New Jersey-based J&J Snack Foods Corp. warned investors that COVID-19 closures would have a “decidedly negative” impact on its financial results.
The company that makes Superpretzel soft pretzels, Icee frozen drinks, and other snacks and beverages generate two-thirds of its annual revenues in movie theaters, sports stadiums, schools and other outlets, whose operations have been closed or reduced in response to the spread of the virus. J&J Snack also sells through up to 90% of the US supermarkets, but those sales accounted for only 10% of last year’s revenue of USD1.2bn.
According to its annual report, the company employs 4.600 full- and part-time workers, plus 1.500 additional workers supplied by staffing agencies. Governor Tom Wolf of Pennsylvania recently announced that 24 northwestern and north-central counties will enter the first phase of his reopening plan this week, allowing many businesses to resume in-person operations and residents to freely leave their homes if they take precautions.