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| And peanut butter usage also remains very strong |
| I’m optimistic our strategic investments and initiatives over the past three years will continue to drive strong operating results and create long-term stockholder value |
| The product line also provides opportunities to get our sales teams in front of new buyers with a differentiated product and the acquisition expanded our production capabilities, we can add cheese crisps to our savory mixes and solid topping offerings |
| They've done a great job making brand awareness and their marketing programs are strong |
| They have developed strong plans and a clear path to optimize the operation and create efficiencies to make this business accretive by the back half of fiscal 2025 |
| We are fortunate to have a strong group of dedicated people in the Minnesota facility, and we look forward to profitably growing the snack bar business together |
| Despite these headwinds, I'm confident we have the people, the processes, the brands, the expertise and the financial strength in place to be agile and successfully navigate our company through these volatile times to grow our business |
| I am so proud of the JBSS department leaders who are managing the integration of the TreeHouse bar business |
| Our Fisher brand had another successful quarter, growing 6% in dollars and 10% in pounds |
| In the past quarter, we experienced double-digit growth with the brand |
| They are working extremely hard and doing an extraordinary job |
| We have all these elements of success at JBSS |
| We made a significant investment – marketing investment to relaunch the Orchard Valley Harvest brand in the first quarter, which resulted in a 3.2% year-over-year sales volume increase for our reimagined Orchard Valley Harvest product line |
| I’m proud of every person in our company whose leadership and commitment to our customers and consumers is unwavering |
| I would like to thank all our team members who have worked tirelessly through this challenging times to maintain our exceptional service levels and quality |
| I would like to thank our amazing and hard-working team for their dedication and welcome our new Lakeville, Minnesota, employees to the family as we all work together to deliver long-term shareholder value |
| Fisher's performance resulted in growing dollar share by 1.3 points and remaining the brand [indiscernible] |
| In response, we are focused on expanding distribution of our larger sizes and multipacks, but we continue to see strong results in the Oven Roasted Never Fried line |
| In closing, looking ahead to the remainder of the fiscal year, our key priority is to successfully integrate our recently acquired snack bar manufacturing facility and business, optimize its operations |
| At the same time, it is critical that we continue to seek opportunities to profitably grow our branded and private label consumer nut business |
| While we face headwinds in this economic time, we are executing our long-range plan by providing our non-branded customers with value-added solutions based on our extensive industry and consumer expertise |
| Gross profit increased $6.4 million or 12.6% to $57 million and gross profit margin as a percentage of net sales increased to 24.4% in the first quarter of fiscal 2024 from 20% in the first quarter of fiscal 2023 |
| Fisher's performance was driven primarily by increased distribution and velocity in the mass channel |
| Our expansion into the energy and snack bar business and recent acquisition is a great example of how we are executing our long-range growth plans to become a $2 billion company |
| We have some distribution with Orchard Valley Harvest and a couple of divisions in there, in the channel, and then we have some of the Southern Style Nuts program at one of the major retailer, but it's a huge opportunity |
| The increase in gross profit margin was also driven by lower acquisition costs for all major tree nuts and partially offset by decreased sales volume |
| All of us have a steadfast commitment to develop business plans that create shareholder value and provide relevant, profitable, value-added products and services to our customers and consumers |
| We will grow our branded business by reaching new consumers via product and packaging innovation, expanding distribution across current and alternative channels, diversifying our product offerings and focusing on new ways to reach consumers and engage them to buy our products |
| The brand continues to grow in mass |
| This transaction significantly accelerates our product diversification strategy and we now have the capabilities to offer our private label retail partners a broader portfolio of snack bars |
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| Our Produce Nut brand, Orchard Valley Harvest, declined 28% in dollar sales and 25% in pounds, driven by distribution declines at a mass retailer and overall category softness |
| This was driven by a significant distribution loss in the mass channel, combined with velocity softness on peanuts in the grocery channel |
| No doubt, we are facing ongoing headwinds with shifts in consumer behavior, competitive pricing pressures and a declining nut category |
| Our last segment, Produce Nuts, declined 3% in dollars and 5% in pound volume in Q1, slightly worse than the performance we saw in Q4 of 2023 |
| Decline in branded sales volume was mainly attributable to a 30.9% decrease in sales volume for Fisher snack nuts due to increased competitive pricing pressures, discontinuance of a product line at a mass merchandising retailer and the timing of holiday sales orders for a customer in the non-food sector |
| Sales volume for Southern Style Nuts decreased 36.6%, mainly from reduced distribution and promotional programs at a club store customer |
| We are seeing volume declines across the entire snack aisle as consumers tighten their budgets in response to suddenly high food prices |
| A 17% sales volume decrease for our branded products which includes Fisher recipe nuts, Fisher snack nuts, Orchard Valley Harvest and Southern Style Nuts also contributed to the overall decrease in sales volume in the consumer distribution channel |
| Sales volume decreased 5.8% in the consumer distribution channel due to a 5% decrease in sales volume for private brand sales, driven primarily by fewer promotional programs and lower seasonal sales volume for snack and trail mixes as well as a decrease in peanut sales volume at two current mass merchandising retailers |
| Sales volume decreased 5.5% in the commercial ingredients channel due to a 50.3% decrease in sales volume of peanut crushing stock to peanut oil produced processors, which was due to reduced peanut shelling in the current fiscal quarter |
| This is slightly worse than the performance we saw in Q4 of 2023 |
| The Trail and Snack Mix segment was up 1% in dollars and down 2% in pounds in Q1, slightly worse than the performance we saw in Q4 of 2023 |
| Sales volume decreased 19.4% in the contract packaging distribution channel, primarily due to decreased peanut distribution and the timing of holiday sales orders for a major customer |
| Declines were primarily driven by the club channel as competitive and pricing pressure has increased, resulting in loss distribution |
| Fisher Snack performed worse in the category, down 21% in dollars and 25% in pounds |
| The total nut and trail mix category was down 2% in dollars and down 3.4% in pound volume in Q1 |
| In Q1, the Snack Nut segment was down 3% in dollars and down 4% in pounds |
| Our Southern Style Nuts brand declined 14% in dollars and 21% in pounds |
| Net sales for the first quarter of fiscal 2024 decreased 7.3%, $234.1 million compared to net sales of $252.6 million for the first quarter of fiscal 2023 |
| Sales volume for Fisher recipe decreased 10.8% due to a one-time order at an existing grocery customer in the same quarter of our prior fiscal year that did not reoccur in the current quarter and timing of holiday sales orders for another grocery customer |
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