John B Sanfilippo & Son Inc (JBSS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the John B. Sanfilippo & Son, Inc. first quarter fiscal 2026 operating results conference call.

您好，感謝您的耐心等待。歡迎參加 John B. Sanfilippo & Son, Inc. 2026 財年第一季經營業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Jeffrey Sanfilippo, Chief Executive Officer. Please go ahead.

（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的主講人，執行長傑弗瑞‧桑菲利波先生。請繼續。

Good morning, everyone, and welcome to our 2026 first quarter earnings conference call. Thank you for joining us. On the call with me today is Frank Pellegrino, our CFO; and Jasper Sanfilippo, our COO.

各位早安，歡迎參加我們2026年第一季財報電話會議。感謝您的參與。今天和我一起通話的是我們的財務長弗蘭克·佩萊格里諾和我們的營運長賈斯珀·桑菲利波。

We may make some forward-looking statements today. These statements are based on our current expectations and may involve certain risks and uncertainties. The 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 the 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。這些聲明是基於我們目前的預期，但可能涉及某些風險和不確定性。可能對業績產生負面影響的因素已在我們提交給美國證券交易委員會的各種文件中進行了解釋，包括 10-K 表格和 10-Q 表格。我們建議您查閱相關文件，以了解更多關於我們業務中固有的風險和不確定性。

We began the fiscal year with strong momentum, continuing to execute our Long-Range Plan with discipline and focus. In this quarter, we delivered a 59% improvement in diluted earnings per share, underscoring the strength of our strategy, improvements in our commercial ingredients and contract manufacturing businesses and our relentless focus on generating operational efficiencies throughout our organization.

本財年伊始，我們便取得了強勁的發展勢頭，並繼續以嚴謹的態度和專注的精神執行我們的長期計劃。本季度，我們的稀釋後每股收益提高了 59%，這凸顯了我們策略的優勢、商業原料和合約製造業務的改進，以及我們為提高整個組織的營運效率而不懈努力。

We have seen directional improvements in sales volume over the past three quarters, signaling progress in stabilizing our overall demand. These results were achieved in a challenging snack food environment as consumer behavior continues to evolve in response to broader macroeconomic shifts. Our achievements reflect the hard work and commitment of our employees whose contributions remain vital to our continued success.

過去三個季度，我們的銷售量呈現方向性改善，這表明我們在穩定整體需求方面取得了進展。在消費者行為不斷演變以應對更廣泛的宏觀經濟變化的情況下，零食市場環境充滿挑戰，而這些成果正是在此背景下取得的。我們的成就體現了員工的辛勤工作和敬業精神，他們的貢獻對我們持續成功至關重要。

Yesterday, the company's Board of Directors approved a special cash dividend of $1 per share on all issued and outstanding shares of common stock of the company and $1 per share on all issued and outstanding shares of Class A common stock. The special dividend will return approximately $11.7 million to company stockholders and will be paid on December 30, 2025, to stockholders of record as of the close of business on December 1, 2025.

昨天，公司董事會批准向公司所有已發行和流通在外的普通股每股派發 1 美元的特別現金股息，並向所有已發行和流通在外的 A 類普通股每股派發 1 美元的特別現金股息。特別股息將向公司股東返還約 1,170 萬美元，並將於 2025 年 12 月 30 日支付給截至 2025 年 12 月 1 日營業結束時登記在冊的股東。

Our financial performance over the last several quarters provided us the opportunity to declare the special dividend, which reinforces our goal of creating long-term stockholder value through the responsible use of cash. The special dividend would not be possible without the hard work and dedication of all JBSS team members during our busy holiday season.

過去幾季的財務業績使我們有機會宣布派發特別股息，這鞏固了我們透過負責任地使用現金來創造長期股東價值的目標。如果沒有 JBSS 全體團隊成員在繁忙的假期期間的辛勤工作和奉獻精神，這項特別股息是不可能實現的。

Price inflation and consumer sentiment is a challenge for the snack category today across many food segments. We faced significant nut commodity cost increases over the past year in addition to high prices for cocoa. Our teams have worked hard to mitigate price increases and offered our customers several options to manage costs, which included pack size changes, formula adjustments and alternative ingredient considerations.

