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Nespresso Raises Coffee Pod Prices In US, Europe--CEO

By Leslie Josephs Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Nespresso, the single-serve unit of Switzerland's Nestle SA (NSRGY, NESN.VX), raised prices this week in the U.S. and in Europe for its high-end coffee pods due to the rising cost of green coffee, the company's chief executive said Thursday. The company lifted prices by 3.6% in the United States to 57 cents per pod, and by 6% in Europe to 35 euro cents, effective June 1, said Nespresso's chief executive, Richard Girardot. "We have to manage that," Girardot said, referring to the higher cost of unroasted beans. He said the company uses 95% arabica beans, a variety that is more difficult to grow and subsequently more expensive compared with robusta beans. Arabica coffee futures on InterContinentalExchange have nearly doubled over the past year after bad weather clipped output in major producers, such as Colombia, and speculative buying and increased demand drove up prices. But Girardot said the company has no plans to switch its blend to include more of the cheaper robusta beans. "We are an arabica company," he said. "We use robusta like salt and pepper when you cook." Last month, Starbucks Corp. (SBUX) and J.M. Smucker Co. (SJM) announced price increases for some of their bagged coffees. Earlier this year, U.S. coffee roasters and retailers Kraft Foods Inc. (KFT) and Massimo Zanetti USA raised prices under pressure from climbing green-coffee costs. -By Leslie Josephs, Dow Jones Newswires; 212-416-4055; leslie.josephs@dowjones.com

Stock News for Smuckers J M (SJM)
DateTimeHeadline
11/12/201417:34:45MARKET SNAPSHOT: U.S. Stocks Snap 5-day Winning Streak
11/12/201417:08:05MARKET SNAPSHOT: U.S. Stocks Fall; S&P 500 Pulls Back From Highs
11/12/201417:04:39MARKET SNAPSHOT: U.S. Stocks: S&P 500 Unlikely To Hit Another...
10/06/201418:35:05More Expensive Cup of Coffee? Beans Soar to 2 1/2 -Year High
08/07/201409:43:14U.S. Hot Stocks: Hot Stocks to Watch
06/02/201409:12:07MARKET SNAPSHOT: Volume, VIX And Yields Are Stock Market's Bogeymen
02/14/201409:25:35Smucker Cuts Year Guidance
02/09/201408:16:39MARKET SNAPSHOT: Stocks Stabilize; Now It's Up To Yellen, The...
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
08/21/201309:11:50U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
08/21/201308:20:08J.M. Smucker 1st-Quarter Net Up 14%; Acquires Enray
06/06/201316:44:32MARKET SNAPSHOT: U.S. Stocks Rebound After Choppy Session
06/06/201315:23:16MARKET SNAPSHOT: U.S. Stocks Fluctuate Wildly As Job Report Looms
06/06/201314:36:28MARKET SNAPSHOT: U.S. Stocks Edge Lower As Japanese Yen Jumps
05/31/201316:30:16WEEK AHEAD: More Retailers to Report; Jobs Report on Friday
05/03/201313:11:39Kraft Cuts Gevalia Coffee Price 6% Due to Lower Costs
04/12/201308:29:44Starbucks Lowers Price of Coffee Sold in Grocery Stores

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