Smucker Beats Profit Estimates On Coffee Buzz; Pet Food Struggles

From: nasdaq.com

Feb 26 (Reuters) – Jams and peanut butter maker J. M. Smucker Co SJM.N reported quarterly profit above market expectations on Wednesday, powered by its coffee business which sells Folgers and Dunkin’ Donut brands, even as its pet food unit continued to struggle.

As more premium coffee brands and single-serve coffee pods flood the market, Smucker diversified its coffee portfolio by adding high-end options with gourmet flavors to win young customers.

Chief Executive Officer Mark Smucker said continued investments, including on product development and marketing, improved volumes for coffee and peanut butter brands, which helped offset the anticipated decline in its pet food unit.

Profit in its coffee business rose 3%, but in pet foods, which includes brands like Nutrish and Milk-Bone, it fell 1%.

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