John B Sanfilippo & Son Inc (JBSS) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the 2024 John B Sanfilippo & Son fourth-quarter and full year operating results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 John B Sanfilippo & Son 2024 年第四季和全年營運業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Jeffrey Sanfilippo, CEO. Please go ahead.

現在我想將會議交給今天的第一位發言人，執行長 Jeffrey Sanfilippo。請繼續。

Good morning, everyone, and welcome to our 2024 fourth-quarter earnings conference call and thank you for joining us. On the call with me today is Frank Pellegrino, our CFO, and Jasper Sanfilippo, our COO.

大家早安，歡迎參加我們的 2024 年第四季財報電話會議，感謝您加入我們。今天與我通話的是我們的財務長 Frank Pellegrino 和我們的營運長 Jasper Sanfilippo。

We may make some forward-looking statements today. These statements are based on our current expectations and may involve certain risks and uncertainties. Factors that could negatively impact results are explained in the various SEC filings that we have made, including Forms 10-K and 10-Q. We encourage you to refer to these filings to learn more about these risks and uncertainties that are inherent in our business.

我們今天可能會發表一些前瞻性聲明。這些陳述是基於我們目前的預期，可能涉及某些風險和不確定性。我們向 SEC 提交的各種文件（包括 10-K 表格和 10-Q 表格）中解釋了可能對結果產生負面影響的因素。我們鼓勵您參考這些文件，以便更了解我們業務固有的這些風險和不確定性。

I am proud to report a successful and historic fiscal 2024 as we exceeded 1 billion in sales for the first time in our company's history. We also successfully executed a key component of our strategic plan by further diversifying our product offerings through the acquisition, integration and optimization of our Lakeville bar facility and operations.

我很自豪地報告 2024 財年取得了成功且歷史性的成績，我們的銷售額在公司歷史上首次突破 10 億美元。我們也透過收購、整合和優化萊克維爾酒吧設施和運營，進一步豐富我們的產品供應，成功執行了我們策略計畫的關鍵組成部分。

We raised our annual dividend by 6.3% to $0.85 per share and supplemented our annual dividend with an additional special dividend of $1.25 per share, both of which will be paid on September 11, 2024. These results were due to our team's unyielding perseverance and leadership as we navigated through a challenging operating environment in fiscal 2024.

我們將年度股息提高了 6.3% 至每股 0.85 美元，並以每股 1.25 美元的額外特別股息作為年度股息的補充，兩者均將於 2024 年 9 月 11 日支付。這些成績歸功於我們團隊在 2024 財年度過充滿挑戰的營運環境時所展現的不屈不撓的毅力和領導力。

Additionally, we recognized and rewarded our talented team members for their outstanding contributions in executing our strategic plan. I am so proud of our associates across the company who worked hard on expanding our product portfolio, their dedication to quality, service and innovation, their commitment to our customers and consumers is remarkable.

此外，我們還表彰並獎勵了才華橫溢的團隊成員在執行我們的策略計劃中做出的傑出貢獻。我為我們整個公司的員工感到非常自豪，他們努力擴大我們的產品組合，他們對品質、服務和創新的奉獻，他們對我們的客戶和消費者的承諾是非凡的。

Our snack and nutrition bar offering generated approximately $131 million in net sales for the fiscal year, of which $120 million was related to the Lakeville Acquisition. In addition, we made substantial progress in optimizing operations in Lakeville, ahead of schedule and are excited about the expected impact it will have in our operating results in fiscal 2025 and beyond.

我們的零食和營養棒產品在本財年創造了約 1.31 億美元的淨銷售額，其中 1.2 億美元與 Lakeville 收購有關。此外，我們在優化萊克維爾的營運方面提前取得了實質進展，並對它將對我們 2025 財年及以後的營運業績產生的預期影響感到興奮。

Through the hard work of our team, our net sales from Lakeville operations were at the top end of our original range and dilution per share from the Lakeville acquisition. And the last and for the fiscal year was approximately $0.17 per share, which was significantly better than our original expected per share dilution of $0.8 to $1. In the past fiscal year, our consumer channel has faced significant headwinds with declining consumption due to inflation and other economic factors in the snack trail and recipe nut categories.

