What changed in this filing

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Item 1A. Risk Factors

2023-01-26 compared with 2022-01-27 · 49 added, 44 removed, 119 unchanged (44% of the section changed)

30 unchanged sentences

upon the prices paid for raw materials, as well as the available supply of commodities.

The marketing of our value-added products does

not lend itself to instantaneous changes in selling prices.

In addition, if we increase prices to offset higher costs, we could experience

lower demand for our products and sales volumes.

Conversely, decreases in our commodity and other input costs may create pressure on

us to decrease our prices.

Changes in selling prices are relatively infrequent and do not compare with the volatility of commodity markets.

Production and pricing of commodities, on the other hand, are determined by constantly changing market forces of supply and demand over

which we have limited or no control.

Such factors include, among other things, weather patterns throughout the world, outbreaks of disease,

the global level of supply inventories and demand for grains and other feed ingredients, as well as agricultural and energy policies

of domestic and foreign governments.

While fluctuations in significant cost structure components, such as ingredient commodities and

fuel prices, have had a significant impact on profitability over the last three years, the impact of general price inflation on our financial

position and results of operations has not been significant.

However, current inflationary market conditions may have a negative impact

on future earnings.

Future volatility of general price inflation or deflation and raw material cost and availability could adversely

affect our financial results.

Commodity costs have and may continue to fluctuate

due to political and economic conditions, including the ongoing conflicts between Ukraine and Russia.

The marketing of our value-added

products does not lend itself to instantaneous changes in selling prices.

In addition, if we increase prices to offset higher costs,

we could experience lower demand for our products and sales volumes.

Conversely, decreases in our commodity and other input costs may

create pressure on us to decrease our prices.

Changes in selling prices are relatively infrequent and do not compare with the volatility

of commodity markets.

Production and pricing of commodities, on the other hand, are determined by constantly changing market forces of

supply and demand over which we have limited or no control.

Such factors include, among other things, weather patterns throughout the

world, outbreaks of disease, the global level of supply inventories and demand for grains and other feed ingredients, as well as agricultural

and energy policies of domestic and foreign governments.

While fluctuations in significant cost structure components, such as ingredient

commodities and fuel prices, have had a significant impact on profitability over the last three years, the impact of general price inflation

on our financial position and results of operations has not been significant.

However, current inflationary market conditions may have

a negative impact on future earnings.

Future volatility of general price inflation or deflation and raw material cost and availability

could adversely affect our financial results.

are subject to extensive government regulations and a failure to comply with such regulations could negatively impact our financial results.

26 unchanged sentences

We have no employment or non-competition agreements with key personnel except for (1) a consulting agreement with Allan L.

Bridgford that

became effective October 30, 2021 after his retirement from employment with our company.

that became effective October 30, 2021, after his retirement from employment with our company, (2) a consulting agreement with Raymond

Lancy which will become effective on February 1, 2022, after his retirement from employment with our company and (3) a consulting

agreement with Allan Bridgford Jr.

to provide consulting services to the Chicago plant and management.

shortages and increased turnover or increases in employee and employee-related costs could have adverse effects on our profitability.

15 unchanged sentences

and Dollar General®, which accounted for 29.8% and 16.9%, respectively, of sales in fiscal year 2022.

Many of our customers, such

as supermarkets, warehouse clubs, and food distributors have consolidated in recent years.

Such consolidation has produced large, sophisticated

customers with increased buying power who are more capable of operating with reduced inventories while demanding lower pricing and increased

promotional programs.

These customers also may use their shelf space for their own private label products.

Failure to respond to these

trends could reduce our volume and cause us to lower prices or increase promotional spending for our product lines which could adversely

affect our profitability.

The increase in accounts receivable

from Wal-Mart® as of October 28, 2022 versus October 29, 2021 is attributable to the Company no longer accelerating payments from

Many of our customers, such as supermarkets, warehouse clubs, and food distributors have consolidated in recent years.

Such consolidation has produced large, sophisticated customers with increased buying power who are more capable of operating with reduced

inventories while demanding lower pricing and increased promotional programs.

These customers also may use their shelf space for their

own private label products.

Failure to respond to these trends could reduce our volume and cause us to lower prices or increase promotional

spending for our product lines which could adversely affect our profitability.

more than 80% of our stock beneficially owned by the Bridgford family, there are risks that they can exert significant influence or control

1 unchanged sentence

of the Bridgford family beneficially own, in the aggregate, more than 80% of our outstanding stock.

In addition, four members

of the Bridgford family currently serve on the Board of Directors.

As a result, members of the Bridgford family have the ability to exert

substantial influence or actual control over our management and affairs and over substantially all matters requiring action by our shareholders,

In addition, two members of the Bridgford

family currently serve on the Board of Directors.

As a result, members of the Bridgford family have the ability to exert substantial

influence or actual control over our management and affairs and over substantially all matters requiring action by our shareholders,

including amendments to by-laws, election and removal of directors, any proposed merger, consolidation or sale of all or substantially

37 unchanged sentences

have considered the impact of federal, state, and local government actions related to the COVID-19 pandemic on our Consolidated Financial

The business disruptions associated with the pandemic had a significant negative impact on our Consolidated Financial

Statements for the fiscal year ended October 29, 2021.

We expect these events to have future business impacts, the extent of which

is uncertain and largely subject to whether the severity worsens, or the duration of current business shutdowns continue.

These impacts

could include but may not be limited to risks and uncertainty related to shifts in demand between sales channels, market volatility,

constraints in our supply chain, our ability to operate production facilities and worker availability.

These unknowns may subject the

Company to future risks related to long-lived asset impairments, increased reserves for uncollectible accounts, price and availability

of ingredients and raw materials used in our products and adjustments to reflect the market value of our inventory.

The business disruptions associated with the pandemic had a significant negative impact on our Consolidated Financial Statements

for the fiscal year ended October 29, 2021, and to a lesser extent for fiscal year ended October 28, 2022.

We expect these events to

have future business impacts, the extent of which is uncertain and largely subject to whether the severity worsens.

These impacts could

include but may not be limited to risks and uncertainty related to shifts in demand between sales channels, market volatility, constraints

in our supply chain, our ability to operate production facilities and worker availability.

These unknowns may subject the Company to

future risks related to long-lived asset impairments, increased reserves for uncollectible accounts, price and availability of ingredients

and raw materials used in our products and adjustments to reflect the market value of our inventory.

Unresolved Staff Comments

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors