SANFILIPPO JOHN B & SON INC, 10-Q filed on 30 Apr 25
 | XBRL Documents
v3.25.1
Cover Page - shares
 9 Months Ended
Mar. 27, 2025
Apr. 24, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 27, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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   9,161,348
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,597,426
v3.25.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Statement of Comprehensive Income [Abstract]        
Net sales $ 260,907 $ 271,884 $ 838,170 $ 797,211
Cost of sales 205,014 222,707 683,482 633,073
Gross profit 55,893 49,177 154,688 164,138
Operating expenses:        
Selling expenses 18,630 18,654 61,089 61,647
Administrative expenses 9,066 12,171 29,026 34,187
Bargain purchase gain, net 0 0 0 (2,226)
Total operating expenses 27,696 30,825 90,115 93,608
Income from operations 28,197 18,352 64,573 70,530
Other expense:        
Interest expense including $154, $171, $476 and $524 to related parties, respectively 1,055 785 2,343 2,067
Rental and miscellaneous expense, net 638 324 1,396 940
Pension expense (excluding service costs) 362 350 1,084 1,050
Total other expense, net 2,055 1,459 4,823 4,057
Income before income taxes 26,142 16,893 59,750 66,473
Income tax expense 5,989 3,416 14,343 16,237
Net income and comprehensive income $ 20,153 $ 13,477 $ 45,407 $ 50,236
Net income per common share - basic $ 1.73 $ 1.16 $ 3.9 $ 4.33
Net income per common share - diluted $ 1.72 $ 1.15 $ 3.87 $ 4.3
v3.25.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Related Party [Member]        
Interest Expense $ 154 $ 171 $ 476 $ 524
v3.25.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
CURRENT ASSETS:      
Cash and cash equivalents $ 1,295 $ 484 $ 377
Accounts receivable, less allowance for doubtful accounts of $315, $318 and $367, respectively 74,538 84,960 75,638
Inventories 257,798 196,563 210,672
Prepaid expenses and other current assets 15,565 12,078 9,636
TOTAL CURRENT ASSETS 349,196 294,085 296,323
PROPERTY, PLANT AND EQUIPMENT:      
Land 13,365 13,365 13,365
Buildings 117,258 115,517 115,084
Machinery and equipment 313,441 295,599 287,363
Furniture and leasehold improvements 5,535 5,423 5,310
Vehicles 1,134 912 790
Construction in progress 12,840 7,569 8,271
Property, plant and equipment gross 463,573 438,385 430,183
Less: Accumulated depreciation 302,462 287,168 281,869
Property, plant and equipment net 161,111 151,217 148,314
Rental investment property, less accumulated depreciation of $15,851, $15,246 and $15,044, respectively 13,272 13,877 14,079
TOTAL PROPERTY, PLANT AND EQUIPMENT 174,383 165,094 162,393
OTHER LONG TERM ASSETS:      
Intangible assets, net 4,740 5,822 6,203
Deferred income taxes 3,605 3,130 651
Goodwill 11,750 11,750 11,750
Operating lease right-of-use assets 28,871 27,404 7,409
Other assets 17,431 8,290 7,199
TOTAL ASSETS 589,976 515,575 491,928
CURRENT LIABILITIES:      
Revolving credit facility borrowings 89,602 20,420 32,093
Current maturities of related party long-term debt, net 790 737 721
Accounts payable 51,966 53,436 51,458
Bank overdraft 942 545 1,351
Accrued payroll and related benefits 12,858 35,601 21,712
Other accrued expenses 17,833 15,201 13,055
TOTAL CURRENT LIABILITIES 173,991 125,940 120,390
LONG-TERM LIABILITIES:      
Long-term related party debt, less current maturities, net 5,765 6,365 6,555
Retirement plan 27,082 26,154 27,570
Long-term operating lease liabilities, net of current portion 25,304 24,877 5,553
Long-term workers' compensation liabilities 7,855 7,673 7,383
Other 3,366 1,953 2,665
TOTAL LONG-TERM LIABILITIES 69,372 67,022 49,726
TOTAL LIABILITIES 243,363 192,962 170,116
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:      
Capital in excess of par value 138,687 135,691 134,530
Retained earnings 207,968 186,965 188,573
Accumulated other comprehensive income (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 346,613 322,613 321,812
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 589,976 515,575 491,928
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
v3.25.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Allowance for doubtful accounts for accounts receivable, current $ 315 $ 318 $ 367
