On this page of StockholderLetter.com we present the 9/18/2024 shareholder letter from SANFILIPPO JOHN B & SON INC — ticker symbol JBSS. Reading current and past JBSS letters to shareholders can bring important insights into the investment thesis.
WE RE NUTS ABOUT 2024 Annual Report FORM 10-K FISCAL YEAR ENDED JUNE 27, 2024
Your JBSS Board of Directors Pictured left to right: Jasper B. Sanfilippo Jr., John E. Sanfilippo, Lisa A . Sanfilippo, Ellen Taaffe, Jeffrey T. Sanfilippo, Mercedes Romero, Michael J. Valentine, Pamela Forbes Lieberman, James A . Valentine, James J. Sanfilippo. WE RE NUTS ABOUT THAT BRINGS creating real food... joy, NOURISHES people AND PROTECTS the planet. Dear Fellow Stockholder: Fiscal 2024 was a successful and historic year as we exceeded $1 billion in annual net sales for the first time. We also successfully executed a key component of our strategic plan by further diversifying our product offering through the acquisition, integration and optimization of our Lakeville bar facility and operations. While fiscal 2024 presented a challenging operating environment and continued strain on consumer demand, the talented leaders across our organization worked together to mitigate risks and drive strong results. Fiscal 2024 net sales increased 6.7% to $1.07 billion, primarily due to the Lakeville Acquisition. Through the hard work of our team, our net sales from Lakeville operations were at the top end of our original range and dilution per share from the acquisition (for the fiscal year) was significantly better than our original expectations. Excluding the impact of the Lakeville Acquisition, net sales decreased 5.3%. The decrease in net sales was primarily attributable to a 3.3% decline in sales volume and a 2.0% decrease in weighted average selling price per pound. The consumer channel grew 11% in net sales and still represents the largest portion of our business, at 82% of net sales. Looking ahead to fiscal 2025, we will continue to execute on our strategic plan. We will focus on creating volume growth opportunities with our key customers, embracing innovation, maximizing operational efficiencies, and investing in our team members. We are confident that we have the right strategies to continue to deliver long term value to our shareholders. I m so proud of our team s perseverance and execution of our strategy to deliver this milestone year. Our continued success would not be possible without the hard work, dedication, and leadership of our approximately 1,800 team members. As we close another record-breaking year, I am so thankful for your continued support of our company! Sincerely, Jeffrey T. Sanfilippo Chairman and Chief Executive Officer
 • shareholder letter icon 9/18/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/18/2023 JBSS Stockholder Letter
 • stockholder letter icon 9/17/2025 JBSS Stockholder Letter
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JBSS 9/18/2024 Shareholder/Stockholder Letter Transcript:

WE   RE NUTS ABOUT
2024
Annual Report
FORM 10-K
FISCAL YEAR ENDED JUNE 27, 2024

Your JBSS Board of Directors
Pictured left to right: Jasper B. Sanfilippo Jr., John E. Sanfilippo, Lisa A . Sanfilippo,
Ellen Taaffe, Jeffrey T. Sanfilippo, Mercedes Romero, Michael J. Valentine,
Pamela Forbes Lieberman, James A . Valentine, James J. Sanfilippo.
WE   RE NUTS ABOUT
THAT BRINGS
creating real food...
joy, NOURISHES people AND PROTECTS the planet.
Dear Fellow Stockholder:
Fiscal 2024 was a successful and historic year as we exceeded $1 billion in annual net sales for the first time. We also
successfully executed a key component of our strategic plan by further diversifying our product offering through the
acquisition, integration and optimization of our Lakeville bar facility and operations. While fiscal 2024 presented a
challenging operating environment and continued strain on consumer demand, the talented leaders across our organization
worked together to mitigate risks and drive strong results.
Fiscal 2024 net sales increased 6.7% to $1.07 billion, primarily due to the Lakeville Acquisition. Through the hard work of our
team, our net sales from Lakeville operations were at the top end of our original range and dilution per share from the
acquisition (for the fiscal year) was significantly better than our original expectations. Excluding the impact of the Lakeville
Acquisition, net sales decreased 5.3%. The decrease in net sales was primarily attributable to a 3.3% decline in sales volume
and a 2.0% decrease in weighted average selling price per pound. The consumer channel grew 11% in net sales and still
represents the largest portion of our business, at 82% of net sales.
Looking ahead to fiscal 2025, we will continue to execute on our strategic plan. We will focus on creating volume growth
opportunities with our key customers, embracing innovation, maximizing operational efficiencies, and investing in our team
members. We are confident that we have the right strategies to continue to deliver long term value to our shareholders. I   m
so proud of our team   s perseverance and execution of our strategy to deliver this milestone year. Our continued success
would not be possible without the hard work, dedication, and leadership of our approximately 1,800 team members. As we
close another record-breaking year, I am so thankful for your continued support of our company!
Sincerely,
Jeffrey T. Sanfilippo
Chairman and Chief Executive Officer


shareholder letter icon 9/18/2024 Letter Continued (Full PDF)
 

JBSS Stockholder/Shareholder Letter (SANFILIPPO JOHN B & SON INC) 9/18/2024 | www.StockholderLetter.com
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