SANFILIPPO JOHN B & SON INC, 10-Q filed on 29 Jan 25
 | XBRL Documents
v3.24.4
Cover Page - shares
 6 Months Ended
Dec. 26, 2024
Jan. 23, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 26, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Trading Symbol JBSS  
Entity Registrant Name SANFILIPPO JOHN B & SON INC  
Security Exchange Name NASDAQ  
Entity Interactive Data Current Yes  
Entity Central Index Key 0000880117  
Current Fiscal Year End Date --06-27  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Title of 12(b) Security Common Stock  
Entity Address, State or Province IL  
Securities Act File Number 0-19681  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2419677  
Entity Address, Address Line One 1703 North Randall Road  
Entity Address, City or Town Elgin  
Entity Address, Postal Zip Code 60123-7820  
City Area Code 847  
Local Phone Number 289-1800  
Document Quarterly Report true  
Document Transition Report false  
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,040,641
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.24.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Statement of Comprehensive Income [Abstract]        
Net sales $ 301,067 $ 291,222 $ 577,263 $ 525,327
Cost of sales 248,816 233,283 478,468 410,366
Gross profit 52,251 57,939 98,795 114,961
Operating expenses:        
Selling expenses 22,620 21,001 42,459 42,993
Administrative expenses 10,262 11,563 19,960 22,016
Bargain purchase gain, net 0 (2,226) 0 (2,226)
Total operating expenses 32,882 30,338 62,419 62,783
Income from operations 19,369 27,601 36,376 52,178
Other expense:        
Interest expense including $159, $175, $322 and $353 to related parties, respectively 772 1,055 1,288 1,282
Rental and miscellaneous expense, net 347 260 758 616
Pension expense (excluding service costs) 361 350 722 700
Total other expense, net 1,480 1,665 2,768 2,598
Income before income taxes 17,889 25,936 33,608 49,580
Income tax expense 4,294 6,765 8,354 12,821
Net income and comprehensive income $ 13,595 $ 19,171 $ 25,254 $ 36,759
Net income per common share - basic $ 1.17 $ 1.65 $ 2.17 $ 3.17
Net income per common share - diluted $ 1.16 $ 1.64 $ 2.16 $ 3.15
v3.24.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Related Party [Member]        
Interest Expense $ 159 $ 175 $ 322 $ 353
v3.24.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
CURRENT ASSETS:      
Cash and cash equivalents $ 336 $ 484 $ 1,975
Accounts receivable, less allowance for doubtful accounts of $356, $318 and $370, respectively 81,200 84,960 77,416
Inventories 205,842 196,563 197,335
Prepaid expenses and other current assets 19,320 12,078 13,040
TOTAL CURRENT ASSETS 306,698 294,085 289,766
PROPERTY, PLANT AND EQUIPMENT:      
Land 13,365 13,365 13,365
Buildings 116,684 115,517 114,708
Machinery and equipment 301,855 295,599 286,317
Furniture and leasehold improvements 5,482 5,423 5,310
Vehicles 1,134 912 790
Construction in progress 19,366 7,569 3,960
Property, plant and equipment gross 457,886 438,385 424,450
Less: Accumulated depreciation 297,231 287,168 276,987
Property, plant and equipment net 160,655 151,217 147,463
Rental investment property, less accumulated depreciation of $15,649, $15,246 and $14,843, respectively 13,474 13,877 14,280
TOTAL PROPERTY, PLANT AND EQUIPMENT 174,129 165,094 161,743
OTHER LONG TERM ASSETS:      
Intangible assets, net 5,057 5,822 6,584
Deferred income taxes 3,900 3,130 562
Goodwill 11,750 11,750 11,750
Operating lease right-of-use assets 29,019 27,404 6,867
Other assets 14,700 8,290 7,187
TOTAL ASSETS 545,253 515,575 484,459
CURRENT LIABILITIES:      
Revolving credit facility borrowings 49,753 20,420 32,052
Current maturities of related party long-term debt, net 834 737 704
Accounts payable 64,585 53,436 62,955
Bank overdraft 1,953 545 1,500
Accrued payroll and related benefits 14,690 35,601 17,479
Other accrued expenses 18,247 15,201 13,601
TOTAL CURRENT LIABILITIES 150,062 125,940 128,291
LONG-TERM LIABILITIES:      
Long-term related party debt, less current maturities, net 5,969 6,365 6,742
Retirement plan 26,773 26,154 27,338
Long-term operating lease liabilities, net of current portion 25,754 24,877 5,141
Long-term workers' compensation liabilities 7,857 7,673 7,291
Other 3,207 1,953 2,419
TOTAL LONG-TERM LIABILITIES 69,560 67,022 48,931
TOTAL LIABILITIES 219,622 192,962 177,222
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 137,858 135,691 133,432
Retained earnings 187,815 186,965 175,096
Accumulated other comprehensive loss 1,044 1,044 (204)
Treasury stock, at cost; 117,900 shares of Common Stock (1,204) (1,204) (1,204)
TOTAL STOCKHOLDERS' EQUITY 325,631 322,613 307,237
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 545,253 515,575 484,459
Class A Common Stock      
STOCKHOLDERS' EQUITY:      
Common Stock 26 26 26
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]      
STOCKHOLDERS' EQUITY:      
Common Stock $ 92 $ 91 $ 91
v3.24.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Allowance for doubtful accounts for accounts receivable, current $ 356 $ 318 $ 370
Accumulated depreciation of rental investment property $ 15,649 $ 15,246 $ 14,843
Common shares, Treasury stock 117,900 117,900 117,900