Accumulated depreciation of rental investment property $ 15,851 $ 15,246 $ 15,044
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 9,161,348 9,123,938 9,123,938
v3.25.1
Consolidated Statements of Stockholders' Equity (Unaudited) - 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 50,236            
Balance at Mar. 28, 2024 321,812 $ 91 134,530 188,573 (204) (1,204) $ 26
Balance, Shares at Mar. 28, 2024   9,123,938         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
Net income and comprehensive income 13,477     13,477      
Equity award exercises, Share   3,378          
Stock-based compensation expense 1,098   1,098        
Balance at Mar. 28, 2024 321,812 $ 91 134,530 188,573 (204) (1,204) $ 26
Balance, Shares at Mar. 28, 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 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 45,407            
Balance at Mar. 27, 2025 346,613 $ 92 138,687 207,968 1,044 (1,204) $ 26
Balance, Shares at Mar. 27, 2025   9,161,348         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
Net income and comprehensive income 20,153     20,153      
Equity award exercises, Share   2,807          
Equity award exercises (6)   (6)        
Stock-based compensation expense 835   835        
Balance at Mar. 27, 2025 $ 346,613 $ 92 $ 138,687 $ 207,968 $ 1,044 $ (1,204) $ 26
Balance, Shares at Mar. 27, 2025   9,161,348         2,597,426
v3.25.1
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
v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 45,407 $ 50,236
Depreciation and amortization 19,896 18,053
Amortization of operating lease right-of-use assets 3,345 1,365
Loss on disposition of assets, net 739 287
Deferred income tax (benefit) expense (475) 2,191
Stock-based compensation expense 3,486 3,228
Bargain purchase gain, net 0 (2,226)
Change in assets and liabilities, net of Acquisition:    
Accounts receivable, net 10,460 (2,829)
Inventories (61,235) (2,236)
Prepaid expenses and other current assets (1,308) (1,125)
Accounts payable (1,467) 8,892
Accrued expenses (20,986) (6,808)
Income taxes receivable (2,179) (2,593)
Other long-term assets and liabilities (2,820) (679)
Other, net 1,151 682
Net cash (used in) provided by operating activities (5,986) 66,438
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (37,227) (17,468)
Business acquisitions, net 0 (58,974)
Other, net (114) (53)
Net cash used in investing activities (37,341) (76,495)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net short-term borrowings 69,182 32,093
Debt issue costs 0 (316)
Principal payments on long-term debt (547) (498)
Increase in bank overdraft 397 1,066
Dividends paid (24,404) (23,175)
Taxes paid related to net share settlement of equity awards (490) (684)
Net cash provided by financing activities 44,138 8,486
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 811 (1,571)
Cash and cash equivalents, beginning of period 484 1,948
Cash, end of period $ 1,295 $ 377
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Dec. 26, 2024
Sep. 26, 2024
Mar. 28, 2024
Dec. 28, 2023
Sep. 28, 2023
Mar. 27, 2025
Mar. 28, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 20,153 $ 13,595 $ 11,659 $ 13,477 $ 19,171 $ 17,588 $ 45,407 $ 50,236
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 27, 2025
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
v3.25.1
Basis of Presentation and Description of Business
 9 Months Ended
Mar. 27, 2025
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 third quarter of fiscal 2025 and fiscal 2024 are to the quarters ended March 27, 2025 and March 28, 2024, respectively.
•
References herein to the first three quarters or first thirty-nine weeks of fiscal 2025 and fiscal 2024 are to the thirty-nine weeks ended March 27, 2025 and March 28, 2024, 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. 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.
v3.25.1
Revenue Recognition
 9 Months Ended
Mar. 27, 2025
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. There was no contract asset balance for any 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 Thirty-Nine Weeks Ended