如今，價格上漲和消費者情緒對許多食品領域的零食產業來說都是一個挑戰。過去一年，除了可可價格高漲之外，我們還面臨堅果商品成本大幅上漲的問題。我們的團隊努力控制價格上漲，並為客戶提供多種成本控制方案，包括改變包裝規格、調整配方和考慮使用替代成分。

Some retailers were proactive and made changes to their portfolio. Our teams also worked hard to drive additional costs out of our operations and supply chain and manage our inventory levels. Demand planning becomes challenging when consumer behavior changes and markets become volatile. So we are prioritizing resources to work with our key retail partners on better forecasting and order planning.

一些零售商積極主動地調整了他們的產品組合。我們的團隊也努力降低營運和供應鏈中的額外成本，並控制庫存水準。當消費者行為改變、市場波動加劇時，需求預測就變得極具挑戰性。因此，我們正在優先調配資源，與我們的主要零售合作夥伴共同努力，以更好地進行預測和訂單規劃。

For example, we experienced a soft back-to-school period for the snack bar category in our first quarter. Our insights team and sales and marketing are working with our customers to understand the dynamics of the bar category and adjusting promotional and volume plans based on current trends to manage inventory levels and future production schedules.

例如，我們在第一季經歷了零食棒類別的淡季（開學季）。我們的洞察團隊以及銷售和行銷團隊正在與客戶合作，了解酒吧類別的動態，並根據當前趨勢調整促銷和銷售計劃，以管理庫存水準和未來的生產計劃。

This time last year, the company's profitability was impacted by a onetime concession to a snack bar customer due to capacity constraints and service levels. We overcame those constraints and our service levels this quarter exceeded expectations. We have systems in place now to mitigate supply risk for high peak consumption periods. It is the busy season for our nut and trail mix business. Our sales, marketing and operations teams have done a great job building our business for the upcoming holiday season. We are in full swing with shipments to customers.

去年這個時候，由於產能限制和服務水平，公司向一家小吃店客戶做出了一次性讓步，導致公司獲利能力受到影響。我們克服了這些限制，本季我們的服務水準超出了預期。我們目前已建立相應的系統，以降低高峰消費期的供應風險。現在正是我們堅果和什錦乾果生意的旺季。我們的銷售、行銷和營運團隊在為即將到來的假日季拓展業務方面做得非常出色。我們正在全力以赴地向客戶發貨。

On our call last year, I mentioned we expanded our manufacturing footprint by leasing a 446,000 square foot facility in Huntley, Illinois. This investment provided the company with additional space in our Elgin facility to install new production lines for our snack and protein bar business. The new lines create extraordinary opportunities to innovate our bar platform and enter new snack, energy and protein bar segments. Installation is in progress, and we are on schedule to begin manufacturing by the end of this fiscal year.

在去年的電話會議上，我提到我們透過在伊利諾伊州亨特利租賃一個 446,000 平方英尺的廠房來擴大我們的生產規模。這項投資為該公司在埃爾金工廠提供了額外的空間，以便為我們的零食和蛋白棒業務安裝新的生產線。新產品線為我們創新能量棒平台、進軍新的零食、能量棒和蛋白質棒領域創造了非凡的機會。安裝工作正在進行中，我們正按計劃推進，並將於本財年結束前開始生產。

As we have shared on previous calls, the inflationary environment has changed consumer behavior, and we have seen them shift to more value-focused retailers such as club stores. Our teams have worked hard to expand our retail distribution in club and alternative channels with innovative products and pack sizes.

正如我們在先前的電話會議中分享的那樣，通貨膨脹環境改變了消費者的行為，我們看到他們轉向了更注重價值的零售商，例如會員製商店。我們的團隊一直努力透過創新產品和包裝規格，擴大我們在俱樂部和其他通路的零售分銷。

Our OVH brand has gained several rotations at a key club retailer and the rollout of some of our new OVH snack items is gaining traction with retailers across the country. I'm so proud of our R&D team for creating amazing innovative snack products and building a pipeline for future growth and a call out to our sales teams for building collaborative partnerships with several grocery retailers.