Class A Common Stock      
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized 10,000,000 10,000,000 10,000,000
Common stock, shares issued 2,597,426 2,597,426 2,597,426
Common stock, shares outstanding 2,597,426 2,597,426 2,597,426
Common Stock, Non-Cumulative Voting Rights of One Vote Per Share [Member]      
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized 17,000,000 17,000,000 17,000,000
Common stock, shares issued 9,158,541 9,123,938 9,120,560
v3.24.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Class A Common Stock
Balance at Jun. 29, 2023 $ 292,207 $ 91 $ 131,986 $ 161,512 $ (204) $ (1,204) $ 26
Balance, Shares at Jun. 29, 2023   9,076,326         2,597,426
Net income and comprehensive income 17,588     17,588      
Cash dividends (23,175)     (23,175)      
Equity award exercises, Share   14,605          
Stock-based compensation expense 747   747        
Balance at Sep. 28, 2023 287,367 $ 91 132,733 155,925 (204) (1,204) $ 26
Balance, Shares at Sep. 28, 2023   9,090,931         2,597,426
Balance at Jun. 29, 2023 292,207 $ 91 131,986 161,512 (204) (1,204) $ 26
Balance, Shares at Jun. 29, 2023   9,076,326         2,597,426
Net income and comprehensive income 36,759            
Balance at Dec. 28, 2023 307,237 $ 91 133,432 175,096 (204) (1,204) $ 26
Balance, Shares at Dec. 28, 2023   9,120,560         2,597,426
Balance at Sep. 28, 2023 287,367 $ 91 132,733 155,925 (204) (1,204) $ 26
Balance, Shares at Sep. 28, 2023   9,090,931         2,597,426
Net income and comprehensive income 19,171     19,171      
Equity award exercises, Share   29,629          
Equity award exercises (684)   (684)        
Stock-based compensation expense 1,383   1,383        
Balance at Dec. 28, 2023 307,237 $ 91 133,432 175,096 (204) (1,204) $ 26
Balance, Shares at Dec. 28, 2023   9,120,560         2,597,426
Balance at Jun. 27, 2024 322,613 $ 91 135,691 186,965 1,044 (1,204) $ 26
Balance, Shares at Jun. 27, 2024   9,123,938         2,597,426
Net income and comprehensive income 11,659     11,659      
Cash dividends (24,404)     (24,404)      
Stock-based compensation expense 935   935        
Balance at Sep. 26, 2024 310,803 $ 91 136,626 174,220 1,044 (1,204) $ 26
Balance, Shares at Sep. 26, 2024   9,123,938         2,597,426
Balance at Jun. 27, 2024 322,613 $ 91 135,691 186,965 1,044 (1,204) $ 26
Balance, Shares at Jun. 27, 2024   9,123,938         2,597,426
Net income and comprehensive income 25,254            
Balance at Dec. 26, 2024 325,631 $ 92 137,858 187,815 1,044 (1,204) $ 26
Balance, Shares at Dec. 26, 2024   9,158,541         2,597,426
Balance at Sep. 26, 2024 310,803 $ 91 136,626 174,220 1,044 (1,204) $ 26
Balance, Shares at Sep. 26, 2024   9,123,938         2,597,426
Net income and comprehensive income 13,595     13,595      
Equity award exercises, Share   34,603          
Equity award exercises (483) $ 1 (484)        
Stock-based compensation expense 1,716   1,716        
Balance at Dec. 26, 2024 $ 325,631 $ 92 $ 137,858 $ 187,815 $ 1,044 $ (1,204) $ 26
Balance, Shares at Dec. 26, 2024   9,158,541         2,597,426
v3.24.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Sep. 26, 2024
Sep. 28, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividends per common share $ 2.1 $ 2
v3.24.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 25,254 $ 36,759
Depreciation and amortization 13,153 11,715
Amortization of operating lease right-of-use assets 2,185 877
Loss on disposition of assets, net 671 140
Deferred income tax (benefit) expense (770) 2,280
Stock-based compensation expense 2,651 2,130
Bargain purchase gain, net 0 (2,226)
Change in assets and liabilities, net of Acquisition:    
Accounts receivable, net 3,798 (4,542)
Inventories (9,279) 11,101
Prepaid expenses and other current assets (3,683) (2,942)
Accounts payable 9,039 20,557
Accrued expenses (18,628) (10,310)
Income taxes receivable (3,559) (4,180)
Other long-term assets and liabilities (1,755) (512)
Other, net 839 325
Net cash provided by operating activities 19,916 61,172
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (25,548) (10,882)
Business acquisitions, net 0 (58,974)
Other, net (70) (53)
Net cash used in investing activities (25,618) (69,909)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term borrowings 29,333 32,052
Debt issue costs 0 (316)
Principal payments on long-term debt (299) (328)
Increase in bank overdraft 1,408 1,215
Dividends paid (24,404) (23,175)
Taxes paid related to net share settlement of equity awards (484) (684)
Net cash provided by financing activities 5,554 8,764
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (148) 27
Cash and cash equivalents, beginning of period 484 1,948
Cash, end of period $ 336 $ 1,975
v3.24.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Sep. 26, 2024
Dec. 28, 2023
Sep. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Pay vs Performance Disclosure            
Net Income (Loss) $ 13,595 $ 11,659 $ 19,171 $ 17,588 $ 25,254 $ 36,759
v3.24.4
Insider Trading Arrangements
 3 Months Ended
Dec. 26, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.4
Basis of Presentation and Description of Business
 6 Months Ended
Dec. 26, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Description of Business

