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Smucker Cutting Coffee Prices, Citing Decline In Green Coffee Futures

DOW JONES NEWSWIRES J. M. Smucker Co. (SJM) slashed prices across a majority of its coffee products, including the Folgers and Dunkin Donuts brands, marking a sharp turn back from price increases rolled out just months ago. Smucker -- known for its namesake jams and jellies, Jif peanut butter and Pillsbury products -- said coffee prices will decrease an average of 6%. It said the cuts are driven by declines in the green coffee futures market. The company had raised prices at least four times since May 2010. The food company, which gets most of its revenue from U.S. retail coffee, has struggled recently alongside peers with soaring commodity costs. In June, Smucker said retailers had accepted a fresh round of price increases from the company, including an 11% hike on coffee. Yet while food manufacturers are raising prices where they can, many are taking a cautious stance on how it will impact volume. Those comments came as Smucker reported a 21% drop in fiscal fourth-quarter earnings, due primarily to a higher tax rate and a one-time gain from a divestiture last year. The company is expected to report its fiscal first-quarter results on Thursday. Shares closed Monday at $75.91 and were inactive premarket. Through the latest close, the stock is up 16% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Smuckers J M (SJM)
DateTimeHeadline
04/01/201507:32:38Is It Time To Book Profits? - Cramer's Mad Money (3/31/15)
03/27/201506:06:05Small Company Offering and Sale of Securities Without Registration...
03/26/201521:29:05Building A Better (Balanced) Dividend Growth Portfolio
03/23/201517:14:35Prospectus Filed Pursuant to Rule 424(b)(7) (424b7)
03/23/201517:11:33Current Report Filing (8-k)
03/23/201516:30:00The J. M. Smucker Company Completes Acquisition of Big Heart...
03/19/201517:17:16Statement of Changes in Beneficial Ownership (4)
03/09/201508:01:51Current Report Filing (8-k)
03/09/201507:37:23Wheat prices in downward trend
03/03/201517:32:56Statement of Changes in Beneficial Ownership (4)
03/03/201517:11:56Statement of Changes in Beneficial Ownership (4)
03/03/201517:02:47Current Report Filing (8-k)
03/02/201517:42:10Current Report Filing (8-k)
02/26/201506:48:32Dunkin' Donuts K-cup partnership expanded
02/26/201506:00:00Dunkin' Brands, The J.M. Smucker Company And Keurig Expand Partnership...
02/25/201517:30:20Statement of Changes in Beneficial Ownership (4)
02/25/201515:53:25Buyout Shops Keep Skin in the Game
02/24/201517:28:56Current Report Filing (8-k)
02/23/201517:39:46Statement of Changes in Beneficial Ownership (4)
02/20/201517:09:22Statement of Changes in Beneficial Ownership (4)

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