 

Distribution Channel

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Consumer

 

$

214,757

 

 

$

225,994

 

 

$

695,500

 

 

$

651,690

 

Commercial Ingredients

 

 

24,636

 

 

 

26,955

 

 

 

78,125

 

 

 

82,802

 

Contract Manufacturing

 

 

21,514

 

 

 

18,935

 

 

 

64,545

 

 

 

62,719

 

Total

 

$

260,907

 

 

$

271,884

 

 

$

838,170

 

 

$

797,211

 
v3.25.1
Leases
 9 Months Ended
Mar. 27, 2025
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 6.8 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:

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

 

Affected Line Item in Consolidated Balance Sheets

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

28,871

 

 

$

27,404

 

 

$

7,409

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

28,871

 

 

$

27,404

 

 

$

7,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

4,537

 

 

$

2,623

 

 

$

1,872

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

25,304

 

 

 

24,877

 

 

 

5,553

 

 

Long-term operating lease liabilities

Total lease liabilities

$

29,841

 

 

$

27,500

 

 

$

7,425

 

 

 

 

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

 

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Operating lease costs (a)

 

$

1,833

 

 

$

847

 

 

$

5,546

 

 

$

2,236

 

Variable lease costs (b)

 

 

627

 

 

 

34

 

 

 

933

 

 

 

(107

)

Total lease cost

 

$

2,460

 

 

$

881

 

 

$

6,479

 

 

$

2,129

 

 

(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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

4,166

 

 

$

1,827

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

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

 

$

4,812

 

 

$

2,350

 

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Weighted average remaining lease term (in years)

 

 

5.9

 

 

 

6.6

 

 

 

4.2

 

Weighted average discount rate

 

 

6.7

%

 

 

6.8

%

 

 

6.9

%

 

 

Maturities of operating lease liabilities as of March 27, 2025 are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the thirty-nine weeks ended March 27, 2025)

 

$

1,795

 

June 25, 2026

 

 

6,183

 

June 24, 2027

 

 

6,261

 

June 29, 2028

 

 

6,115

 

June 28, 2029

 

 

5,198

 

June 27, 2030

 

 

4,237

 

Thereafter

 

 

6,479

 

Total lease payments

 

 

36,268

 

Less imputed interest

 

 

(6,427

)

Present value of operating lease liabilities

 

$

29,841

 

 

At March 27, 2025, the Company has additional operating leases of approximately $116 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 fourth quarter of fiscal 2025 with initial lease terms ranging from 5 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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Lease income related to lease payments

 

$

228

 

 

$

490

 

 

$

1,185

 

 

$

1,467

 

 

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 thirty-nine weeks ended March 27, 2025)

 

$

249

 

June 25, 2026

 

 

1,151

 

June 24, 2027

 

 

1,168

 

June 29, 2028

 

 

582

 

June 28, 2029

 

 

531

 

June 27, 2030

 

 

544

 

Thereafter

 

 

2,328

 

 

$

6,553

 
v3.25.1
Inventories
 9 Months Ended
Mar. 27, 2025
Inventory Disclosure [Abstract]  
Inventories

Note 4 – Inventories

Inventories consist of the following:

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Raw material and supplies

 

$

117,142

 

 

$

85,300

 

 

$

100,067

 

Work-in-process and finished goods

 

 

140,656

 

 

 

111,263

 

 

 

110,605

 

Total

 

$

257,798

 

 

$

196,563

 

 

$

210,672

 

 
v3.25.1
Goodwill and Intangible Assets
 9 Months Ended
Mar. 27, 2025
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:

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

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

 

 

(21,094

)

 

 

(20,680

)

 

 

(20,518

)

Brand names

 

 

(13,206

)

 

 

(12,668

)

 

 

(12,491

)

Product formulas

 

 

(242

)

 

 

(121

)

 

 

(81

)

Non-compete agreement

 

 

(288

)

 

 

(279

)

 

 

(277

)

 

 

(34,830

)

 

 

(33,748

)

 

 

(33,367

)

Net intangible assets

 

$

4,740

 

 

$

5,822

 

 

$

6,203

 

 

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 $317 and $1,082 for the quarter and thirty-nine weeks ended March 27, 2025, respectively. Amortization expense for the remainder of fiscal 2025 is expected to be approximately $312 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 March 27, 2025 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 March 27, 2025

 

$

11,750

 
v3.25.1
Credit Facility
 9 Months Ended
Mar. 27, 2025
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 March 27, 2025, we had $55,713 of available credit under the Credit Facility which reflects borrowings of $89,602 and reduced availability as a result of $4,685 in outstanding letters of credit. As of March 27, 2025, we were in compliance with all financial covenants under the Credit Facility.

v3.25.1
Earnings Per Common Share
 9 Months Ended
Mar. 27, 2025
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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Weighted average number of shares outstanding – basic

 

 

11,669,939

 

 

 

11,626,886

 

 

 

11,650,378

 

 

 

