DOW JONES NEWSWIRES J.M. Smucker Co. (SJM) increased the list price for most of its coffee products by an average 11%, its fourth rise in about a year. The food company, which also makes jams, jellies and Jif brand peanut butter, said the move is driven by sustained increases in green coffee costs. It disclosed similar price increases in February, August and last May. The increase applies to such brands as Folgers, Dunkin' Donuts and Millstone. Smucker reported an 11% increase in U.S. retail coffee sales for the nine months ended Jan. 31, while profit during that period grew 12%. But the commodity is being stung by higher prices for coffee futures due to strong demand in emerging markets, disappointing harvests and speculative trading. Those factors have led retailers to increase prices in order to pass along some of the cost to consumers. Smucker said it would give more details on its June 9 conference call when it releases fiscal fourth-quarter results. Shares closed Monday at $76.91 and were inactive premarket. The stock is up 17% this year. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com
