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John B. Sanfilippo and Sons reported Wednesday that private label sales of nuts grew in the third quarter from a year earlier, as demand rose and prices fell.
Net sales grew 6.5 percent from the third quarter of fiscal 2012, with sales volume rising 15.6 percent in the quarter. Consumer distribution channel sales brought about half of the sales volume increase.
“The volume increase in the consumer channel was driven by private brand snack volume up by 12 percent, due mainly to lower peanut and cashew prices, plus new distribution gains and in existing private label customer,” CEO Jeffrey Sanfilippo said on a conference call announcing the earnings, according to transcripts from Seeking Alpha.
Private label snacks grew by 2 percent from a year earlier.
“Sales volume for both private brand and branded nut products were favorably affected by an increase in consumer demand for nuts and nut products, due to decreased selling prices and promotions caused by decreased commodity acquisition costs,” Sanfilippo said, according to the Seeking Alpha transcripts.