11,614,388

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

65,770

 

 

 

71,645

 

 

 

70,676

 

 

 

69,191

 

Weighted average number of shares outstanding – diluted

 

 

11,735,709

 

 

 

11,698,531

 

 

 

11,721,054

 

 

 

11,683,579

 

 

There were no anti-dilutive awards excluded from the computation of diluted earnings per share for any periods presented.
v3.25.1
Stock-Based Compensation Plans
 9 Months Ended
Mar. 27, 2025
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 thirty-nine 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)

 

 

(43,094

)

 

$

76.65

 

Forfeited

 

 

(4,562

)

 

$

75.49

 

Outstanding at March 27, 2025

 

 

163,201

 

 

$

72.84

 

 

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

At March 27, 2025, there were 29,878 RSUs outstanding that were vested but deferred.

The following is a summary of Performance Stock Unit (“PSU”) activity for the first thirty-nine 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

 

 

(503

)

 

$

77.18

 

Outstanding at March 27, 2025

 

 

18,009

 

 

$

76.80

 

 

(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 16,326 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 March 27, 2025.

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

 

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Stock-based compensation expense

 

$

835

 

 

$

1,098

 

 

$

3,486

 

 

$

3,228

 

 

As of March 27, 2025, there was $5,985 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 1.5 years.
v3.25.1
Retirement Plan
 9 Months Ended
Mar. 27, 2025
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 Thirty-Nine Weeks Ended

 

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Service cost

 

$

129

 

 

$

63

 

 

$

387

 

 

$

189

 

Interest cost

 

 

362

 

 

 

350

 

 

 

1,084

 

 

 

1,050

 

Net periodic benefit cost

 

$

491

 

 

$

413

 

 

$

1,471

 

 

$

1,239

 

 

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.

v3.25.1
Commitments and Contingent Liabilities
 9 Months Ended
Mar. 27, 2025
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.

v3.25.1
Fair Value of Financial Instruments
 9 Months Ended
Mar. 27, 2025
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:

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Carrying value of current and long-term debt:

 

$

6,555

 

 

$

7,102

 

 

$

7,276

 

Fair value of current and long-term debt:

 

 

6,348

 

 

 

6,496

 

 

 

6,638

 

 

The estimated fair value of our current and 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.
v3.25.1
Recent Accounting Pronouncements
 9 Months Ended
Mar. 27, 2025
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 expand 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 in this update and 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. The amendments will be applied retrospectively to all prior periods presented in the financial statements. We 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.
v3.25.1
Revenue Recognition (Tables)
 9 Months Ended
Mar. 27, 2025
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 Thirty-Nine Weeks Ended

 

Distribution Channel

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Consumer

 

$

214,757

 

 

$

225,994

 

 

$

695,500

 

 

$

651,690

 

Commercial Ingredients

 

 

24,636

 

 

 

26,955

 

 

 

78,125

 

 

 

82,802

 

Contract Manufacturing

 

 

21,514

 

 

 

18,935

 

 

 

64,545

 

 

 

62,719

 

Total

 

$

260,907

 

 

$

271,884

 

 

$

838,170

 

 

$

797,211

 
v3.25.1
Leases (Tables)
 9 Months Ended
Mar. 27, 2025
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:

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

 

Affected Line Item in Consolidated Balance Sheets

Assets

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

$

28,871

 

 

$

27,404

 

 

$

7,409

 

 

Operating lease right-of-use assets

Total lease right-of-use assets

$

28,871

 

 

$

27,404

 

 

$

7,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

$

4,537

 

 

$

2,623

 

 

$

1,872

 

 

Other accrued expenses

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

25,304

 

 

 

24,877

 

 

 

5,553

 

 

Long-term operating lease liabilities

Total lease liabilities

$

29,841

 

 

$

27,500

 

 

$

7,425

 

 

 
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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Operating lease costs (a)

 

$

1,833

 

 

$

847

 

 

$

5,546

 

 

$

2,236

 

Variable lease costs (b)

 

 

627

 

 

 

34

 

 

 

933

 

 

 

(107

)

Total lease cost

 

$

2,460

 

 

$

881

 

 

$

6,479

 

 

$

2,129

 

 

(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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

Operating cash flows information:

 

 

 

 

 

 

Cash paid for amounts included in measurements for lease liabilities

 

$

4,166

 

 

$

1,827

 

 

 

 

 

 

 

 

