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Issue Date: Vol. 52, No. 9, September 2012, Posted On: 8/21/2012


J.M. Smucker's Q1 Profit Dips 1%, Sales Rise 15%


Emily Jed
Emily@vendingtimes.net
TAGS: coffee, coffee service,J.M. Smucker Co., Smucker first-quarter, vending

ORRVILLE, OH -- The J.M. Smucker Co.'s first-quarter net sales jumped 15% but earnings dipped 1% as price increases on some brands did not fully offset higher commodity costs.

The company earned $110.9 million, or $1 per share, during the quarter, down slightly from $111.5 million, or 98 cents per share, in the comparable year-earlier period.

Net sales climbed to $1.37 billion from $1.19 billion, including $86.7 million from the foodservice coffee and hot beverage business Smucker bought from Sara Lee Corp. for $350 million.

Coffee sales, including Keurig K-cups and Dunkin' Donuts packaged coffee sold in supermarkets, grew 4% to $520.8 million.

Consumer foods, including Jif, Smucker fruit spreads and Uncrustables frozen sandwiches, rose 15% to $528.4 million.

The company's international, foodservice and natural foods business soared 40% to $320.5 million, primarily because of the Sara Lee acquisition.

Vince Byrd, Smucker president and chief operating officer, said the company has made "significant progress in optimizing price points, closing price gaps, and enhancing merchandising activities at retail."

Smucker expects net sales to grow 7% in fiscal 2013.


Topic: Coffee Service News

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