On this page of StockholderLetter.com we present the latest annual shareholder letter from J&J SNACK FOODS CORP — ticker symbol JJSF. Reading current and past JJSF letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
PROFILE foodservice retail supermarkets Selling in national and international markets Traded Ticker "JJSF" on Nasdaq frozen beverage Three core business groups Preparing for future innovation and success Our growing portfolio of products includes soft pretzels, frozen beverages, ice cream treats, frozen juice treats and desserts, stuffed sandwiches, churros, funnel cakes, cookies and bakery goods, and other snack foods. Consumers can enjoy these tasty products in a variety of settings where people work, play, travel and shop. The Company's growth is the result of a strategy that emphasizes active development of new and innovative products, penetration into existing market channels and expansion of established products into new markets. HIGHLIGHTS FISCAL YEAR ENDED IN SEPTEMBER 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 (In thousands except per share data) Net Sales ............................. $ 1,574,755 $ 1,558,829 $ 1,380,656 $ 1,144,579 $1,022,038 $ 1,186,487 $1,138,265 $1,084,224 $ 992,781 $ 976,256 Net Earnings .................... 86,551 $ 78,906 $ 103,596 $ 70,183 Total Assets ...................... $ 1,365,101 $ 1,216,966 $ 1,122,219 $ 1,056,553 $1,019,339 $ 932,013 $ 867,228 $ 790,487 $ 739,669 Long-Term Debt ............. $ 27,000 55,000 Stockholders Equity... $ 956,970 911,518 863,169 4.08 2.46 47,235 55,607 18,305 94,819 79,174 75,975 $ 845,654 $ 809,498 $ 833,751 $ 759,091 $ 682,322 $ 637,974 $ 599,919 Common Share Data 2.00 1.80 1.56 3.73 18,676 1.44 stockholders equity $78,906 17 18 19 20 $956,970 $911,518 $863,169 (IN THOUSANDS) $18.305 $55,607 $75,975 $70,183 1.68 $845,654 24 $86,551 $1,574,755 23 $103,596 $1,558,829 $1,380,656 $1,144,579 $1,022,038 $1,138,265 $1,186,487 $1,084,224 $992,781 $976,256 2.30 (IN THOUSANDS) (IN THOUSANDS) 18 NET earnings NET SALES 17 2.42 18,668 $833,751 $809,498 18,663 4.05 $833,751 2.60 18,754 $759,091 $682,322 18,895 4.21 $682,322 2.84 18,915 5.51 $637,974 19,084 5.00 $47,235 2.99 19,219 0.96 $103,596 $94,819 19,332 2.91 $599,919 19,460 Shares Outstanding .. Dividends/Share .......... 4.45 $79,174 EPS Diluted ...................... 15 16 19 20 21 22 15 16 17 18 19 20 21 22 23 24 15 16 21 22 23 24
(=_=J >JGE L@= !+ TO O U R F E L LOW S H A R E H O L D E RS A N D F R I E N D S As we reflect on our fiscal year 2024, I am proud to report that J&J Snack Foods continues to drive growth across all segments of our business, and I would like to recognize the hard work, dedication, and commitment that our employees bring to this great company every single day. In fiscal 2024, J&J Snack Foods achieved another record year of sales, gross profit, and adjusted EBITDA. We also achieved our financial goals of improving gross margin rates, delivering improved supply chain metrics, and growing profits faster than sales. These results were achieved during a dynamic consumer and economic environment that impacted traffic and spending in key channels including amusement, convenience, theaters, restaurants, and retail. Despite pressures on consumer spending, we grew sales on a year-over-year basis, led by incremental placements of core products, brands, product innovation, and new customer wins. .=KMDLK AF JA=> NET SALES (000) s 1,574,755 OPERATING INCOME (000) s 117,545 4.45 EARNINGS PER DILUTED SHARE Our strategies across the business remain strong and intact as we look to 2025. We continue to be guided by our 5 core strategies: Grow and Protect Our Brands; Dominate Core Categories; Cross-Sell the Portfolio; Invest in Our Future; and Embrace our Culture. On the strength of this framework, we continue to expand manufacturing capabilities, optimize internal systems and our distribution network, develop leadership across our business units, and foster a winning culture across all areas of the business. We have a very strong balance sheet, providing ample liquidity to continue investing in growth. We ended the fiscal 2024 year with zero debt having already paid off the debt used to purchase Dippin Dots. We have over $210 million available on our revolving credit facility to fund new growth, capital improvements, and dividends. As our J&J team looks to the year ahead, we are building a winning team, a winning culture, and a winning business model. The diverse nature of our products combined with the power of our brands and affordability of our price points will continue to serve the business well as we move forward. And our focus on cross-selling the portfolio will continue to open new product opportunities and channels. I am so proud of our J&J employees and their dedicated focus on serving our consumers, customers, and shareholders, and I want to thank them for their efforts in delivering another year of growth in 2024. Thank you, *This annual report contains forward-looking statements that are based on numerous assumptions about future events and conditions which may prove to be inaccurate. See Forward Looking Statements on page 1 of this annual report. Dan Fachner Chairman, President & CEO
 • shareholder letter icon 1/3/2025 Letter Continued (Full PDF)
 • stockholder letter icon 1/3/2024 JJSF Stockholder Letter
 • stockholder letter icon More "Food & Beverage" Category Stockholder Letters
 • Benford's Law Stocks icon JJSF Benford's Law Stock Score = 96