Non-cash activity:

 

 

 

 

 

 

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

 

$

4,812

 

 

$

2,350

 
Summary of other information

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Weighted average remaining lease term (in years)

 

 

5.9

 

 

 

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 March 27, 2025 are as follows:

 

Fiscal Year Ending

 

 

 

June 26, 2025 (excluding the thirty-nine weeks ended March 27, 2025)

 

$

1,795

 

June 25, 2026

 

 

6,183

 

June 24, 2027

 

 

6,261

 

June 29, 2028

 

 

6,115

 

June 28, 2029

 

 

5,198

 

June 27, 2030

 

 

4,237

 

Thereafter

 

 

6,479

 

Total lease payments

 

 

36,268

 

Less imputed interest

 

 

(6,427

)

Present value of operating lease liabilities

 

$

29,841

 
Summary of operating lease revenue

Leasing revenue is as follows:

 

 

For the Quarter Ended

 

 

For the Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Lease income related to lease payments

 

$

228

 

 

$

490

 

 

$

1,185

 

 

$

1,467

 
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 thirty-nine weeks ended March 27, 2025)

 

$

249

 

June 25, 2026

 

 

1,151

 

June 24, 2027

 

 

1,168

 

June 29, 2028

 

 

582

 

June 28, 2029

 

 

531

 

June 27, 2030

 

 

544

 

Thereafter

 

 

2,328

 

 

$

6,553

 
v3.25.1
Inventories (Tables)
 9 Months Ended
Mar. 27, 2025
Inventory Disclosure [Abstract]  
Components of Inventories

Inventories consist of the following:

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Raw material and supplies

 

$

117,142

 

 

$

85,300

 

 

$

100,067

 

Work-in-process and finished goods

 

 

140,656

 

 

 

111,263

 

 

 

110,605

 

Total

 

$

257,798

 

 

$

196,563

 

 

$

210,672

 

 
v3.25.1
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Mar. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Identifiable Intangible Assets

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

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

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

 

 

(21,094

)

 

 

(20,680

)

 

 

(20,518

)

Brand names

 

 

(13,206

)

 

 

(12,668

)

 

 

(12,491

)

Product formulas

 

 

(242

)

 

 

(121

)

 

 

(81

)

Non-compete agreement

 

 

(288

)

 

 

(279

)

 

 

(277

)

 

 

(34,830

)

 

 

(33,748

)

 

 

(33,367

)

Net intangible assets

 

$

4,740

 

 

$

5,822

 

 

$

6,203

 
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 March 27, 2025

 

$

11,750

 
v3.25.1
Earnings Per Common Share (Tables)
 9 Months Ended
Mar. 27, 2025
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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Weighted average number of shares outstanding – basic

 

 

11,669,939

 

 

 

11,626,886

 

 

 

11,650,378

 

 

 

11,614,388

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

65,770

 

 

 

71,645

 

 

 

70,676

 

 

 

69,191

 

Weighted average number of shares outstanding – diluted

 

 

11,735,709

 

 

 

11,698,531

 

 

 

11,721,054

 

 

 

11,683,579

 
v3.25.1
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Mar. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of RSU Activity

The following is a summary of Restricted Stock Unit (“RSU”) activity for the first thirty-nine 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)

 

 

(43,094

)

 

$

76.65

 

Forfeited

 

 

(4,562

)

 

$

75.49

 

Outstanding at March 27, 2025

 

 

163,201

 

 

$

72.84

 

 

(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 thirty-nine 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

 

 

(503

)

 

$

77.18

 

Outstanding at March 27, 2025

 

 

18,009

 

 

$

76.80

 

 

(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 16,326 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 March 27, 2025.
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 Thirty-Nine Weeks Ended

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Stock-based compensation expense

 

$

835

 

 

$

1,098

 

 

$

3,486

 

 

$

3,228

 
v3.25.1
Retirement Plan (Tables)
 9 Months Ended
Mar. 27, 2025
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 Thirty-Nine Weeks Ended

 

 

 

March 27,
2025

 

 

March 28,
2024

 

 

March 27,
2025

 

 

March 28,
2024

 

Service cost

 

$

129

 

 

$

63

 

 

$

387

 

 

$

189

 

Interest cost

 

 

362

 

 

 

350

 

 

 

1,084

 

 

 

1,050

 

Net periodic benefit cost

 

$

491

 

 

$

413

 

 