我們的 OVH 品牌已在一家重要的會員制零售商處多次上架，我們的一些新的 OVH 零食產品也正在全國範圍內獲得零售商的青睞。我為我們的研發團隊感到無比自豪，他們創造了令人驚嘆的創新零食產品，並為未來的成長建立了通路；同時，我也要特別感謝我們的銷售團隊，他們與多家食品零售商建立了合作關係。

Many other food company CEOs have shared on their management calls one of our important priorities is to stay relevant with Gen Z and mainstream consumers. JBSS is doing this by delivering product and portfolio innovation paired with strong value. Our marketing insights team is tracking purchasing trends, price point elasticity, new product launches and consumer sentiment and behavior.

許多其他食品公司執行長在管理電話會議上都表示，我們最重要的優先事項之一是與 Z 世代和主流消費者保持相關性。JBSS 透過提供具有強大價值的產品和產品組合創新來實現這一目標。我們的市場洞察團隊正在追蹤購買趨勢、價格彈性、新產品發布以及消費者情緒和行為。

These insights guide our innovation pipeline, category management recommendations and our branded advertising expenditures as we've shifted our investments to more digital marketing.

隨著我們將投資轉向更多數位行銷，這些洞察指導著我們的創新路線、品類管理建議和品牌廣告支出。

I'll now turn the call over to Frank Pellegrino, our CFO, to provide additional information on our financial performance for our first fiscal quarter.

現在我將把電話交給我們的財務長弗蘭克·佩萊格里諾，讓他提供更多關於我們第一財季財務業績的資訊。

Thank you, Jeffrey. Starting with the income statement. Net sales for the first quarter of fiscal 2026 increased by 8.1% to $298.7 million compared to net sales of $276.2 million for the first quarter of fiscal 2025. The increase in net sales was due to an 8.9% increase in weighted average sales price per pound which was partially offset by a 0.7% decline in sales volume, which is defined as pounds sold to customers.

謝謝你，傑弗裡。首先來看損益表。2026 財年第一季淨銷售額成長 8.1%，達到 2.987 億美元，而 2025 財年第一季淨銷售額為 2.762 億美元。淨銷售額的成長是由於每磅商品加權平均售價上漲了 8.9%，但部分被銷售量（定義為賣給顧客的磅數）下降了 0.7% 所抵消。

The increase in the weighted average sales price primarily resulted from significantly higher commodity acquisition costs across all major tree nuts. Sales volume declined across all major product types, except for peanuts, walnuts and pecans, all of which experienced volume growth in the quarter.

加權平均銷售價格上漲主要是因為所有主要樹堅果的商品採購成本大幅上漲所致。除花生、核桃和山核桃外，所有主要產品類型的銷售量均有所下降，而花生、核桃和山核桃在本季度銷量均有所增長。

Sales volume decreased 5.1% in the consumer distribution channel, primarily due to a 3.2% decrease in private brand sales volume. Approximately half of the decrease was due to the discontinuation of peanut butter at a mass merchandiser. The remaining private brand sales volume decrease was nearly evenly split between nut and trail mix and bars.

消費者分銷管道的銷售額下降了 5.1%，主要是由於自有品牌銷售額下降了 3.2%。大約一半的下降是由於一家大型零售商停止銷售花生醬造成的。自有品牌剩餘的銷售下降部分幾乎平均分配在堅果和什錦乾果以及能量棒上。

Nut and trail mix sales volume was negatively impacted by higher retail prices and reduced promotional activity, which was partially offset by new business and expanded distribution with three existing customers. Bar sales volume declined due to our strategic decision to reduce sales to one grocery retailer and lost distribution to another, which was partially offset by growth at a mass merchandiser and a current customer. Lost distribution of Orchard Valley Harvest at a major customer in the nonfood sector also contributed to the overall decline in the consumer distribution channel.

