J.M. Smucker Cuts Coffee Prices
May 24 2016 - 11:10AM
Dow Jones News
J.M. Smucker Co. on Tuesday said it would cut prices on most of
its coffee brands in the U.S. by another 6% to reflect continued
declines in raw coffee prices.
The packaged-food company, whose coffee brands include Folgers
and Dunkin' Donuts, has seen its market share increase in the
coffee aisle in recent quarters as consumers have responded to
lower pricing and promotions.
However, the company's K-Cup coffee pods aren't included in the
latest price-cutting plans.
Steve Oakland, head of Smucker's U.S. food and beverage
business, said in a news release that for the past several
quarters, "lower green coffee costs were reflected in promotional
pricing for the majority of our packaged coffee products, and we do
not anticipate those prices changing significantly."
In February, Smucker sharply raised its per-share earnings
guidance for the fiscal year ended in April as its quarterly profit
jumped 15%, handily beating Wall Street expectations on continued
momentum in its coffee business.
The company plans to release its earnings for the April quarter
June 9.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 24, 2016 10:55 ET (14:55 GMT)
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