透過我們團隊的辛勤工作，我們萊克維爾業務的淨銷售額達到了我們最初範圍的上限，並因收購萊克維爾而稀釋了每股收益。上一財年的每股攤薄約為 0.17 美元，明顯優於我們最初預期的每股攤薄 0.8 美元至 1 美元。在過去的財年中，我們的消費管道面臨著巨大的阻力，由於通貨膨脹和零食和配方堅果類別的其他經濟因素，消費下降。

Our fourth-quarter results, although strong, were impacted by investments, we made with our customers, what we anticipate will deliver future benefits through category growth and increased sales volume.

我們第四季的業績雖然強勁，但受到我們與客戶進行的投資的影響，我們預計這些投資將透過品類成長和銷售增加帶來未來的收益。

Looking ahead for fiscal '25, we are focused on accelerating our volume growth by expanding on the success of our private brand, our portfolio, rebuilding our nut and trail business through price pack architecture and innovation, and expanding our manufacturing capabilities. We recently leased a new 400,000 square foot warehouse in Huntley, Illinois, just a few miles from our Elgin headquarters.

展望 25 財年，我們的重點是透過擴大我們自有品牌和產品組合的成功，透過價格包架構和創新重建我們的堅果和果味業務，以及擴大我們的製造能力，從而加速我們的銷售成長。我們最近在伊利諾伊州亨特利租用了一個 40 萬平方英尺的新倉庫，距離我們的埃爾金總部僅幾英里。

We plan to move our warehouse operations to that facility, which will free up about 250,000 square feet of space to expand production bars and nut and trail mix packaging. We are confident we can continue to deliver strong operating results and create long-term value for our shareholders through the execution of our long-range plan to become a $2 billion business. We are nuts about creating real food that brings joy versus people and protect the planet. JBSS is executing on that mission.

我們計劃將倉庫運營遷至該設施，這將騰出約 250,000 平方英尺的空間來擴大生產棒以及堅果和乾果混合包裝。我們相信，透過執行成為價值 20 億美元的企業的長期計劃，我們能夠繼續交付強勁的經營業績，並為股東創造長期價值。我們熱衷於創造真正的食物，為人類帶來歡樂並保護地球。JBSS 正在執行這項使命。

I'll now turn the call over to Frank to discuss our financial performance.

我現在將電話轉給弗蘭克，討論我們的財務表現。

Thank you Jeffrey. Starting with the income statement, net sales for the fourth-quarter of fiscal 2024 increased 15.1%, $269.6 million and current net sales of $234.2 million for fourth-quarter of fiscal 2023. Net sales for the current-fourth quarter included approximately $44.2 million of net sales from the Lakeville Acquisition.

謝謝杰弗裡。從損益表開始，2024 財年第四季淨銷售額成長 15.1%，達到 2.696 億美元，2023 財年第四季目前淨銷售額為 2.342 億美元。目前第四季的淨銷售額包括來自 Lakeville 收購的約 4,420 萬美元的淨銷售額。

Excluding the Lakeville Acquisition net sales decreased $8.9 million or 3.8%. Decline was due to a 1.9% decrease in sales volume, defined as pounds sold to customers combined were a 1.9% decrease and the weighted average sales price per pound. Decrease in the weighted average selling price primarily resulted from lower selling prices for all major nut types due to competitive pricing pressures and strategic pricing decisions.

不包括 Lakeville 收購，淨銷售額下降 890 萬美元，或 3.8%。下降的原因是銷量下降了 1.9%（銷量下降了 1.9%），銷量下降了 1.9%，而每磅的加權平均銷售價格下降了 1.9%。加權平均售價的下降主要是由於競爭性定價壓力和策略定價決策導致所有主要堅果類型的售價下降。

Sales volume declined for peanuts, almonds, pecans and walnuts, which was partially offset by sales volume increases for cashews and snack and trail mix in the fourth quarter. Sales volume increased 31% in the consumer distribution channel, primarily due to electrical acquisition from sales volume daily consist of private brand borrowers and accounted for 35.4% increase in private brand sales.

花生、杏仁、山核桃和核桃的銷量下降，但第四季度腰果、零食和乾果銷量的成長部分抵消了這一下降。消費者分銷管道的銷售量成長了 31%，主要是由於自有品牌借款人每日銷售的電氣收購，佔自有品牌銷售成長 35.4%。

Excluding the impact of the Lakeville Acquisition, sales volume increased 1.8% in the consumer distribution channel, primarily due to a 1.5% decrease in private brand sales. Sales increase for our private-brand consumer distribution channel was mainly driven by new peanut butter distribution and increased volume of mixed nuts and mass merchandising retailers due to retail pricing adjustments, which were partially offset by decreased consumer demand for almonds at the same retail.

