Question · Q3 2025
Asked about the outlook for commodity cost inflation beyond tariffs, the drivers of the increase in inventory, clarification on near-term gross margin targets, and future strategic initiatives beyond the announced capital expenditures.
Answer
The company sees some stability in commodity markets like cashews and expects high retail prices to cause demand destruction, which should lead to lower commodity costs. The inventory increase is due to higher finished goods levels that will sell through in Q4 and higher acquisition costs for walnuts and pecans. Strategically, the company is focused on managing pricing through volatility, investing in the bar category for growth, and continuously evaluating M&A opportunities.
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