Note 1 – Basis of Presentation and Description of Business

As used herein, unless the context otherwise indicates, the terms “we”, “us”, “our” or “Company” collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows:

•
References herein to fiscal 2025 and fiscal 2024 are to the fiscal year ending June 26, 2025 and the fiscal year ended June 27, 2024, respectively.
•
References herein to the second quarter of fiscal 2025 and fiscal 2024 are to the quarters ended December 26, 2024 and December 28, 2023, respectively.
•
References herein to the first half or first twenty-six weeks of fiscal 2025 and fiscal 2024 are to the twenty-six weeks ended December 26, 2024 and December 28, 2023, respectively.

We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States. These nuts are sold under our Fisher, Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names and under a variety of private brands. We also offer our private brand customers a complete portfolio of snack and nutrition bars. We market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including nutrition bars, snack bars, peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, sunflower kernels, dried fruit, corn snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese, and under private brands. Our products are sold through three primary distribution channels, including food retailers in the consumer channel, commercial ingredient users and contract manufacturing customers.

 

The accompanying unaudited financial statements fairly present the consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of stockholders’ equity and consolidated statements of cash flows, and reflect all adjustments, consisting only of normal recurring adjustments which are necessary for the fair statement of the results of the interim periods. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

The interim results of operations are not necessarily indicative of the results to be expected for a full year. The balance sheet data as of June 27, 2024 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, these unaudited financial statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2024 Annual Report on Form 10-K for the fiscal year ended June 27, 2024.
v3.24.4
Revenue Recognition
 6 Months Ended
Dec. 26, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 2 – Revenue Recognition

We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. For each customer contract, a five-step process is followed in which we identify the contract, identify performance obligations, determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when (or as) the performance obligation is transferred to the customer.

When Performance Obligations Are Satisfied

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s performance obligations are primarily for the delivery of raw and processed recipe and snack nuts, nut butters, trail mixes and snack and nutrition bars.

Our customer contracts do not include more than one performance obligation. If a contract were to contain more than one performance obligation, we are required to allocate the contract’s transaction price to each performance obligation based on its relative standalone selling price. The standalone selling price for each distinct good is generally determined by directly observable data.

Revenue recognition is generally completed at a point in time when product control is transferred to the customer. For virtually all of our revenues, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. This allows the customer to then direct the use and obtain substantially all of the remaining benefits from the asset at that point in time. Therefore, the timing of our revenue recognition requires little judgment.

Variable Consideration

Some of our products are sold through specific incentive programs consisting of promotional allowances, volume and customer rebates, in-store display incentives and marketing allowances, among others, to consumer and some commercial ingredient customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities. It is also dependent on significant management judgment when determining estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue (and a corresponding reduction in the transaction price) in the same period as the underlying program based upon the terms of the specific arrangements.

Trade promotions, consisting primarily of customer pricing allowances, merchandising funds and consumer coupons, are also offered through various programs to customers and consumers. A provision for estimated trade promotions is recorded as a reduction of revenue (and a reduction in the transaction price) in the same period when the sale is recognized. Revenues are also recorded net of expected customer deductions which are provided for based upon past experiences. Evaluating these estimates requires management judgment.

We generally use the most likely amount method to determine the variable consideration. We believe there will not be significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. The Company reviews and updates its estimates and related accruals of variable consideration and trade promotions at least quarterly based on the terms of the agreements and historical experience. Any uncertainties in the ultimate resolution of variable consideration due to factors outside of the Company’s influence are typically resolved within a short timeframe. Therefore, no additional constraint on the variable consideration is required.

Contract Balances

Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. The contract asset balance at December 26, 2024 was $611 and is recorded in the caption “Prepaid expenses and other current assets” on the Consolidated Balance Sheets. There was no contract asset balance for the other periods presented. The Company generally does not have material deferred revenue or contract liability balances arising from transactions with customers.

 

Disaggregation of Revenue

Revenue disaggregated by sales channel is as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

Distribution Channel

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Consumer

 

$

251,359

 

 

$

241,362

 

 

$

480,743

 

 

$

425,696

 

Commercial Ingredients

 

 

26,589

 

 

 

27,712

 

 

 

53,489

 

 

 

55,847

 

Contract Manufacturing

 

 

23,119

 

 

 

22,148

 

 

 

43,031

 

 

 

43,784

 

Total

 

$

301,067

 

 

$

291,222

 

 

$

577,263

 

 

$

525,327

 
v3.24.4
Leases
 6 Months Ended
Dec. 26, 2024
Leases [Abstract]  
Leases

Note 3 – Leases

Description of Leases

We lease warehouse space, equipment used in the transportation of goods in our warehouses and a limited number of automobiles and trailers. Our leases generally do not contain any explicit guarantees of residual value and, with the exception of our warehousing and distribution center in Huntley, IL, generally do not contain non-lease components. Our leases for warehouse transportation equipment generally require the equipment to be returned to the lessor in good working order.

Through a review of our contracts, we determine if an arrangement is a lease at inception and analyze the lease to determine if it is operating or finance. Operating lease right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. With the exception of our warehouse leases, none of our other leases currently contain options to extend the term. In the event of an option to extend the term of a lease, the lease term used in measuring the liability would include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. Our leases have remaining terms of up to 7.1 years.

It is our accounting policy not to apply lease recognition requirements to short-term leases, defined as leases with an initial term of 12 months or less. As such, leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. We have also made the policy election to not separate lease and non-lease components for all leases.

The following table provides supplemental information related to operating lease right-of-use assets and liabilities:

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

 

Affected Line Item in Consolidated Balance Sheets

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

29,019

 

 

$

27,404

 

 

$

6,867

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

29,019

 

 

$

27,404

 

 

$

6,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

4,211

 

 

$

2,623

 

 

$

1,751

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

25,754

 

 

 

24,877

 

 

 

5,141

 

 

Long-term operating lease liabilities

Total lease liabilities

$

29,965

 

 

$

27,500

 

 

$

6,892

 

 

 

 

The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Operating lease costs (a)

 

$

1,971

 

 

$

719

 

 

$

3,713

 

 

$

1,389

 

Variable lease costs (b)

 

 

134

 

 

 

33

 

 

 

306

 

 

 

(141

)

Total lease cost

 

$

2,105

 

 

$

752

 

 

$

4,019

 

 

$

1,248

 

 

(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of property taxes, sales tax, insurance and lease overtime charges.

Supplemental cash flow and other information related to leases was as follows:

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

2,246

 

 

$

1,210

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

$

3,800

 

 

$

1,320

 

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Weighted average remaining lease term (in years)

 

 

6.1

 

 

 

6.6

 

 

 

4.2

 

Weighted average discount rate

 

 

6.7

%

 

 

6.8

%

 

 

6.9

%

 

 

Maturities of operating lease liabilities as of December 26, 2024 are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024)

 

$

3,201

 

June 25, 2026

 

 

5,981

 

June 24, 2027

 

 

6,075

 

June 29, 2028

 

 

5,935

 

June 28, 2029

 

 

5,029

 

June 27, 2030

 

 

4,073

 

Thereafter

 

 

6,414

 

Total lease payments

 

 

36,708

 

Less imputed interest

 

 

(6,743

)

Present value of operating lease liabilities

 

$

29,965

 

 

At December 26, 2024, the Company has additional operating leases of approximately $472 that have not yet commenced and therefore are not reflected in the Consolidated Balance Sheet and tables above. The leases are scheduled to commence in the third quarter of fiscal 2025 with initial lease terms ranging from 1 to 6 years.