堅果和什錦乾果的銷售受到零售價格上漲和促銷活動減少的負面影響，但新業務和與三家現有客戶的分銷擴大部分抵消了這一影響。由於我們採取策略性措施減少向一家食品零售商的銷售，並失去了向另一家零售商的分銷管道，導致酒吧銷量下降，但一家大型零售商和一位現有客戶的成長部分抵消了這一損失。Orchard Valley Harvest 在非食品業主要客戶的分銷管道中斷，也導致了消費者分銷管道的整體下滑。

Sales volume increased 12.8% in the commercial ingredients distribution channel, mainly driven by new business with two customers, increased peanut bar volume at existing foodservice customers and increased sales of peanut crushing stock to peanut oil processors.

商業配料分銷管道的銷售額增長了 12.8%，主要得益於與兩家客戶的新業務、現有餐飲服務客戶的花生棒銷量增加以及向花生油加工商銷售的花生壓榨原料增加。

Sales volume increased 18.4% in the contract manufacturing distribution channel, primarily due to increased granola sales volume and increased snack nut sales to another customer added during the second quarter of the prior year. These increases were partially offset by lower peanut and peanut butter sales volume to a major customer.

合約製造分銷管道的銷售額增長了 18.4%，這主要是由於格蘭諾拉麥片的銷量增加，以及上年第二季度新增的另一位客戶的零食堅果銷量增加。這些成長被主要客戶花生和花生醬銷售量下降部分抵消。

Gross profit increased by $7.6 million or 16.2% to $54.1 million compared to the first quarter of last year, driven by higher net sales during the quarter with selling prices more closely aligned with commodity acquisition costs compared to the first quarter of the prior year. Additionally, the prior year first quarter included a onetime price concession to a bar customer that did not recur this quarter. Gross profit margin increased to 18.1% of net sales compared to 16.9% for the first quarter of fiscal 2025 due to the reasons previously mentioned.

與去年第一季相比，本季毛利成長了 760 萬美元，增幅達 16.2%，達到 5,410 萬美元，這主要得益於本季淨銷售額的成長，且銷售價格與商品採購成本相比，與去年第一季相比更加接近。此外，上年第一季曾向酒吧顧客一次提供價格優惠，而本季並未再次提供此類優惠。由於上述原因，毛利率從 2025 財年第一季的 16.9% 提高到淨銷售額的 18.1%。

Total operating expenses for first quarter decreased $2.5 million compared to the first quarter of the prior year, primarily driven by lower marketing and insight spending, reduced third-party warehouse costs, lower third-party recruitment expenses and decreased freight costs. These decreases were partially offset by an increase in incentive compensation expense.

與去年同期相比，第一季總營運支出減少了 250 萬美元，主要原因是行銷和洞察支出減少、第三方倉儲成本降低、第三方招聘支出降低以及貨運成本降低。這些下降部分被激勵性薪資支出的增加所抵消。

Total operating expenses as a percentage of net sales for the first quarter of fiscal 2026 decreased to 9.1% from 10.7% in the prior comparable quarter due to the reasons previously mentioned and a higher net sales base.

由於上述原因以及淨銷售基數增加，2026 財年第一季總營運費用佔淨銷售額的百分比從上一季的 10.7% 下降至 9.1%。

Interest expense was $1 million for the first quarter of fiscal 2026 compared to $500,000 for the first quarter of fiscal 2025 due to higher average debt levels. Net income for the first quarter of fiscal 2026 was $18.7 million or $1.59 per diluted share compared to $11.7 million or $1 per diluted share for the first quarter of fiscal 2025.

由於平均債務水準較高，2026 財年第一季的利息支出為 100 萬美元，而 2025 財年第一季的利息支出為 50 萬美元。2026 財年第一季淨收入為 1,870 萬美元，即每股攤薄收益 1.59 美元，而 2025 財年第一季淨收入為 1,170 萬美元，即每股攤薄收益 1 美元。

Now taking a look at inventory. The total value of inventories on hand at the end of the current first quarter increased $40.2 million or 20.6% compared to total value of inventories on hand at the end of the prior year comparable quarter. The increase was due to higher commodity acquisition costs across all major tree nuts as well as greater on-hand quantities of finished goods due to lower than forecasted back-to-school demand for bars and preparation for anticipated holiday seasonal demand. The weighted average cost per pound of raw nut and dry fruit increased 24.8% year-over-year, mainly due to higher commodity acquisition costs for all major tree nuts.