排除 Lakeville 收購的影響，消費者分銷管道的銷售增長 1.8%，主要是由於自有品牌銷售額下降 1.5%。我們的自有品牌消費者分銷管道的銷售額增長主要是由於新的花生醬分銷以及零售價格調整導致混合堅果和大眾商品零售商的銷量增加，但同一零售中消費者對杏仁的需求下降部分抵消了這一增長。

Distribution of snack and trail mix, a new grocery store retailer and increased distribution of snack and trail mix at current grocery store retail was tempered by lower consumer demand for snacking genomics products and then our mass merchandising. 4.3% increase in sales volume for our branded products, which includes Fisher recipe nuts, Fisher snack nuts, Orchard Valley Harvest and Southern Style Nuts.

零食和混合乾果的分銷、一家新的雜貨店零售商以及當前雜貨店零售中零食和混合乾果的分銷增加，受到消費者對零食基因組產品需求下降以及我們的大規模銷售的影響。我們的品牌產品銷售量成長了 4.3%，其中包括 Fisher 食譜堅果、Fisher 休閒堅果、Orchard Valley Harvest 和 Southern Style Nuts。

The consumer distribution channel was primarily attributable to a 21.8% increase in the sales volume of Orchard Valley Harvest due to enhanced promotional activity, a grocery store retailer and new rotational distribution at clubs star customers. Sales volume decreased 5% in networks or English channel, primarily due to reduced distribution cost by competitive pricing pressures at several customers and nonrecurring universe sales at a foodservice distributor occurred in the fourth-quarter of fiscal 2023.

消費者分銷管道主要歸因於 Orchard Valley Harvest 的銷量增長 21.8%，原因是促銷活動加強、雜貨店零售商以及俱樂部明星客戶的新輪流分銷。網路或英語通路的銷售量下降了 5%，主要是由於多個客戶的競爭性定價壓力以及 2023 財年第四季度食品服務分銷商的非經常性整體銷售降低了分銷成本。

Excluding the impact of the Lakeville Acquisition, sales volume decreased 6.3%. We commercial increased distribution channel. Sales volume decreased 16.9% in the contract manufacturing distribution channel due to interest or dollar volume processed in our Lakeville facility for a major customer in this channel. Excluding the impact of the Lakeville Acquisition sales volume decreased 20.7% for the contract manufacturing and distribution channel due to reduced unit distribution by major customer caused by soft consumer demand. Additionally, the prior-year comparable quarter was positively impacted by new product launch at our customer, which did not reoccur in the current quarter.

剔除 Lakeville 收購的影響，銷售量下降 6.3%。我們商業增加了分銷管道。由於我們萊克維爾工廠為該通路的主要客戶處理的利息或美元數量，合約製造分銷管道的銷量下降了 16.9%。排除 Lakeville 收購的影響，合約製造和分銷管道銷售下降 20.7%，原因是消費者需求疲軟導致主要客戶的單位分銷減少。此外，我們客戶推出的新產品對去年同期可比季度產生了積極影響，但本季並未再次出現這種情況。

Gross profit for fourth-quarter of current year, the current year decreased $4.7 million, 8.6%, the $50 million. Excluding the $3.3 million in gross profit related Lakeville Acquisition. Gross profit decreased by approximately $8 million due to decreased selling prices. We do sales volume and product mix manufacturing inefficiencies.

今年第四季毛利為5,000萬美元，較上年減少470萬美元，降幅8.6%。不包括與 Lakeville 收購相關的 330 萬美元毛利。由於銷售價格下降，毛利減少了約 800 萬美元。我們的銷售量和產品組合製造效率低。

Gross profit margin decreased to 18.5% of net sales in the current fourth-quarter compared to 23.4% in the fourth quarter of fiscal 2023, mainly due to higher net sales base Lakeville Acquisition. Excluding Lakeville Acquisition gross profit margin decreased to 20.7%, 5.7% due to reasons previously mentioned. Total operating expenses in the quarterly comparison increased $2.2 million upward to $1.9 million, with direct relates to acquisitions.