Lessor Accounting

We lease office space in our four-story office building located in Elgin, IL. As a lessor, we retain substantially all of the risks and benefits of ownership of the investment property and under Topic 842: Leases we continue to account for all of our leases as operating leases. Lease agreements may include options to renew. We accrue fixed lease income on a straight‑line basis over the terms of the leases. There is generally no variable lease consideration and an immaterial amount of non-lease components such as recurring utility and storage fees. Leases between related parties are immaterial.

 

Leasing revenue is as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Lease income related to lease payments

 

$

478

 

 

$

533

 

 

$

957

 

 

$

977

 

 

The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years and thereafter are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024)

 

$

497

 

June 25, 2026

 

 

1,071

 

June 24, 2027

 

 

1,055

 

June 29, 2028

 

 

391

 

June 28, 2029

 

 

336

 

June 27, 2030

 

 

343

 

Thereafter

 

 

1,135

 

 

$

4,828

 
v3.24.4
Inventories
 6 Months Ended
Dec. 26, 2024
Inventory Disclosure [Abstract]  
Inventories

Note 4 – Inventories

Inventories consist of the following:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Raw material and supplies

 

$

96,109

 

 

$

85,300

 

 

$

81,564

 

Work-in-process and finished goods

 

 

109,733

 

 

 

111,263

 

 

 

115,771

 

Total

 

$

205,842

 

 

$

196,563

 

 

$

197,335

 

 
v3.24.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 26, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 5 – Goodwill and Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Customer relationships

 

$

21,350

 

 

$

21,350

 

 

$

21,350

 

Brand names

 

 

17,070

 

 

 

17,070

 

 

 

17,070

 

Product formulas

 

 

850

 

 

 

850

 

 

 

850

 

Non-compete agreement

 

 

300

 

 

 

300

 

 

 

300

 

 

 

39,570

 

 

 

39,570

 

 

 

39,570

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

(21,004

)

 

 

(20,680

)

 

 

(20,356

)

Brand names

 

 

(13,024

)

 

 

(12,668

)

 

 

(12,314

)

Product formulas

 

 

(202

)

 

 

(121

)

 

 

(40

)

Non-compete agreement

 

 

(283

)

 

 

(279

)

 

 

(276

)

 

 

(34,513

)

 

 

(33,748

)

 

 

(32,986

)

Net intangible assets

 

$

5,057

 

 

$

5,822

 

 

$

6,584

 

 

Customer relationships are being amortized on an accelerated basis. The brand names remaining to be amortized consist of the Squirrel Brand, Southern Style Nuts and Just the Cheese brand names. Product formulas relate to the acquisition of certain snack bar assets completed in fiscal 2024.

Total amortization expense related to intangible assets, which is classified in “administrative expenses” in the Consolidated Statement of Comprehensive Income, was $384 and $765 for the quarter and twenty-six weeks ended December 26, 2024, respectively. Amortization expense for the remainder of fiscal 2025 is expected to be approximately $629 and expected amortization expense the next five fiscal years is as follows:

 

Fiscal Year Ending

 

 

 

June 25, 2026

 

$

1,042

 

June 24, 2027

 

 

847

 

June 29, 2028

 

 

677

 

June 28, 2029

 

 

496

 

June 27, 2030

 

 

400

 

 

Our net goodwill at December 26, 2024 was comprised of $9,650 from the Squirrel Brand acquisition completed in fiscal 2018 and $2,100 from the Just the Cheese brand acquisition completed in fiscal 2023. The changes in the carrying amount of goodwill since June 29, 2023 are as follows:

 

Gross goodwill balance at June 29, 2023

 

$

20,516

 

Accumulated impairment losses

 

 

(8,766

)

Net goodwill balance at June 29, 2023

 

 

11,750

 

Goodwill acquired during fiscal 2024

 

 

—

 

Net balance at June 27, 2024

 

 

11,750

 

Goodwill acquired during fiscal 2025

 

 

—

 

Net balance at December 26, 2024

 

$

11,750

 
v3.24.4
Credit Facility
 6 Months Ended
Dec. 26, 2024
Debt Disclosure [Abstract]  
Credit Facility

Note 6 – Credit Facility

Our Amended and Restated Credit Agreement dated March 5, 2020 provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”). The Credit Facility is secured by our accounts receivable and inventory.

On September 29, 2023, we entered into the Second Amendment to our Amended and Restated Credit Agreement which, among other things, increased the amount available to borrow under the Credit Facility to $150,000, extended the maturity date to September 29, 2028 and allows the Company to pay up to $100,000 in dividends per year, subject to meeting availability tests.

At December 26, 2024, we had $95,562 of available credit under the Credit Facility which reflects borrowings of $49,753 and reduced availability as a result of $4,685 in outstanding letters of credit. As of December 26, 2024, we were in compliance with all financial covenants under the Credit Facility.

v3.24.4
Earnings Per Common Share
 6 Months Ended
Dec. 26, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share

Note 7 – Earnings Per Common Share

The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Weighted average number of shares outstanding – basic

 

 

11,647,791

 

 

 

11,611,409

 

 

 

11,640,598

 

 

 

11,603,185

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

62,300

 

 

 

56,146

 

 

 

73,129

 

 

 

67,964

 

Weighted average number of shares outstanding – diluted

 

 

11,710,091

 

 

 

11,667,555

 

 

 

11,713,727

 

 

 

11,671,149

 

 

There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.24.4
Stock-Based Compensation Plans
 6 Months Ended
Dec. 26, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans

Note 8 – Stock-Based Compensation Plans

The following is a summary of Restricted Stock Unit (“RSU”) activity for the first twenty-six weeks of fiscal 2025:

 

Restricted Stock Units

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 27, 2024

 

 

147,443

 

 

$

73.09

 

Granted

 

 

63,414

 

 

$

75.03

 

Vested (a)

 

 

(40,216

)

 

$

77.20

 

Forfeited

 

 

(598

)

 

$

76.10

 

Outstanding at December 26, 2024

 

 

170,043

 

 

$

72.83

 

 

(a)
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.