現在來看一下庫存。本季末庫存總價值較上年同期成長 4,020 萬美元，增幅達 20.6%。價格上漲的原因是所有主要樹堅果的商品採購成本上升，以及由於返校季對堅果棒的需求低於預期，以及為應對預期的節日季節性需求而準備，導致成品庫存量增加。生堅果和乾果的加權平均每磅成本較去年同期上漲 24.8%，主要原因是所有主要樹堅果的商品採購成本上漲。

Please refer to our Form 10-Q, which was filed yesterday for additional details regarding our financial performance for the first quarter of fiscal 2026. Before I turn the call over to Jeffrey, please note that we will be presenting at the Southwest IDEAS Conference in Dallas on November 19. Now I will turn the call over to Jeffrey to discuss category trends.

有關我們 2026 財年第一季財務業績的更多詳情，請參閱我們昨天提交的 10-Q 表格。在我將電話轉給傑弗瑞之前，請注意，我們將於 11 月 19 日在達拉斯舉行的西南 IDEAS 大會上進行演講。現在我將把電話交給傑弗裡，讓他討論類別趨勢。

Thanks, Frank, for the financial updates. Success requires smart strategies and the right business model for sustainable growth. It also requires a talented and committed group of leaders across the organization. We have all those elements of success here at JBSS.

謝謝弗蘭克提供的財務最新資訊。成功需要明智的策略和正確的商業模式才能實現永續成長。這也需要組織內擁有一支才華洋溢、盡責的領導團隊。JBSS具備所有成功的要素。

I'll now share some category and brand results with you for the quarter. All the market information I'll be referring to is Circana panel data and for today, it is for the period ending September 28, 2025.

接下來我將與大家分享本季的一些品類和品牌業績。我將引用的所有市場資訊都是 Circana 面板數據，今天指的是截至 2025 年 9 月 28 日的期間。

When I refer to Q1, I'm referring to 13 weeks of the quarter ending September 28, 2025. References to changes in volume are versus the corresponding period one year ago. For pricing commentary, we are using Circana MULO+ scan data, and we're referring to average price per pound. We are using the nut trail mix and bar syndicated views of the category as defined by Circana.

我所說的第一季度，指的是截至 2025 年 9 月 28 日的第一季的前 13 週。此處所指的銷量變動是與一年前同期相比的變動。對於價格評論，我們使用 Circana MULO+ 掃描數據，並參考每磅平均價格。我們採用的是 Circana 定義的堅果什錦乾果和能量棒類別的聯合觀點。

In the first quarter, we continued to see modest growth in the broader snack aisle as defined by Circana. Volume and dollars were up 2% and 5%, respectively. This is consistent with the performance we saw last quarter. In Q1, the snack nut and trail mix category was down 3% in pounds, which is a decline from last quarter.

第一季度，我們繼續看到 Circana 定義的更廣泛的零食貨架區域溫和成長。交易量和金額分別增加了 2% 和 5%。這與我們上季度的表現一致。第一季度，零食堅果和什錦乾果的銷量（磅）下降了 3%，比上一季下降。

Dollars in Q1 were up 5%, which is consistent with Q4 performance. Price increases drove the dollar growth. Snack nut prices rose 8% with increases across all nut types. The prices for trail mixes rose 6%. Fisher snack nut and trail mix performed worse than the category with pound shipments down 6%. This was due primarily to some lost distribution and less promotional activity.

第一季美元營收成長5%，與第四季表現一致。物價上漲推動了美元走強。零食堅果價格上漲了 8%，所有堅果種類價格均上漲。什錦乾果的價格上漲了6%。Fisher 零食堅果和什錦乾果的表現不如同類產品，出貨量（磅）下降了 6%。這主要是由於分銷管道的流失和促銷活動的減少所造成的。

Our Southern Style Nuts brand pound shipments decreased by 7%, driven by some reduction in distribution at a national club retailer. Orchard Valley Harvest brand, which primarily plays in trail mix was down 44% in pound shipments, driven by discontinuation at a national specialty retailer. Commodity increases, including cocoa and some tree nuts are resulting in higher prices for Orchard Valley Harvest. We continue to focus on innovation and renovation opportunities to mitigate this commodity pressure.

