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SANFILIPPO JOHN B & SON INC

For the period ended Jun 27, 2024. Filed Aug 21, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Aug 21, 2024

JBSS$54.96+0.8%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended June 27,2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 0-19681

(Exact name of Registrant as specified in its Charter)

Delaware36-2419677
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
1703 North Randall RoadElgin, IL 60123
(Address of principal executive offices, Zip Code)

Registrant’s telephone number, including area code: (847)289-1800

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTradingSymbol(s)Name of each exchange on which registered
Common Stock, $.01 par value per shareJBSSThe NASDAQ Stock Market LLC(NASDAQ Global Select Market)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐ No☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒

The aggregate market value of the voting Common Stock held by non-affiliates was $940,178,618 as of December 28, 2023 (8,900,678 shares at $105.63 per share).

As of August 15, 2024,9,006,038 shares of the registrant’s Common Stock, $.01 par value (“Common Stock”) and 2,597,426 shares of the registrant’s Class A Common Stock, $.01 par value (“Class A Stock”), were outstanding. The Class A Stock is convertible at the option of the holder at any time and from time to time (and, upon the occurrence of certain events specified in the Restated Certificate of Incorporation, automatically converts) into one share of Common Stock.

Documents Incorporated by Reference:

Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held October 30, 2024 are incorporated by reference into Part III of this Form 10-K.

FORM 10-K

FOR THE YEAR ENDED JUNE 27, 2024

INDEX

Page
Part I2
Item 1. Business2
Item 1A. Risk Factors7
Item 1 B. Unresolved Staff Comments16
Item 1C. Cybersecurity16
Item 2. Properties17
Item 3. Legal Proceedings19
Item 4. Mine Safety19
Part II22
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities22
Item 6. Selected Financial Data24
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations25
Item 7A. Quantitative and Qualitative Disclosures About Market Risk34
Item 8. Financial Statements and Supplementary Data35
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure63
Item 9A. Controls and Procedures63
Item 9B. Other Information63
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections63
Part III64
Item 10. Directors, Executive Officers and Corporate Governance64
Item 11. Executive Compensation64
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters64
Item 13. Certain Relationships and Related Transactions, and Director Independence64
Item 14. Principal Accountant Fees and Services64
Part IV65
Item 15. Exhibits and Financial Statement Schedules65
Signatures68
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