At December 26, 2024, there were 31,495 RSUs outstanding that were vested but deferred.

The following is a summary of Performance Stock Unit (“PSU”) activity for the first twenty-six weeks of fiscal 2025:

 

Performance Stock Units (a)

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 27, 2024

 

 

8,031

 

 

$

82.99

 

Granted

 

 

10,481

 

 

$

72.08

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Outstanding at December 26, 2024

 

 

18,512

 

 

$

76.81

 

 

(a)
The PSUs are presented based on reaching target performance. The PSUs vest approximately 33 months from the grant date, with the number of shares earned (ranging from 0% to 200% of the target award) depending on the extent to which we achieve certain performance metrics. Based on current expectations and performance against these metrics, we expect 24,533 PSUs to be earned and thus vest at the end of the applicable vesting periods. The final number of shares that will eventually be earned and vest (if any) has not yet been determined as of December 26, 2024.

The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Stock-based compensation expense

 

$

1,716

 

 

$

1,383

 

 

$

2,651

 

 

$

2,130

 

 

As of December 26, 2024, there was $7,819 of total unrecognized compensation expense related to non-vested RSUs and PSUs granted under our stock-based compensation plans. We expect to recognize that cost over a weighted average period of 1.7 years.
v3.24.4
Retirement Plan
 6 Months Ended
Dec. 26, 2024
Retirement Benefits [Abstract]  
Retirement Plan

Note 9 – Retirement Plan

The Supplemental Employee Retirement Plan (“Retirement Plan”) is an unfunded, non-qualified benefit plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. The monthly benefit is based upon each participant’s earnings and his or her number of years of service. The components of net periodic benefit cost are as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Service cost

 

$

129

 

 

$

63

 

 

$

258

 

 

$

126

 

Interest cost

 

 

361

 

 

 

350

 

 

 

722

 

 

 

700

 

Net periodic benefit cost

 

$

490

 

 

$

413

 

 

$

980

 

 

$

826

 

 

The components of net periodic benefit cost other than the service cost component are included in the line item “Pension expense (excluding service costs)” in the Consolidated Statements of Comprehensive Income.

v3.24.4
Commitments and Contingent Liabilities
 6 Months Ended
Dec. 26, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities

Note 10 – Commitments and Contingent Liabilities

We are currently a party to various legal proceedings in the ordinary course of business. While management presently believes that the ultimate outcomes of these proceedings, individually and in the aggregate, will not materially affect our financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur. Unfavorable outcomes could include substantial monetary damages in excess of any appropriate accruals, which management has established. Were such unfavorable final outcomes to occur, there exists the possibility of a material adverse effect on our financial position, results of operations and cash flows.

v3.24.4
Fair Value of Financial Instruments
 6 Months Ended
Dec. 26, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 11 – Fair Value of Financial Instruments

The Financial Accounting Standards Board (the “FASB”) defines fair value as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels:

 

 

 

 

 

 

 

 

Level 1

 

 

–

 

 

Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.

 

 

 

Level 2

 

 

–

 

 

Observable inputs other than quoted prices in active markets. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

 

 

 

Level 3

 

 

–

 

 

Unobservable inputs for which there is little or no market data available.

 

The carrying values of cash, trade accounts receivable and accounts payable approximate their fair values at each balance sheet date because of the short-term maturities and nature of these balances.

The carrying value of our revolving credit facility borrowings approximates fair value at each balance sheet date because interest rates on this instrument approximate current market rates (Level 2 criteria) and because of the short-term maturity and nature of this balance. In addition, there has been no significant change in our inherent credit risk.

The following table summarizes the carrying value and fair value estimate of our current and long-term debt:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Carrying value of current and long-term debt:

 

$

6,803

 

 

$

7,102

 

 

$

7,446

 

Fair value of current and long-term debt:

 

 

6,545

 

 

 

6,496

 

 

 

6,654

 

 

The estimated fair value of our long-term debt was determined using a market approach based upon Level 2 observable inputs, which estimates fair value based on interest rates currently offered on loans with similar terms to borrowers of similar credit quality or broker quotes. In addition, there have been no significant changes in the underlying assets securing our long-term debt.
v3.24.4
Recent Accounting Pronouncements
 6 Months Ended
Dec. 26, 2024
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

Note 12 – Recent Accounting Pronouncements

The following recent accounting pronouncements have not yet been adopted:

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280)”. The amendments in this update modify the disclosure requirements by expanding the disclosures required for reportable segments in annual and interim consolidated financial statements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments require that any entity that has a single reportable segment provide all the disclosures required either in this update or already existing in Topic 280. The amendments are effective for public entities for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this update but do not expect it to have a material impact on our Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses”. The amendments in this update require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments are effective for public entities for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this update on our related disclosures.
v3.24.4
Revenue Recognition (Tables)
 6 Months Ended
Dec. 26, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Revenue Disaggregated by Sales Channel

Revenue disaggregated by sales channel is as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

Distribution Channel

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Consumer

 

$

251,359

 

 

$

241,362

 

 

$

480,743

 

 

$

425,696

 

Commercial Ingredients

 

 

26,589

 

 

 

27,712

 

 

 

53,489

 

 

 

55,847

 

Contract Manufacturing

 

 

23,119

 

 

 

22,148

 

 

 

43,031

 

 

 

43,784

 

Total

 

$

301,067

 

 

$

291,222

 

 

$

577,263

 

 

$

525,327

 
v3.24.4
Leases (Tables)
 6 Months Ended
Dec. 26, 2024
Leases [Abstract]  
Supplemental information related to operating lease right-of-use assets and liabilities

The following table provides supplemental information related to operating lease right-of-use assets and liabilities:

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

 

Affected Line Item in Consolidated Balance Sheets

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

29,019

 

 

$

27,404

 

 

$

6,867

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

29,019

 

 

$

27,404

 

 

$

6,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

4,211

 

 

$

2,623

 

 

$

1,751

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

25,754

 

 

 

24,877

 

 

 

5,141

 

 

Long-term operating lease liabilities

Total lease liabilities

$

29,965

 