目前第四季的毛利率下降至淨銷售額的 18.5%，而 2023 財年第四季的毛利率為 23.4%，這主要是由於收購 Lakeville 的淨銷售額基礎較高。不計Lakeville Acquisition，毛利率降至20.7%，因前述原因為5.7%。與收購直接相關的季度總營運支出增加了 220 萬美元，達到 190 萬美元。

Excluding Lakeville Acquisition, total operating expenses increased by 300,000, primarily due to an increase in incentive and equity compensation, which was partially offset by a decrease in advertising expenses. Additionally, the prior comparable quarter was negatively impacted by a onetime impairment of a minority investment, which did not reoccur the current quarter.

不包括Lakeville Acquisition，總營運費用增加了300,000，主要是由於激勵和股權報酬的增加，但部分被廣告費用的減少所抵消。此外，上一可比季度受到少數股權投資一次性減損的負面影響，但本季並未再次發生。

Total operating expenses as a percentage of net sales decreased to 13.1% from 14.2% in the prior year fourth-quarter, due to a higher net sales base resulting from the Lakeville Acquisition. Excluding Lakeville Acquisition, total operating expenses as a percentage of net sales increased to 14.9% from 14.2% due to the reasons previously mentioned and a lower net sales mix.

總營運費用佔淨銷售額的百分比從去年第四季的 14.2% 下降至 13.1%，因為 Lakeville 收購帶來了更高的淨銷售基礎。不包括Lakeville Acquisition，由於前面提到的原因和較低的淨銷售額組合，總營運費用佔淨銷售額的百分比從14.2%增加到14.9%。

Interest expense increased to 500,000 for the fourth-quarter of fiscal 2024 from 300,000 in last year's quarter. Net income was $10 million or $0.86 per share diluted for the fourth-quarter of fiscal 2024 compared to $14.7 million or $1.26 per diluted share.

2024 財年第四季的利息支出從去年同期的 30 萬增加至 50 萬。2024 財年第四季的淨利潤為 1,000 萬美元，即稀釋後每股 0.86 美元，而同期淨利潤為 1,470 萬美元，即稀釋後每股 1.26 美元。

Now take a look at inventory. So our inventory on hand at the end of the current fiscal year increased by $23.6 million or 13.7% (inaudible) our inventories at the end of fiscal 2023. The increase in total value of inventories was primarily due to $21.8 million of additional inventory associated with the Lakeville Acquisition.

現在看一下庫存。因此，我們本財年末的現有庫存增加了 2,360 萬美元，即 2023 財年末庫存的 13.7%（聽不清楚）。庫存總價值的增加主要是由於與 Lakeville 收購相關的 2,180 萬美元的額外庫存。

Excluding the Lakeville Acquisition, the total value of our inventories on hand increased $1.8 million or 1.1% year over year due to higher fine of in-shell pecans and walnuts, higher commodity acquisition costs for walnuts.

不包括 Lakeville 收購，我們現有庫存的總價值同比增加 180 萬美元，即 1.1%，原因是帶殼山核桃和核桃的罰款增加以及核桃的商品採購成本增加。

This was offset by Lakeville Acquisition the finished goods and economies, more quantity and money acquisition costs for peanuts and cashews. The weighted average cost per pound of raw nut and dried fruit input stocks on hand, excluding the impact of the Lakeville Acquisition, decreased 9.2% year over year mainly due to higher quantities of in-shell pecans and walnuts on it.

這被萊克維爾收購的成品和經濟、更多的花生和腰果數量和貨幣收購成本所抵消。排除 Lakeville 收購的影響，現有每磅生堅果和乾果投入庫存的加權平均成本同比下降 9.2%，主要是由於帶殼山核桃和核桃數量增加。

Moving to our year-to-date results, fiscal 2024 net sales increased 6.7% to $1.07 billion compared to fiscal 2023 net sales of $909.7 million, primarily due to Lakeville Acquisition. Excluding the impact of Lakeville Acquisition net sales decreased 5.3% to $946.9 million, primarily attributable to a 3.3% decline in sales volume and a 2% decrease in the weighted average selling price per sales volume.