由於一家全國性會員制零售商減少了部分分銷，我們的南方風味堅果品牌的磅裝出貨量下降了 7%。主要經營什錦乾果的 Orchard Valley Harvest 品牌，由於一家全國性專業零售商停止銷售，其出貨量（以磅為單位）下降了 44%。包括可可和一些堅果在內的大宗商品價格上漲，導致 Orchard Valley Harvest 的產品價格上漲。我們將繼續專注於創新和改造機會，以緩解這種商品壓力。

Our private label consumer snack and trail shipments performed slightly weaker than the category with pound shipments down 4% versus last year due to softness in mass as prices rise due to commodity pressures. We're actively working on cost mitigation solutions with our retail partners.

由於大宗商品價格上漲導致大眾消費疲軟，我們的自有品牌消費者零食和零食出貨量表現略遜於同類產品，按磅計的出貨量比去年下降了 4%。我們正與零售合作夥伴積極合作，尋求降低成本的解決方案。

Now turning to recipe nut category. In Q1, the recipe category was down 2% in pounds and up 19% in dollars, which is similar to Q4's performance. The recipe category experienced a 21% price increase, driven particularly by walnuts, although all nut types have experienced price increases. Our Fisher recipe pound shipments were down 6% in Q1 with volume softness tied to significantly increased costs of our commodities.

現在轉到食譜堅果類別。第一季度，食譜類產品銷量（磅）下降了 2%，但銷售額成長了 19%，與第四季的表現類似。食譜類商品價格上漲了 21%，其中核桃價格上漲尤為顯著，儘管所有堅果的價格都有所上漲。第一季度，我們的 Fisher 配方磅裝產品出貨量下降了 6%，銷售疲軟與我們的原料成本大幅上漲有關。

In closing, as we look ahead, we will continue to build on the momentum we have generated in this quarter by staying focused on three key priorities: growing our sales volume, delivering best-in-class service and value to our customers, and driving ongoing improvements in profitability. These efforts are foundational to our strategy and will enable us to deliver long-term value to our shareholders.

最後，展望未來，我們將繼續鞏固本季取得的良好勢頭，並專注於三個關鍵優先事項：提高銷售額、為客戶提供一流的服務和價值，以及持續提高獲利能力。這些努力是我們策略的基礎，並將使我們能夠為股東創造長期價值。

Looking forward, other priorities continue to be optimizing commodity acquisition costs and selling price alignment, drive category growth for snack and trail mix and increase our snack and nutrition bar distribution and identify additional operational efficiencies. No doubt, we are facing ongoing headwinds with shifts in consumer behavior, impacts of tariffs and commodity inflation.

展望未來，其他優先事項仍是優化商品採購成本和銷售價格，推動零食和什錦乾果品類的成長，增加零食和營養棒的分銷，並尋找其他營運效率提升途徑。毫無疑問，我們正面臨消費者行為轉變、關稅影響和商品通膨等持續的不利因素。

Despite these headwinds, I'm confident we have the people, the processes, the brands, the expertise and the financial strength to be agile and successfully navigate our company through these volatile times to grow our business. I'd like to thank our amazing and hard-working team for their dedication.

儘管面臨這些不利因素，但我相信我們擁有足夠的人才、流程、品牌、專業知識和財務實力，能夠靈活應對並成功帶領公司度過這些動盪時期，實現業務成長。我要感謝我們出色且勤奮的團隊所付出的奉獻。

All of us have a steadfast commitment to develop business plans to create shareholder value and provide relevant, profitable, value-added products and services to our customers and consumers. Our mission is to provide great-tasting, innovative products that bring joy, nourish people and protect the planet.

我們所有人都堅定不移地致力於制定商業計劃，為股東創造價值，並為我們的客戶和消費者提供相關、盈利、增值的產品和服務。我們的使命是提供美味、創新的產品，為人們帶來快樂，滋養人們，並保護地球。

We appreciate your participation in the call, and thank you for your interest in our company. We will now open the call to questions. Liza, please queue up the first question.

