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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
02/14/201409:27:14U.S. Hot Stocks: Hot Stocks to Watch
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
02/22/201312:47:00Kraft Cuts U.S. Coffee Prices by 6%, Following J.M. Smucker
02/15/201312:50:05Campbell, Smuckers Sales Rise; Kraft Struggles
02/15/201312:43:17Campbell, Smuckers Sales Rise; Kraft Struggles After Spinoff
02/08/201316:40:23WEEK AHEAD: McGraw-Hill, Consumer-Foods Companies to Report Results
11/08/201207:30:16Green Mountain's Keurig Steps Up to Competition with Espresso...

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