<SEC-DOCUMENT>0001193125-13-295714.txt : 20130925
<SEC-HEADER>0001193125-13-295714.hdr.sgml : 20130925
<ACCEPTANCE-DATETIME>20130719163632
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-295714
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130719

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANFILIPPO JOHN B & SON INC
		CENTRAL INDEX KEY:			0000880117
		STANDARD INDUSTRIAL CLASSIFICATION:	SUGAR & CONFECTIONERY PRODUCTS [2060]
		IRS NUMBER:				362419677
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1703 N. RANDALL ROAD
		CITY:			ELGIN
		STATE:			IL
		ZIP:			60123-7820
		BUSINESS PHONE:		847-289-1800

	MAIL ADDRESS:	
		STREET 1:		1703 N. RANDALL ROAD
		CITY:			ELGIN
		STATE:			IL
		ZIP:			60123-7820
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">July&nbsp;19, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>VIA EDGAR AND OVERNIGHT DELIVERY </U></I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H. Roger Schwall </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Assistant Director </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and
Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>John B. Sanfilippo&nbsp;&amp; Son, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the Fiscal Year Ended June&nbsp;28, 2012 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed August&nbsp;30, 2012 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment Letter Dated April&nbsp;11, 2013 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response Letter Dated May&nbsp;8, 2013 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Comment Letter Dated July&nbsp;5, 2013 </B></FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No. 0-19681 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Schwall:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter sets forth the responses of John B. Sanfilippo&nbsp;&amp; Son, Inc. (the &#147;<U>Company</U>&#148;) to the comments contained in
your letter, dated July&nbsp;5, 2013, regarding the Company&#146;s Form 10-K for the fiscal year ended June&nbsp;28, 2012 (the &#147;<U>10-K</U>&#148;) filed with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) on
August&nbsp;30, 2012 and the Company&#146;s response letter dated May&nbsp;8, 2013. The comments of the Commission are set forth in the bold and italicized text below and the Company&#146;s responses are set forth in the text beneath each Commission
comment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K for the Fiscal Year Ended June&nbsp;28, 2012 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Item&nbsp;1 &#151; Business, page 1 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Narrative Description of Business, page 2
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>(vii) Raw Materials and Supplies, page 4 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Commission Comment</U>: We note your response to prior comment two indicates that recent filings have emphasized Fisher as part of your strategic plan. We
further note the discussion of your strategic plan on page 11 of the Form 10-Q for the period ended September&nbsp;27, 2012 which specifies that the profit margins for private brand products are typically lower than they are for branded products and
that you expect to emphasize the brand name portion of your business. This disclosure also specifies that you expect to continue to be able to devote more funds in the remainder of fiscal 2013 and beyond to promote and advertise Fisher brand
products. As such, please tell us the following: </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Who approved your strategic plan and is responsible for making related changes as market conditions evolve? </I></B></FONT></P></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Company Response</U></I>: Every three years senior management of the Company develops
the Company&#146;s strategic plan to grow sales: (1)&nbsp;of branded products; (2)&nbsp;of private brand products at key customers; and (3)&nbsp;with specific customers in each of the Company&#146;s distribution channels. The development process
includes the establishment of various action plans to achieve the strategic plan&#146;s growth objectives (the &#147;<U>Action Plans</U>&#148;). The strategic plan is submitted to the Company&#146;s three chief operating decision makers (the
&#147;<U>CODM</U>&#148;) for consideration and ultimate approval. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CODM is responsible for approving changes to the
strategic plan as market conditions evolve. The CODM meets quarterly to discuss various matters related to the strategic plan, including assessing the Company&#146;s progress in executing the Action Plans. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I></I></B><B><I>How do you assess the performance of your strategic planning and specify the measures of profitability used in such assessment?
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Company Response</U></I>: The strategic plan consists of three primary objectives, and the
Company&#146;s resources are primarily focused on those objectives in order to drive the Company&#146;s overall growth. The primary objectives are to: (1)&nbsp;grow sales and sales pound volume for the Company&#146;s branded products in the consumer
distribution channel; (2)&nbsp;expand globally; and (3)&nbsp;provide integrated nut solutions to further grow business at existing key customers in each distribution channel (collectively, the &#147;<U>Plan Objectives</U>&#148;). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As mentioned above, the CODM meets quarterly to assess the strategic plan&#146;s performance by reviewing the impact of the executed
Action Plans on specific key measurements. The CODM evaluates each objective of the strategic plan&#146;s performance based upon Company-wide consolidated operating results. The key measurements in such evaluation include among others noted in the
next bullet response: (1)&nbsp;Company-wide gross sales and pound volume growth at existing customers; (2)&nbsp;market share growth for branded products; and (3)&nbsp;obtaining new customers. Because the strategic plan&#146;s objectives are meant to
generate top line sales growth, profitability measures are not typically used when assessing the performance of the strategic plan as a whole or the performance of Action Plans. To the extent there is a discussion of profitability, it is limited to
gross profit (or gross profit before manufacturing variances) for the entire Company &#150; and not various subcomponents such as branded products. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>How much of your advertising and marketing budget is allocated to branded products as compared to non-branded products?
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Company Response</U></I>: There is no allocation between branded products and any other
products, including private brand products, because there is no significant advertising spending required for private brand products or for the commercial ingredients, export and contract packaging distribution channels. In respect to private brand
products, since retailers own private brands, the retailers fund and manage all advertising and marketing </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
spending for those brands. The Company will disclose in future filings that all advertising is related only to branded products sold in the consumer distribution channel. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s senior marketing management develops the advertising and marketing budget through identifying the expenditures that it