JJSF Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

PROFILE
foodservice
retail
supermarkets
Selling in national
and international
markets
Traded Ticker "JJSF"
on Nasdaq
frozen
beverage
Three core
business groups
Preparing for
future innovation
and success
Our growing portfolio of products includes soft pretzels, frozen beverages, ice cream treats, frozen juice treats and desserts,
stuffed sandwiches, churros, funnel cakes, cookies and bakery goods, and other snack foods.
Consumers can enjoy these tasty products in a variety of settings where people work, play, travel and shop.
The Company's growth is the result of a strategy that emphasizes active development of new and innovative products,
penetration into existing market channels and expansion of established products into new markets.
HIGHLIGHTS
FISCAL YEAR ENDED IN SEPTEMBER
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
(In thousands except per share data)
Net Sales .............................
$ 1,574,755
$ 1,558,829
$ 1,380,656
$ 1,144,579
$1,022,038
$ 1,186,487
$1,138,265
$1,084,224
$ 992,781
$ 976,256
Net Earnings ....................

86,551
$ 78,906




$ 103,596


$ 70,183
Total Assets ......................
$ 1,365,101
$ 1,216,966
$ 1,122,219
$ 1,056,553
$1,019,339
$ 932,013
$ 867,228
$ 790,487
$ 739,669
Long-Term Debt .............

$ 27,000

55,000







Stockholders    Equity...
$ 956,970

911,518

863,169


4.08

2.46

47,235
55,607

18,305

94,819
79,174

75,975


$ 845,654
$ 809,498
$ 833,751
$ 759,091
$ 682,322
$ 637,974
$ 599,919







Common Share Data

2.00
1.80


1.56
3.73
18,676

1.44
stockholders    equity
$78,906
   17
   18
   19
   20
$956,970
$911,518
$863,169
(IN THOUSANDS)
$18.305
$55,607
$75,975
$70,183
1.68
$845,654
   24

$86,551
$1,574,755
   23
$103,596
$1,558,829
$1,380,656
$1,144,579
$1,022,038
$1,138,265
$1,186,487
$1,084,224
$992,781
$976,256
2.30
(IN THOUSANDS)
(IN THOUSANDS)
   18

NET earnings
NET SALES
   17
2.42
18,668
$833,751
$809,498

18,663
4.05
$833,751
2.60
18,754
$759,091
$682,322

18,895
4.21
$682,322
2.84
18,915
5.51
$637,974

19,084
5.00
$47,235
2.99
19,219
0.96
$103,596
$94,819

19,332
2.91
$599,919
19,460
Shares Outstanding ..
Dividends/Share ..........
4.45
$79,174
EPS   Diluted ......................
   15
   16
   19
   20
   21
   22
   15
   16
   17
   18
   19
   20
   21
   22
   23    24
   15
   16
   21
   22
   23
   24

(=_=J >JGE L@=  !+
TO O U R F E L LOW S H A R E H O L D E RS A N D F R I E N D S
As we reflect on our fiscal year 2024, I am proud to report that J&J Snack
Foods continues to drive growth across all segments of our business, and I
would like to recognize the hard work, dedication, and commitment that
our employees bring to this great company every single day.
In fiscal 2024, J&J Snack Foods achieved another record year of sales,
gross profit, and adjusted EBITDA. We also achieved our financial goals of
improving gross margin rates, delivering improved supply chain metrics,
and growing profits faster than sales.
These results were achieved during a dynamic consumer and economic
environment that impacted traffic and spending in key channels
including amusement, convenience, theaters, restaurants, and retail.
Despite pressures on consumer spending, we grew sales on a
year-over-year basis, led by incremental placements of core products,
brands, product innovation, and new customer wins.
.=KMDLK 
AF  JA=> 
NET SALES
(000)   s

1,574,755
OPERATING INCOME
(000)   s

117,545

4.45
EARNINGS PER DILUTED SHARE
Our strategies across the business remain strong and intact as we look to 2025. We continue to be guided by our 5 core strategies:
Grow and Protect Our Brands; Dominate Core Categories; Cross-Sell the Portfolio; Invest in Our Future; and Embrace our Culture. On
the strength of this framework, we continue to expand manufacturing capabilities, optimize internal systems and our distribution
network, develop leadership across our business units, and foster a winning culture across all areas of the business.
We have a very strong balance sheet, providing ample liquidity to continue investing in growth. We ended the fiscal 2024 year with
zero debt having already paid off the debt used to purchase Dippin    Dots. We have over $210 million available on our revolving credit
facility to fund new growth, capital improvements, and dividends.
As our J&J team looks to the year ahead, we are building a winning team, a winning culture, and a winning business model. The
diverse nature of our products combined with the power of our brands and affordability of our price points will continue to serve the
business well as we move forward. And our focus on cross-selling the portfolio will continue to open new product opportunities
and channels.
I am so proud of our J&J employees and their dedicated focus on serving our consumers, customers, and shareholders, and I want to
thank them for their efforts in delivering another year of growth in 2024.
Thank you,
*This annual report contains forward-looking statements that are based on numerous
assumptions about future events and conditions which may prove to be inaccurate.
See    Forward     Looking Statements    on page 1 of this annual report.
Dan Fachner
Chairman, President & CEO




shareholder letter icon 1/3/2025 Letter Continued (Full PDF)
 

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