轉向我們今年迄今的業績，2024 財年淨銷售額增長 6.7%，達到 10.7 億美元，而 2023 財年淨銷售額為 9.097 億美元，這主要歸功於 Lakeville 收購。排除 Lakeville 收購的影響，淨銷售額下降 5.3% 至 9.469 億美元，主要歸因於銷量下降 3.3% 以及每銷量加權平均售價下降 2%。

Sales volume increased 12.3%, primarily due to Lakeville Acquisition. Excluding the impact of Lakeville Acquisition, sales volume decreased 3.3%, the sales volume decreases in all three distribution channels. Gross profit for current fiscal year increased 1.2% to$ 214.1 million and gross profit margin decreased from 21.2% to 20.1% of net sales sales, primarily due to the Lakeville Acquisition. This is partially offset by lower commodity acquisition costs for all major treatments.

銷量成長 12.3%，主要得益於 Lakeville 收購。剔除Lakeville收購的影響，銷售量下降3.3%，三個通路的銷售量均下降。本財年毛利成長 1.2%，達到 2.141 億美元，毛利率從淨銷售額的 21.2% 下降到 20.1%，這主要是由於 Lakeville 收購。所有主要治療方法的商品採購成本降低部分抵消了這種影響。

Total operating expenses for fiscal 2020 for decreased $7.5 million to $129 million, primarily due to increases in incentive compensation, incremental direct operating expenses associated with the Lakeville Acquisition, increased advertising expense and charitable donations. These increases were partially offset by the one-time bargain purchase gain from the Lakeville Acquisition and a decrease in spreads (inaudible). Then it come from for fiscal 2024 was $60.2 million or $5.15 per diluted share compared to $62.9 million or $5.40 per diluted share.

2020 財年的總營運支出減少 750 萬美元，至 1.29 億美元，主要是由於激勵薪酬的增加、與 Lakeville 收購相關的增量直接營運支出、廣告費用和慈善捐贈的增加。這些增長被 Lakeville 收購中的一次性討價還價購買收益和價差下降部分抵消（聽不清楚）。那麼 2024 財年的收益為 6,020 萬美元，即稀釋後每股 5.15 美元，而 2024 財年的收益為 6,290 萬美元，即稀釋後每股 5.40 美元。

I will now turn the call back over to Jeffrey to provide additional comments on our performance for the third quarter and fiscal year.

我現在將把電話轉回傑弗裡，以對我們第三季和財年的業績提供更多評論。

Thanks, Frank. For the financial updates. Now let's shift to consumption activity and category updates. I will share some category and brand results produced in the quarter. As always, the market information I'll be referring to is your content reported data and for today, it is for the period ending June 16, 2024. If we refer to Q4, I'm referring to 13 weeks of the quarter ending June 16, 2024.

謝謝，弗蘭克。對於財務更新。現在讓我們轉向消費活動和品類更新。我將分享本季產生的一些品類和品牌業績。像往常一樣，我將提到的市場資訊是您的內容報告數據，今天的市場資訊是截至 2024 年 6 月 16 日的數據。如果我們指的是第四季度，我指的是截至 2024 年 6 月 16 日的季度的 13 週。

Preference's the changes in volume or price are versus the corresponding period one year ago. We look at the category as are counted as total US definition which includes food, drug, mass, Walmart, military and other outlets, unless otherwise specified.

偏好是指與一年前同期相比數量或價格的變化。除非另有說明，我們將該類別視為美國的總體定義，其中包括食品、藥品、大眾、沃爾瑪、軍事和其他商店。

When we discuss pricing, we are referring to the average price per pound. Breakouts of the recipe snack and produce nut subcategories are based on our custom definitions developed in conjunction with [Cercon] The snack bar category is the syndicated view as defined by Cercon. Term velocity refers to the sales per point of distribution.

當我們討論定價時，我們指的是每磅的平均價格。食譜零食和農產品堅果子類別的細分是基於我們與 [Cercon] 共同開發的自訂定義。術語速度是指每個分銷點的銷售額。

From the last quarter, we started to see stabilization in the broader snack category. Snack aisleas defined based upon a decline a 10th of a point in pounds and [3.10th] of a point in dollars. This is an improvement versus the trends we were seeing in Q3.

從上個季度開始，我們開始看到更廣泛的零食類別趨於穩定。小吃通道的定義是根據英鎊下降十分之一和美元下降[3.10]個點。與我們在第三季度看到的趨勢相比，這是一個進步。

The total margin trail mix category was down 2% in dollars and down 1% in pound volume in Q4. This is better performance than we saw last quarter, but trail mix prices have moderated and price per pound declined 1% versus the prior year. We are still seeing consumers trade down to less expensive snacks pack sizes and types and deal seek as broader food and essential prices remains elevated. I will cover each subcategory in more starting with recipe nuts.