believes are necessary to support existing branded business with retailers and consumers and to achieve growth objectives of the strategic plan. The budget is then benchmarked against competitive and historical spending levels. The budget is subject
to approval by the CODM. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The primary objective of the recently increased advertising and marketing spending on branded
products was to convince potential new retailer customers that the Company was prepared to support the Fisher brand as one of several key action plans to gain new Fisher customers. The second objective of the increase in spending was to put the
Company in a position to make a compelling case with existing retailer customers to increase the number of Fisher items that they carry. Since the main objective of the increase in advertising and marketing spending is to increase Fisher
distribution, the CODM only monitors sales and volume measures to assess the effectiveness of the advertising and marketing spending. For example, the Company utilizes market research, such as Nielsen category data, to track the effectiveness of its
advertising and marketing expenditures. The key measures that the CODM monitors periodically from market research are: (1)&nbsp;the number of items placed with new customers, (2)&nbsp;changes in item velocity at existing customers; (3)&nbsp;changes
in market share, and (4)&nbsp;changes in All Commodity Volume, which is a measure of a brand&#146;s availability in the marketplace. The CODM also monitors internally generated information showing changes in total Fisher recipe and total Fisher
snack nut gross sales and pound volume to further monitor the effectiveness of advertising and marketing spending on branded products. However, the CODM does not receive information about the level of actual profitability of branded products.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>The involvement of your CODM in the strategic plan process and evaluation? </I></B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Company Response</U></I>: Please see the response to the first bulleted question regarding the CODM&#146;s involvement in the
strategic plan process. Please see the response to the second bulleted question regarding the CODM&#146;s involvement in the strategic plan evaluation. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As discussed in the Company&#146;s previous response letter, the CODM evaluates performance and makes resource allocation decisions at the Company-wide level. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>The involvement of your CODM in decisions regarding the allocation of advertising and marketing expenditures?
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Company Response</U></I>: As discussed in the response to the third bulleted question, there
is no allocation of the advertising and marketing expenditures. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Commission Comment</U>: Your response to prior comment two also explains that you evaluate performance and allocate resources based on company-wide
consolidated results. However, it appears from your Form 10-Q for the period ended September&nbsp;27, 2012 that you expect to emphasize the brand name portion of your business because profit margins for private brand products are typically lower
than they are for branded products. Please reconcile the apparent inconsistency between these two statements. </I></B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><I><U>Company Response</U></I><I>:</I><B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s description of private brand products and branded products only applies to the Company&#146;s consumer distribution channel. The Company&#146;s private brand and branded products are
essentially identical in respect to raw materials, processes and packaging, and consequently, their respective standard costs are essentially the same. Our selling price on branded products is higher than our selling price on non branded products,
and accordingly, we have higher standard gross margin on branded products. We recognize that investors may want to understand the revenue trends in branded products. Accordingly, in future filings, starting with the year ended June&nbsp;27, 2013, we
will indicate in Note 14 the approximate amount of the consumer distribution channel revenue that is attributable to branded products. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The statement regarding the profitability of Fisher brand products and private brand products was not intended to explain the reason for the Company&#146;s emphasis on the branded portion of our business,
but rather it was included in the disclosure to remind investors that while revenue has increased from a shift in consumer preferences to private brand products, overall profitability will not increase in a linear manner since gross margins are
lower on private brand products. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a result of the higher pricing structure for Fisher brand products and the fact that their
respective standard costs between branded products and private brand products are essentially the same, the Company knows inherently that Fisher brand products typically have higher profit margins than the profit margins for the Company&#146;s
private brand products. This is typical in the food and beverage industry. Consequently, it is not necessary for the CODM to review profitability measures for branded and private brand products on a regular basis to allocate resources. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">More importantly, the Company does not prepare information that presents a measure of profitability between branded products and private
brand products &#150; that is, there is no report that is prepared that includes operating income or even actual gross margin of branded or private brand products. Accordingly, we believe that branded products and private brand products are not
segments of business as defined by FASB ASC 280. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">* * * * * </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We thank the staff for its courtesies. If you have any questions regarding this letter, please do not
hesitate to call me at (847)&nbsp;214-4509. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael Valentine</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Valentine</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CC: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John
Cannarella </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark Wojciechowski </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Caroline Kim </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Timothy Levenberg </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jeffrey Sanfilippo </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jasper Sanfilippo, Jr. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">John B. Sanfilippo&nbsp;&amp; Son, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jerry Burgdoerfer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">William Tolbert </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Elaine Wolff </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Jenner&nbsp;&amp; Block LLP </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>

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