Q2 2024 J & J Snack Foods Corp Earnings Call Transcript
Key Points
- Record second-quarter net sales of $360 million, reflecting growth across multiple segments.
- Gross margins exceeded 30%, a 330 basis points improvement over the previous year.
- Adjusted operating income and adjusted EBITDA growth of 81% and 43.1% respectively.
- Strong sales performance in the churros category, with a 23.7% increase to nearly $31 million.
- Successful expansion and innovation in the retail segment, including a 75.5% growth in handhelds.
- Softness in soft pretzels and handhelds in the foodservice segment.
- Relatively flat machine sales in the frozen beverages segment, down 0.4%.
- Ongoing challenging consumer environment despite strong quarterly performance.
- Increased total operating expenses by $10.1 million or 12.7%, representing 25.1% of sales.
- Continued pressure from inflation, although some raw materials are experiencing deflation.
Welcome to the J&J Snack Foods fiscal 2024 second-quarter conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Norberto Aja, Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Thank you for joining the J&J Snack Foods fiscal 2024 second-quarter conference call. We will start in just a minute with management's comments and your questions. But before doing so, let me take a minute to read the Safe Harbor language.
This call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, all statements made on this call that do not relate to matters of historical facts should be considered forward-looking statements including statements regarding management's plans, strategies, goals, expectations and objectives, and our anticipated financial performance. These
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