 

$

27,500

 

 

$

6,892

 

 

 
Summary of company's total lease costs and other information arising from operating lease transactions

The following tables summarize the Company’s total lease costs and other information arising from operating lease transactions:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Operating lease costs (a)

 

$

1,971

 

 

$

719

 

 

$

3,713

 

 

$

1,389

 

Variable lease costs (b)

 

 

134

 

 

 

33

 

 

 

306

 

 

 

(141

)

Total lease cost

 

$

2,105

 

 

$

752

 

 

$

4,019

 

 

$

1,248

 

 

(a)
Includes short-term leases which are immaterial.
(b)
Variable lease costs consist of property taxes, sales tax, insurance and lease overtime charges.
Summary of Supplemental cash flow and other information related to leases

Supplemental cash flow and other information related to leases was as follows:

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

2,246

 

 

$

1,210

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

$

3,800

 

 

$

1,320

 
Summary of other information

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Weighted average remaining lease term (in years)

 

 

6.1

 

 

 

6.6

 

 

 

4.2

 

Weighted average discount rate

 

 

6.7

%

 

 

6.8

%

 

 

6.9

%

 

 
Summary of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 26, 2024 are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024)

 

$

3,201

 

June 25, 2026

 

 

5,981

 

June 24, 2027

 

 

6,075

 

June 29, 2028

 

 

5,935

 

June 28, 2029

 

 

5,029

 

June 27, 2030

 

 

4,073

 

Thereafter

 

 

6,414

 

Total lease payments

 

 

36,708

 

Less imputed interest

 

 

(6,743

)

Present value of operating lease liabilities

 

$

29,965

 
Summary of operating lease revenue

Leasing revenue is as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Lease income related to lease payments

 

$

478

 

 

$

533

 

 

$

957

 

 

$

977

 
Undiscounted fixed lease consideration under non-cancelable tenant operating leases

The future minimum, undiscounted fixed cash flows under non-cancelable tenant operating leases for each of the next five years and thereafter are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024)

 

$

497

 

June 25, 2026

 

 

1,071

 

June 24, 2027

 

 

1,055

 

June 29, 2028

 

 

391

 

June 28, 2029

 

 

336

 

June 27, 2030

 

 

343

 

Thereafter

 

 

1,135

 

 

$

4,828

 
v3.24.4
Inventories (Tables)
 6 Months Ended
Dec. 26, 2024
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consist of the following:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Raw material and supplies

 

$

96,109

 

 

$

85,300

 

 

$

81,564

 

Work-in-process and finished goods

 

 

109,733

 

 

 

111,263

 

 

 

115,771

 

Total

 

$

205,842

 

 

$

196,563

 

 

$

197,335

 

 
v3.24.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 26, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets

Identifiable intangible assets that are subject to amortization consist of the following:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Customer relationships

 

$

21,350

 

 

$

21,350

 

 

$

21,350

 

Brand names

 

 

17,070

 

 

 

17,070

 

 

 

17,070

 

Product formulas

 

 

850

 

 

 

850

 

 

 

850

 

Non-compete agreement

 

 

300

 

 

 

300

 

 

 

300

 

 

 

39,570

 

 

 

39,570

 

 

 

39,570

 

Less accumulated amortization:

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

(21,004

)

 

 

(20,680

)

 

 

(20,356

)

Brand names

 

 

(13,024

)

 

 

(12,668

)

 

 

(12,314

)

Product formulas

 

 

(202

)

 

 

(121

)

 

 

(40

)

Non-compete agreement

 

 

(283

)

 

 

(279

)

 

 

(276

)

 

 

(34,513

)

 

 

(33,748

)

 

 

(32,986

)

Net intangible assets

 

$

5,057

 

 

$

5,822

 

 

$

6,584

 
Summary of Expected Amortization Expense expected amortization expense the next five fiscal years is as follows:

 

Fiscal Year Ending

 

 

 

June 25, 2026

 

$

1,042

 

June 24, 2027

 

 

847

 

June 29, 2028

 

 

677

 

June 28, 2029

 

 

496

 

June 27, 2030

 

 

400

 
Summary of Changes in Carrying Amount of Goodwill The changes in the carrying amount of goodwill since June 29, 2023 are as follows:

 

Gross goodwill balance at June 29, 2023

 

$

20,516

 

Accumulated impairment losses

 

 

(8,766

)

Net goodwill balance at June 29, 2023

 

 

11,750

 

Goodwill acquired during fiscal 2024

 

 

—

 

Net balance at June 27, 2024

 

 

11,750

 

Goodwill acquired during fiscal 2025

 

 

—

 

Net balance at December 26, 2024

 

$

11,750

 
v3.24.4
Earnings Per Common Share (Tables)
 6 Months Ended
Dec. 26, 2024
Earnings Per Share [Abstract]  
Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share

The following table presents the reconciliation of the weighted average shares outstanding used in computing basic and diluted earnings per share:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Weighted average number of shares outstanding – basic

 

 

11,647,791

 

 

 

11,611,409

 

 

 

11,640,598

 

 

 

11,603,185

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

62,300

 

 

 

56,146

 

 

 

73,129

 

 

 

67,964

 

Weighted average number of shares outstanding – diluted

 

 

11,710,091

 

 

 

11,667,555

 

 

 

11,713,727

 

 

 

11,671,149

 
v3.24.4
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Dec. 26, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of RSU Activity

The following is a summary of Restricted Stock Unit (“RSU”) activity for the first twenty-six weeks of fiscal 2025:

 

Restricted Stock Units

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 27, 2024

 

 

147,443

 

 

$

73.09

 

Granted

 

 

63,414

 

 

$

75.03

 

Vested (a)

 

 

(40,216

)

 

$

77.20

 

Forfeited

 

 

(598

)

 

$

76.10

 

Outstanding at December 26, 2024

 

 

170,043

 

 

$

72.83

 

 

(a)
The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
Summary of PSU Activity

The following is a summary of Performance Stock Unit (“PSU”) activity for the first twenty-six weeks of fiscal 2025:

 

Performance Stock Units (a)

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding at June 27, 2024

 

 

8,031

 

 

$

82.99

 

