets continues to rebound. Our Frozen Beverages segment also continues to improve, with sales down 12% in the fourth quarter, compared to fiscal 2019, which also reflects quarterly sequential momentum from this segment relative to the comparison between Q3 ’21 and Q3 ’19. Despite the marked variance between channels experiencing recoveries such as restaurant, amusement, retail and convenience, and slower recovery channels such as theaters, the team is doing a great job balancing initiatives to drive growth and create more effective and efficient operational processes.”

 

“Our focus on efficiencies, combined with success in managing the business through these challenging times, is reflected in 28% top-line growth, which led to robust year-over-year net earnings growth of 187% and 204% for the fourth quarter and full year, respectively. While the top and bottom line results are strong, we see opportunities for further upside, as at present, we continue to experience margin pressures brought on by rising costs across the supply chain, including commodities, logistics and wages. To offset these inflationary pressures, we have undertaken a number of pricing actions, which in combination with cost savings initiatives, will help drive margin improvements as the impact of these operational pressures and the benefits of our actions align.”

 

Mr. Fachner added, “As we look to fiscal 2022, we are confident that our unwavering dedication to serve our customers and manage our business in the most effective and efficient way possible will allow us to successfully navigate short-term challenges and further JJSF’s position as a leader in the growing snack foods segment. Our proven business model and long history of results highlights our ability to effectively leverage our core brands, bring further product innovation to market and drive new availability while continuing to focus on the customer experience and creating additional value for our employees, partners and shareholders.”

 

 

The following information was filed by Jj Snack Foods Corp (JJSF) on Monday, November 15, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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