$

1,471

 

 

$

1,239

 
v3.25.1
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Mar. 27, 2025
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:

 

 

March 27,
2025

 

 

June 27,
2024

 

 

March 28,
2024

 

Carrying value of current and long-term debt:

 

$

6,555

 

 

$

7,102

 

 

$

7,276

 

Fair value of current and long-term debt:

 

 

6,348

 

 

 

6,496

 

 

 

6,638

 
v3.25.1
Basis of Presentation and Description of Business - Additional Information (Detail)
 9 Months Ended
Mar. 27, 2025
Channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of distribution channels 3
v3.25.1
Lakeville Acquisition - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Business Acquisition [Line Items]        
Payments to acquire businesses     $ 0 $ 58,974
Business combination, bargain purchase, gain recognized, amount $ 0 $ 0 $ 0 $ 2,226
v3.25.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Revenue from Contract with Customer [Abstract]      
Contract assets $ 0 $ 0 $ 0
Contract with Customer, Asset, after Allowance for Credit Loss, Total $ 0 $ 0 $ 0
v3.25.1
Revenue Recognition - Summary of Revenue Disaggregated by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Disaggregation of Revenue [Line Items]        
Total $ 260,907 $ 271,884 $ 838,170 $ 797,211
Consumer [Member]        
Disaggregation of Revenue [Line Items]        
Total 214,757 225,994 695,500 651,690
Commercial Ingredients [Member]        
Disaggregation of Revenue [Line Items]        
Total 24,636 26,955 78,125 82,802
Contract Packaging [Member]        
Disaggregation of Revenue [Line Items]        
Total $ 21,514 $ 18,935 $ 64,545 $ 62,719
v3.25.1
Leases - Additional Information (Detail)
$ in Thousands
Mar. 27, 2025
USD ($)
Operating Leased Assets [Line Items]  
Operating leases not yet commenced $ 116
Maximum [Member]  
Operating Leased Assets [Line Items]  
Remaining lease term 6 years 9 months 18 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 5 years
v3.25.1
Leases - Operating Lease Assets And Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Assets      
Operating lease right-of-use assets $ 28,871 $ 27,404 $ 7,409
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 $ 4,537 $ 2,623 $ 1,872
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 $ 25,304 $ 24,877 $ 5,553
Total lease liabilities $ 29,841 $ 27,500 $ 7,425
v3.25.1
Leases - Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Leases [Abstract]        
Operating lease costs  [1] $ 1,833 $ 847 $ 5,546 $ 2,236
Variable lease costs [2] 627 34 933 (107)
Total lease cost $ 2,460 $ 881 $ 6,479 $ 2,129
[1] Includes short-term leases which are immaterial.
[2] Variable lease costs consist of property taxes, sales tax, insurance and lease overtime charges.
v3.25.1
Leases - Operating Leases Cash Flow Related Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Operating cash flows information:    
Cash paid for amounts included in measurements for lease liabilities $ 4,166 $ 1,827
Non-cash activity:    
Right-of-use assets obtained in exchange for new operating lease obligations $ 4,812 $ 2,350
v3.25.1
Leases - Other Information Related to Operating Lease (Detail)
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Leases [Abstract]      
Weighted average remaining lease term (in years) 5 years 10 months 24 days 6 years 7 months 6 days 4 years 2 months 12 days
Weighted average discount rate 6.70% 6.80% 6.90%
v3.25.1
Leases - Lessee Operating Lease Liability Maturity (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Leases [Abstract]      
June 26, 2025 (excluding the thirty-nine weeks ended March 27, 2025) $ 1,795    
June 25, 2026 6,183    
June 24, 2027 6,261    
June 29, 2028 6,115    
June 28, 2029 5,198    
June 27, 2030 4,237    
Thereafter 6,479    
Total lease payments 36,268    
Less imputed interest (6,427)    
Present value of operating lease liabilities $ 29,841 $ 27,500 $ 7,425
v3.25.1
Leases - Operating Lease Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Leases [Abstract]        
Lease income related to lease payments $ 228 $ 490 $ 1,185 $ 1,467
v3.25.1
Leases - Lessor Operating Lease Payments To Be Received Maturity (Detail)
$ in Thousands
Mar. 27, 2025
USD ($)
Leases [Abstract]  
June 26, 2025 (excluding the thirty-nine weeks ended March 27, 2025) $ 249
June 25, 2026 1,151
June 24, 2027 1,168
June 29, 2028 582
June 28, 2029 531
June 27, 2030 544
Thereafter 2,328
Total $ 6,553
v3.25.1
Inventories - Components of Inventories (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Inventory Disclosure [Abstract]      
Raw material and supplies $ 117,142 $ 85,300 $ 100,067
Work-in-process and finished goods 140,656 111,263 110,605
Total $ 257,798 $ 196,563 $ 210,672
v3.25.1
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Jun. 29, 2023