Granted

 

 

10,481

 

 

$

72.08

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Outstanding at December 26, 2024

 

 

18,512

 

 

$

76.81

 

 

(a)
The PSUs are presented based on reaching target performance. The PSUs vest approximately 33 months from the grant date, with the number of shares earned (ranging from 0% to 200% of the target award) depending on the extent to which we achieve certain performance metrics. Based on current expectations and performance against these metrics, we expect 24,533 PSUs to be earned and thus vest at the end of the applicable vesting periods. The final number of shares that will eventually be earned and vest (if any) has not yet been determined as of December 26, 2024.
Summary of Compensation Cost and Income Tax Benefit

The following table summarizes compensation expense charged to earnings for all equity compensation plans for the periods presented:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Stock-based compensation expense

 

$

1,716

 

 

$

1,383

 

 

$

2,651

 

 

$

2,130

 
v3.24.4
Retirement Plan (Tables)
 6 Months Ended
Dec. 26, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Pension Cost The components of net periodic benefit cost are as follows:

 

 

For the Quarter Ended

 

 

For the Twenty-Six Weeks Ended

 

 

 

December 26,
2024

 

 

December 28,
2023

 

 

December 26,
2024

 

 

December 28,
2023

 

Service cost

 

$

129

 

 

$

63

 

 

$

258

 

 

$

126

 

Interest cost

 

 

361

 

 

 

350

 

 

 

722

 

 

 

700

 

Net periodic benefit cost

 

$

490

 

 

$

413

 

 

$

980

 

 

$

826

 
v3.24.4
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 26, 2024
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value Estimate of Current and Long Term Debt

The following table summarizes the carrying value and fair value estimate of our current and long-term debt:

 

 

December 26,
2024

 

 

June 27,
2024

 

 

December 28,
2023

 

Carrying value of current and long-term debt:

 

$

6,803

 

 

$

7,102

 

 

$

7,446

 

Fair value of current and long-term debt:

 

 

6,545

 

 

 

6,496

 

 

 

