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Supplementary Quarterly Data (Unaudited) | 12 Months Ended
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Jun. 25, 2020
Quarterly Financial Information Disclosure [Abstract] |
Supplementary Quarterly Data (Unaudited) | NOTE 19 — SUPPLEMENTARY QUARTERLY DATA (Unaudited) The following unaudited quarterly consolidated financial data are presented for fiscal 2020 and fiscal 2019. Quarterly financial results necessarily rely on estimates and caution is required in drawing specific conclusions from quarterly consolidated results.
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Year Ended June 25, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 217,846 |  |  | $ | 246,423 |  |  | $ | 211,624 |  |  | $ | 204,199 | *
Gross profit |  |  | 42,248 |  |  |  | 49,980 |  |  |  | 42,805 |  |  |  | 40,742 |
Income from operations |  |  | 19,062 |  |  |  | 24,466 |  |  |  | 19,397 |  |  |  | 15,622 |
Net income |  |  | 12,926 |  |  |  | 17,461 |  |  |  | 13,466 |  |  |  | 10,257 |
Basic earnings per common share |  | $ | 1.13 |  |  | $ | 1.52 |  |  | $ | 1.17 |  |  | $ | 0.89 |
Diluted earnings per common share |  | $ | 1.12 |  |  | $ | 1.52 |  |  | $ | 1.17 |  |  | $ | 0.89 |
Cash dividends declared per common share |  | $ | 3.00 |  |  | $ | 2.00 |  |  | $ | — |  |  | $ | 1.00 |
* | The decrease in net sales was primarily attributable to a 3.3% decrease in weighted average selling price per pound, combined with a decrease in sales volume for foodservice customers in our commercial ingredients distribution channel as a result of the COVID-19 pandemic.
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Year Ended June 27, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 204,288 |  |  | $ | 253,317 |  |  | $ | 201,834 |  |  | $ | 216,762 |
Gross profit |  |  | 32,954 |  |  |  | 42,883 |  |  |  | 38,815 |  |  |  | 43,618 |
Income from operations |  |  | 10,052 |  |  |  | 16,640 |  |  |  | 15,408 |  |  |  | 16,424 |
Net income |  |  | 6,606 |  |  |  | 11,264 |  |  |  | 10,331 |  |  |  | 11,265 |
Basic earnings per common share |  | $ | 0.58 |  |  | $ | 0.99 |  |  | $ | 0.90 |  |  | $ | 0.98 |
Diluted earnings per common share |  | $ | 0.57 |  |  | $ | 0.98 |  |  | $ | 0.90 |  |  | $ | 0.98 |
Cash dividends declared per common share |  | $ | 2.55 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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