J & J Snack Foods Expects Impact To Be Negative Due To Coronavirus

(RTTNews) - J & J Snack Foods Corp. (JJSF) said that it expects overall impact to be decidedly negative, amid the coronavirus outbreak. But the balance of its business may improve due to increased sales to grocery stores and other retailers.

The company noted that the virtual shutdown of large segments of the US economy resulting from the efforts to limit the spread of the coronavirus (COVID-19) is having a material impact on its sales and operations and that it expects its results of operations to be materially negatively impacted.

The company noted that it is unable to estimate what the impact will be although it said the impact will be material.

Earlier, the company had indicated that about 1/3 of its annual revenue was to venues and locations that it said it believed would be primarily impacted.

Following the expansion of government shutdown orders, the company now said that 2/3 of its annual revenue of about $1.2 billion is to venues and locations that have shut down or sharply curtailed their foodservice operations over the past 10 days.