感謝您參與本次電話會議，也感謝您對我們公司的關注。現在開始接受提問。莉莎，請先回答第一個問題。

(Operator instruction)

（操作說明）

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hi, good morning. So talking about the snack bar business, the decline you saw, is that because of consumer behavior or because of the customer, the mass merchants and retailers and so forth?

您好，早安。那麼，說到小吃店的生意，你看到的下滑是因為消費者行為的變化，還是因為顧客、大型商家和零售商等等的原因造成的呢？

So, thanks for the question. So it really was driven by consumer behavior. So we had a great overall strong back-to-school volume, but we did see some declines in one of the key bar segments, which was fruit and grain that we didn't anticipate. But overall, consumption for the bar category was strong.

謝謝你的提問。所以，這確實是由消費者行為所驅動的。因此，我們的返校季整體銷量非常強勁，但我們確實看到其中一個關鍵能量棒細分市場（即水果和穀物能量棒）出現了一些下滑，這是我們始料未及的。但整體而言，酒吧品類的消費表現強勁。

We had General Mills who came back online with their Quaker Chewy Granola Bars, which did not -- were not in the market last year or in smaller portions of the market due to their previous recall. So they were back in full force this period -- this year. But in addition to that, we did see strong growth with our private brand bar category.

通用磨坊重新推出了桂格咀嚼格蘭諾拉麥片棒，而這些麥片棒由於之前的召回，去年要么沒有上市，要么只在較小的市場份額中銷售。所以他們今年又強勢回歸了。但除此之外，我們的自有品牌酒吧類別也實現了強勁成長。

Okay. And as far as the dividend is concerned, are you expected to just pay that out of cash flow? Or so this coming quarter is going to be high in cash flow? Or are you going to be going into debt for it?

好的。至於股息，你們是打算直接用現金流支付嗎？或者說，下個季度的現金流會很高？還是說你會為此背負債務？

It will be mainly from our cash flow.

主要資金將來自我們的現金流。

Okay. And finally, you were talking about some increase in demand in certain nuts. Is that coming from just the consumer preferring because they're cheaper alternatives versus the other nut categories?

好的。最後，您也提到某些堅果的需求增加。是因為消費者喜歡這類堅果，因為它們比其他堅果種類便宜嗎？

Typically, we would see -- if you have price inflation, you'll see a shift from higher cost nuts, for example, cashews or deluxe mixed nuts to something of a cheaper trail mix or peanuts. We've seen a little bit of that shift this year with the kind of macro environment. But we also did see some consumers leaving the snack nut category because of the higher per pound prices versus other cheaper snack alternatives like potato chips, for example.

通常情況下，如果出現價格上漲，我們會看到消費者從價格較高的堅果（例如腰果或高級混合堅果）轉向價格較低的什錦乾果或花生。今年，隨著宏觀環境的變化，我們已經看到了這種轉變的跡象。但我們也看到一些消費者因為堅果零食的每磅價格高於其他較便宜的零食替代品（例如薯片）而放棄了堅果零食這一品類。

The good news is, overall, the total snack category, we're seeing it stabilize. We're getting away from some of the declines that we saw in the overall snack category. So we're hopeful that we'll get some of those consumers back into the snack nut category as well.

好消息是，整體而言，零食市場整體趨於穩定。我們正在擺脫零食品類整體上出現的一些下滑趨勢。所以我們希望也能讓部分消費者重新回到零食堅果這個品類。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instructions) At this time, I'm not seeing any further questions. And I would like to turn the call over to Jeffrey Sanfilippo, Chief Executive Officer, for closing remarks. Please go ahead.

（操作說明）目前我沒有看到其他問題。現在，我想把電話交給執行長傑弗瑞‧桑菲利波，請他作總結發言。請繼續。

I want to thank everyone for your interest in JBSS. This concludes the call for our first quarter of fiscal 2026 operating results. Have a great Halloween weekend.

感謝大家對JBSS的關注。本次2026財年第一季經營業績電話會議到此結束。祝你萬聖節週末愉快！

This does conclude today's program. You may all disconnect.

今天的節目到此結束。你們可以斷開連結了。