第四季度，混合乾果類別的總利潤率（以美元計算）下降了 2%，以英鎊計算（以英鎊計算）下降了 1%。這比我們上季度看到的表現要好，但混合乾果價格有所放緩，每磅價格比去年下降了 1%。我們仍然看到消費者轉向購買更便宜的零食包裝尺寸和類型，並尋求優惠，因為更廣泛的食品和必需品價格仍然很高。我將從食譜堅果開始詳細介紹每個子類別。

The recipe nut category was down 5% in dollars and 4% in pound sales. This is a declining performance versus what we saw in Q3, pricing is stable with both walnuts and pecans the bulk of this subcategory, being flat to slightly down on a price per pound basis. Our Fisher brand declined in Q4, driven mainly by velocity performance in the grocery channel.

配方堅果銷售額以美元計下降了 5%，以磅計銷售額下降了 4%。與我們在第三季度看到的情況相比，這是一個下降的表現，核桃和山核桃是該子類別的大部分，定價穩定，每磅價格持平或略有下降。我們的 Fisher 品牌在第四季下滑，主要是因為雜貨通路的速度表現所致。

Fisher declined 11% in dollars and 9% in pounds on par with the performance we saw in Q3. The brand was flat in the mass channel. This year is still the branded recipe nut leader and we are actively working on ways to engage consumers with the right price pack architecture and promotions as we planned for this holiday season.

費雪以美元計價下跌 11%，以英鎊計價下跌 9%，與我們在第三季看到的表現持平。該品牌在大眾通路表現平平。今年仍然是品牌食譜堅果的領導者，我們正在積極研究如何以正確的價格包架構和促銷活動吸引消費者，就像我們為這個假期計劃的那樣。

Now let me turn to the snack subcategory. In Q4, the snack category was down 3% in dollar sales and down 2% in pound sales. This is an improvement versus the performance we saw in Q3. Pricing continues to stabilize with prices flat versus a year ago.

現在讓我談談零食子類別。第四季度，零食類別的美元銷售額下降了 3%，以磅銷售額計算下降了 2%。與我們在第三季度看到的表現相比，這是一個進步。定價持續穩定，價格與一年前持平。

Fisher snack performed worse than the subcategory of 29% in dollars and 33% in pounds. This continues to be driven by significant distribution losses. We're actively working on new promotional plans and new products that give the consumers new exciting products with the value they are looking for. Snack bars are performing consistent with the subcategory of 4% in dollars and down one percentage point pounds.

費雪零食的表現比子類別差，以美元計算為 29%，以英鎊計算為 33%。這繼續是由重大的分銷損失所推動的。我們正在積極制定新的促銷計劃和新產品，為消費者提供具有他們所尋求的價值的令人興奮的新產品。零食棒的表現與子類別一致，以美元計算，價格下跌了 4%，而英鎊則下跌了 1 個百分點。

The trailer snack mix category was down 2% in dollars and down 2% in pounds in Q4, an improvement versus last quarter. Prices of trail mixes were flat versus a year ago. Our Southern Style nut brand grew 2% in dollars and 6% in pounds, driven by strong velocity performance in mass and club.

第四季度，拖車零食混合類別以美元計算下降了 2%，以磅計算下降了 2%，較上季度有所改善。混合乾果的價格與一年前持平。在品質和俱樂部強勁的速度表現的推動下，我們的南方風格堅果品牌以美元計算增長了 2%，以磅計算增長了 6%。

Private brands the share leader and trail mix performed slightly worse than the subcategory and 3% in dollars and pounds driven by poor performance in the mass channel. Elastic category produce nuts declined 1% in dollars and grew 1% in pound volume in Q4, better than the performance we saw in Q3.

份額領導者和混合品牌的自有品牌表現略差於子類別，由於大眾通路表現不佳，以美元和英鎊計算，其表現略差 3%。第四季度，彈性類別生產的堅果以美元計價下降了 1%，以磅計增加了 1%，好於我們在第三季度看到的表現。

Our produce nut brand Orchard Valley Harvest performed better than the subcategory, up 10% in sales and 16% in pound sales driven by velocity and distribution gains in the grocery channel. We are entering year two of our relaunch and are excited to introduce new products and pack sizes to continue momentum on this brand.