Goodwill and Intangible Assets [Line Items]          
Amortization expense for remainder of fiscal 2023 $ 312 $ 312      
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 317 1,082      
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      
v3.25.1
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross $ 39,570 $ 39,570 $ 39,570
Less accumulated amortization:      
Total accumulated amortization (34,830) (33,748) (33,367)
Net intangible assets 4,740 5,822 6,203
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 (21,094) (20,680) (20,518)
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 (13,206) (12,668) (12,491)
Product Formulas [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 850 850 850
Less accumulated amortization:      
Total accumulated amortization (242) (121) (81)
Non-compete Agreement [Member]      
Finite-Lived Intangible Assets [Line Items]      
Total intangible assets, gross 300 300 300
Less accumulated amortization:      
Total accumulated amortization $ (288) $ (279) $ (277)
v3.25.1
Goodwill and Intangible Assets - Summary of Expected Amortization Expense (Detail)
$ in Thousands
Mar. 27, 2025
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
v3.25.1
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Jun. 29, 2023
Mar. 27, 2025
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
v3.25.1
Credit Facility - Additional Information (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
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 $ 55,713    
Outstanding letters of credit 4,685    
Revolving credit facility borrowings $ 89,602    
v3.25.1
Earnings Per Common Share - Weighted Average Shares Outstanding Used in Computing Basic and Diluted Earnings Per Share (Detail) - shares
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Weighted Average Number of Shares Outstanding, Basic, Total 11,669,939 11,626,886 11,650,378 11,614,388
Effect of dilutive securities:        
Restricted stock units 65,770 71,645 70,676 69,191
Weighted average number of shares outstanding – diluted 11,735,709 11,698,531 11,721,054 11,683,579
v3.25.1
Earnings Per Common Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Earnings Per Share [Abstract]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0 0 0
v3.25.1
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 27, 2025
Jun. 27, 2024
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 6 months  
Unrecognized compensation expense related to non-vested share-based compensation $ 5,985  
Restricted stock units vested 16,326  
Restricted Stock Units (RSUs) [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Restricted stock units vested 29,878  
Restricted stock units vested 163,201 147,443
v3.25.1
Stock-Based Compensation Plans - Summary of RSU Activity (Detail)
 9 Months Ended
Mar. 27, 2025
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding ending balance, Shares 16,326
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding beginning balance, Shares 147,443
Granted, Shares 63,414
Vested, Shares (43,094) [1]
Forfeited, Shares (4,562)
Outstanding ending balance, Shares 163,201
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 76.65 [1]
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares 75.49
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 72.84
Performance Stock Units (PSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding beginning balance, Shares 8,031 [2]
Granted, Shares 10,481 [2]
Vested, Shares 0 [2]
Forfeited, Shares (503) [2]
Outstanding ending balance, Shares 18,009 [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 77.18 [2]
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares $ 76.8 [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 16,326 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 March 27, 2025.
v3.25.1
Stock-Based Compensation Plans - Summary of Compensation Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 835 $ 1,098 $ 3,486 $ 3,228
v3.25.1
Retirement Plan - Schedule of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 27, 2025
Mar. 28, 2024
Mar. 27, 2025
Mar. 28, 2024
Retirement Benefits [Abstract]        
Service cost $ 129 $ 63 $ 387 $ 189
Interest cost 362 350 1,084 1,050
Net periodic benefit cost $ 491 $ 413 $ 1,471 $ 1,239
v3.25.1
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
Mar. 27, 2025
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
v3.25.1
Fair Value of Financial Instruments - Carrying Value and Fair Value Estimate of Current and Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 27, 2025
Jun. 27, 2024
Mar. 28, 2024
Fair Value Disclosures [Abstract]      
Carrying value of current and long-term debt: $ 6,555 $ 7,102 $ 7,276
Fair value of current and long-term debt: $ 6,348 $ 6,496 $ 6,638