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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
05/24/201611:10:00J.M. Smucker Cuts Coffee Prices
05/24/201608:00:00The J. M. Smucker Company Announces Coffee Price Decreases
05/20/201614:13:00FDA Approves Controversial Changes to Nutrition Facts Panel--4th...
05/20/201612:09:00FDA Approves Controversial Changes to Nutrition Facts Panel--3rd...
05/19/201617:00:00The J. M. Smucker Company Announces Webcast of Fourth Quarter...
05/05/201618:43:13Statement of Changes in Beneficial Ownership (4)
05/02/201616:51:20Statement of Changes in Beneficial Ownership (4)
04/26/201608:13:00Smucker Partners with Seven Team USA Athletes for the Rio 2016...
04/22/201617:15:00The J. M. Smucker Company Declares Dividend And Announces Annual...
04/22/201617:02:59Current Report Filing (8-k)
04/18/201617:45:25Statement of Changes in Beneficial Ownership (4)
04/06/201616:15:00The J.M. Smucker Company Announces Retirement of Corporate Officer...
04/05/201617:23:35Statement of Changes in Beneficial Ownership (4)
04/05/201617:20:09Statement of Changes in Beneficial Ownership (4)
04/04/201617:01:03Current Report Filing (8-k)
04/01/201618:29:31Statement of Changes in Beneficial Ownership (4)
03/30/201618:15:35Statement of Changes in Beneficial Ownership (4)
03/24/201617:11:54Statement of Changes in Beneficial Ownership (4)
03/18/201616:52:56Statement of Changes in Beneficial Ownership (4)
03/08/201616:15:00The J.M. Smucker Company Announces Executive Appointments

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