我們的農產品堅果品牌 Orchard Valley Harvest 的表現優於子類別，在雜貨通路的速度和分銷收益的推動下，銷售額增長了 10%，磅銷售額增長了 16%。我們正進入重新推出的第二年，很高興推出新產品和包裝尺寸，以繼續品牌的發展勢頭。

Now we'll switch to the snack bar category. In Q4 the snack bar category declined 6% in pounds and 4% in dollars. We are continuing to see the effect of the total recall of a major branded snack bar player earlier this year. Snack Bar pricing increased by 2% in Q4.

現在我們將切換到小吃店類別。第四季度，零食棒類別以英鎊計算下降了 6%，以美元計算下降了 4%。我們正在繼續觀察今年早些時候一家主要品牌零食棒生產商全面召回的影響。第四季小吃店的定價上漲了 2%。

Private label bars continued to grow 14% in dollars and 12% in pounds. Private label bars continue to expand in stores picking up 12% more NTDP distribution, while prices rose 2%. We continue to see positive momentum in private label in this category with dollar share in the quarter, up 1.2 points versus last year.

自有品牌金條以美元計算持續成長 14%，以英鎊計算則持續成長 12%。自有品牌巧克力棒繼續在商店中擴張，NTDP 分銷量增加了 12%，而價格上漲了 2%。我們繼續看到該類別自有品牌的正面勢頭，本季美元份額比去年上升 1.2 個百分點。

In closing, we see great opportunities to build our bar business and enter new snack bar segments with innovative products. Our Fisher recipe portfolio, the number one brand in the recipe category is well positioned for a successful holiday season coming up in Q2. We do continue to face challenges in the future on a macro level, which includes declining consumption trends in the snack category.

最後，我們看到了建立酒吧業務並透過創新產品進入新小吃店細分市場的巨大機會。我們的費雪食譜組合是食譜類別中的第一品牌，為即將到來的第二季度的成功假期做好了充分準備。未來我們確實在宏觀層面上繼續面臨挑戰，其中包括零食類別消費趨勢的下降。

Also higher costs for chocolate and cashew nuts due to supply and demand. However, our sales and marketing, R&D and procurement teams are working with a sense of urgency to find solutions to overcome these headwinds. Through fiscal '23, the company achieved five consecutive years of record earnings. While we did not continue that performance trend this year, our teams accomplished so much in fiscal 2024 that will position JBSS for strong growth and profitability in the future.

由於供需關係，巧克力和腰果的成本也較高。然而，我們的銷售和行銷、研發和採購團隊正在以緊迫感尋找解決方案來克服這些不利因素。截至 23 財年，該公司連續五年實現創紀錄的獲利。雖然我們今年沒有延續這一業績趨勢，但我們的團隊在 2024 財年取得瞭如此多的成就，這將使 JBSS 在未來實現強勁增長和盈利。

These results demonstrate the underlying strength and resilience of our company. These achievements are also a testament to the fortitude of our business model, the commitment of our people and the mutual trust and depth of our customer and supplier partnerships. We are executing our growth strategies, implementing continuous improvement projects throughout the company to optimize our cost structure.

這些結果證明了我們公司的潛在實力和韌性。這些成就也證明了我們業務模式的堅韌、員工的承諾以及客戶和供應商合作夥伴關係的相互信任和深度。我們正在執行我們的成長策略，在整個公司實施持續改進項目，以優化我們的成本結構。

We continue to invest in our brands and processes to better serve our customers and consumers and create value for our shareholders. We appreciate your participation in the call and thank you for your interest in our company.

我們繼續投資我們的品牌和流程，以更好地服務我們的客戶和消費者，並為我們的股東創造價值。我們感謝您參與此電話會議，並感謝您對我們公司的興趣。

And we'll now open the call to questions.

現在我們將開始提問。

(Operator Instructions) I'm showing no questions at this time. I would now like to turn it back to Jeffrey for closing remarks.

（操作員說明）我目前沒有提出任何問題。現在我想請傑弗裡發表結束語。

We'd like to thank you for participating in our earnings call today. Have a great day. Thank you.

我們感謝您參加今天的財報電話會議。祝你有美好的一天。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now connect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以連接了。