Q3 2024 J & J Snack Foods Corp Earnings Call Transcript
Key Points
- Record third-quarter net sales of $440 million, marking the second highest quarterly net sales in the company's history.
- Gross margin maintained at a healthy 33.6%, demonstrating strong operational efficiency.
- Foodservice segment saw a 3.7% increase in sales, driven by growth in frozen novelties and bakery products.
- Retail segment experienced a 12.4% increase in sales, with significant growth in handhelds and frozen novelties.
- Operational investments have led to improved supply chain efficiency, with 85% of sales orders now shipped from the new distribution network.
- Frozen beverage segment declined by 2.6%, primarily due to softness in the theater channel.
- Theater industry challenges, including a 30% decline in attendance, negatively impacted sales of frozen beverages, soft pretzels, and churros.
- Machine sales were down 15.4% as the company lapped a large QSR rollout from the previous year.
- Inflationary pressures on raw materials such as cocoa, chocolate, sugar, and sweeteners impacted costs.
- One less sales week in the upcoming fiscal fourth quarter is expected to impact results.
Good day and thank you for standing by, and welcome to the J&J Snack Foods' third-quarter 2024 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 third-quarter conference call.
Before getting started, 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. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding management's plans, strategies, goals, expectations and objectives. and our anticipated financial performance. These statements are neither promises or guarantees and
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