6,654

 
v3.24.4
Basis of Presentation and Description of Business - Additional Information (Detail)
 6 Months Ended
Dec. 26, 2024
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of distribution channels 3
v3.24.4
Lakeville Acquisition - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Business Acquisition [Line Items]        
Payments to acquire businesses     $ 0 $ 58,974
Business combination, bargain purchase, gain recognized, amount $ 0 $ 2,226 $ 0 $ 2,226
v3.24.4
Revenue Recognition - Additional Information (Detail)
$ in Thousands
Dec. 26, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Contract assets $ 0
Prepaid expenses and other current assets 611
Contract with Customer, Asset, after Allowance for Credit Loss, Total $ 0
v3.24.4
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Disaggregation of Revenue [Line Items]        
Total $ 301,067 $ 291,222 $ 577,263 $ 525,327
Consumer [Member]        
Disaggregation of Revenue [Line Items]        
Total 251,359 241,362 480,743 425,696
Commercial Ingredients [Member]        
Disaggregation of Revenue [Line Items]        
Total 26,589 27,712 53,489 55,847
Contract Packaging [Member]        
Disaggregation of Revenue [Line Items]        
Total $ 23,119 $ 22,148 $ 43,031 $ 43,784
v3.24.4
Leases - Additional Information (Detail)
$ in Thousands
Dec. 26, 2024
USD ($)
Operating Leased Assets [Line Items]  
Operating leases not yet commenced $ 472
Maximum [Member]  
Operating Leased Assets [Line Items]  
Remaining lease term 7 years 1 month 6 days
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract 6 years
Minimum [Member]  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract 1 year
v3.24.4
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Assets      
Operating lease right-of-use assets $ 29,019 $ 27,404 $ 6,867
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease right-of-use assets Operating lease right-of-use assets Operating lease right-of-use assets
Current      
Operating Lease, Liability, Current $ 4,211 $ 2,623 $ 1,751
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Accrued Liabilities, Current Other Accrued Liabilities, Current Other Accrued Liabilities, Current
Noncurrent      
Operating Lease, Liability, Noncurrent $ 25,754 $ 24,877 $ 5,141
Total lease liabilities $ 29,965 $ 27,500 $ 6,892
v3.24.4
Leases - Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Leases [Abstract]        
Operating lease costs  [1] $ 1,971 $ 719 $ 3,713 $ 1,389
Variable lease costs [2] 134 33 306 (141)
Total lease cost $ 2,105 $ 752 $ 4,019 $ 1,248
[1] Includes short-term leases which are immaterial.
[2] Variable lease costs consist of property taxes, sales tax, insurance and lease overtime charges.
v3.24.4
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Operating cash flows information:    
Cash paid for amounts included in measurements for lease liabilities $ 2,246 $ 1,210
Non-cash activity:    
Right-of-use assets obtained in exchange for new operating lease obligations $ 3,800 $ 1,320
v3.24.4
Leases - Other Information Related to Operating Lease (Detail)
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Leases [Abstract]      
Weighted average remaining lease term (in years) 6 years 1 month 6 days 6 years 7 months 6 days 4 years 2 months 12 days
Weighted average discount rate 6.70% 6.80% 6.90%
v3.24.4
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Leases [Abstract]      
June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024) $ 3,201    
June 25, 2026 5,981    
June 24, 2027 6,075    
June 29, 2028 5,935    
June 28, 2029 5,029    
June 27, 2030 4,073    
Thereafter 6,414    
Total lease payments 36,708    
Less imputed interest (6,743)    
Present value of operating lease liabilities $ 29,965 $ 27,500 $ 6,892
v3.24.4
Leases - Operating Lease Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Leases [Abstract]        
Lease income related to lease payments $ 478 $ 533 $ 957 $ 977
v3.24.4
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail)
$ in Thousands
Dec. 26, 2024
USD ($)
Leases [Abstract]  
June 26, 2025 (excluding the twenty-six weeks ended December 26, 2024) $ 497
June 25, 2026 1,071
June 24, 2027 1,055
June 29, 2028 391
June 28, 2029 336
June 27, 2030 343
Thereafter 1,135
Total $ 4,828
v3.24.4
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Inventory Disclosure [Abstract]      
Raw material and supplies $ 96,109 $ 85,300 $ 81,564
Work-in-process and finished goods 109,733 111,263 115,771
Total $ 205,842 $ 196,563 $ 197,335
v3.24.4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Jun. 29, 2023
Goodwill and Intangible Assets [Line Items]          
Amortization expense for remainder of fiscal 2023 $ 629 $ 629      
Goodwill related to acquisition 11,750 11,750 $ 11,750 $ 11,750 $ 11,750
Administrative Expenses [Member]          
Goodwill and Intangible Assets [Line Items]          
Amortization of intangible assets 384 765      
Squirrel Brand [Member]          
Goodwill and Intangible Assets [Line Items]          
Goodwill related to acquisition 9,650 9,650      
Just The Cheese Brand Acquisition [Member]          
Goodwill and Intangible Assets [Line Items]          
Goodwill related to acquisition $ 2,100 $ 2,100      
v3.24.4
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross $ 39,570 $ 39,570 $ 39,570
Less accumulated amortization:      
Total accumulated amortization (34,513) (33,748) (32,986)
Net intangible assets 5,057 5,822 6,584
Customer Relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 21,350 21,350 21,350
Less accumulated amortization:      
Total accumulated amortization (21,004) (20,680) (20,356)
Brand Names [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 17,070 17,070 17,070
Less accumulated amortization:      
Total accumulated amortization (13,024) (12,668) (12,314)
Product Formulas [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 850 850 850
Less accumulated amortization:      
Total accumulated amortization (202) (121) (40)
Non-compete Agreement [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 300 300 300
Less accumulated amortization:      
Total accumulated amortization $ (283) $ (279) $ (276)
v3.24.4
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail)
$ in Thousands
Dec. 26, 2024
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
June 25, 2026 $ 1,042
June 24, 2027 847
June 29, 2028 677
June 28, 2029 496
June 27, 2030 $ 400
v3.24.4
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 29, 2023
Dec. 26, 2024
Jun. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Gross goodwill balance at June 29, 2023 $ 20,516    
Accumulated impairment losses (8,766)    
Beginning, Net balance   $ 11,750 $ 11,750
Goodwill acquired during the period   0 0
Ending, Net balance $ 11,750 $ 11,750 $ 11,750
v3.24.4
Credit Facility - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Sep. 29, 2023
Mar. 05, 2020
Second Amendment [Member]      
Debt Instrument [Line Items]      
Dividends allowed before lender approval needed   $ 100,000  
Senior Secured Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Revolving loan commitment and letter of credit sub facility   $ 150,000 $ 117,500
Available credit under the Credit Facility $ 95,562    
Outstanding letters of credit 4,685    
Revolving credit facility borrowings $ 49,753    
v3.24.4
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Weighted Average Number of Shares Outstanding, Basic 11,647,791 11,611,409 11,640,598 11,603,185
Effect of dilutive securities:        
Restricted stock units 62,300 56,146 73,129 67,964
Weighted average number of shares outstanding – diluted 11,710,091 11,667,555 11,713,727 11,671,149
v3.24.4
Earnings Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Earnings Per Share [Abstract]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0 0 0
v3.24.4
Stock-Based Compensation Plans - Additional Information (Detail)
$ in Thousands
 6 Months Ended
Dec. 26, 2024
USD ($)
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Expected weighted average recognize period of unrecognized compensation cost related to non-vested share-based compensation 1 year 8 months 12 days
Unrecognized compensation expense related to non-vested share-based compensation | $ $ 7,819
Restricted stock units vested 24,533
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Restricted stock units vested 31,495
v3.24.4
Stock-Based Compensation Plans - Summary of RSU Activity (Detail)
 6 Months Ended
Dec. 26, 2024
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding beginning balance, Shares | shares 147,443
Granted, Shares | shares 63,414
Vested, Shares | shares (40,216) [1]
Forfeited, Shares | shares (598)
Outstanding ending balance, Shares | shares 170,043
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 73.09
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 75.03
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 77.2 [1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 76.1
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 72.83
Performance Stock Units (PSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding beginning balance, Shares | shares 8,031 [2]
Granted, Shares | shares 10,481 [2]
Vested, Shares | shares 0 [2]
Forfeited, Shares | shares 0 [2]
Outstanding ending balance, Shares | shares 18,512 [2]
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares $ 82.99 [2]
Granted, Weighted-Average Grant-Date Fair Value | $ / shares 72.08 [2]
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 0 [1],[2]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 0 [2]
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 76.81 [2]
[1] The number of RSUs vested includes shares that were withheld on behalf of employees to satisfy statutory tax withholding requirements.
[2] The PSUs are presented based on reaching target performance. The PSUs vest approximately 33 months from the grant date, with the number of shares earned (ranging from 0% to 200% of the target award) depending on the extent to which we achieve certain performance metrics. Based on current expectations and performance against these metrics, we expect 24,533 PSUs to be earned and thus vest at the end of the applicable vesting periods. The final number of shares that will eventually be earned and vest (if any) has not yet been determined as of December 26, 2024.
v3.24.4
Stock-Based Compensation Plans - Additional Information (Parenthetical) (Details)
 6 Months Ended
Dec. 26, 2024
shares
Share-Based Payment Arrangement [Abstract]  
Performance stock unit vested 24,533
v3.24.4
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 1,716 $ 1,383 $ 2,651 $ 2,130
v3.24.4
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 26, 2024
Dec. 28, 2023
Dec. 26, 2024
Dec. 28, 2023
Retirement Benefits [Abstract]        
Service cost $ 129 $ 63 $ 258 $ 126
Interest cost 361 350 722 700
Net periodic benefit cost $ 490 $ 413 $ 980 $ 826
v3.24.4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance at beginning of period $ 1,044 $ (204)
Balance at end of period $ 1,044 $ 1,044
v3.24.4
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 26, 2024
Jun. 27, 2024
Dec. 28, 2023
Fair Value Disclosures [Abstract]      
Carrying value of current and long-term debt: $ 6,803 $ 7,102 $ 7,446
Fair value of current and long-term debt: $ 6,545 $ 6,496 $ 6,654