JM Smucker, the US group behind brands from Crisco cooking oils to Jif peanut butter, said it has not taken its eye of its core brands, despite its current focus on recent acquisition Folgers coffee.


Speaking on the company’s conference call today (21 August), Tim Smucker, chairman of the board and co-CEO, said that while the company was continuing to focus on leveraging the growth and opportunities of the Folgers acquisition, it would continue to concentrate on its core brands and businesses.


“It is clear that the addition of Folgers has improved our financial position with significantly higher margins and increased cash flows. In addition, our early results evidence that our ownership of Folgers offers significant long-term opportunities for both the top and bottom line.


“However, we are making significant investments in building our brands through marketing, promotion, and research and development to position us for the short and long term,” Smucker added.


The company revealed it has several multi-brand events planned, featuring Smuckers, Jif, Pillsbury and Folgers, as well as a “record number” of TV commercials supporting a number of its brands.

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JM Smucker bought the Folgers coffee brand from Procter & Gamble last November, which boosted the company’s first-quarter sales figures today.


Revenue rose 58% to $1.05bn with the addition of Folgers and on strong volume gains across the company’s US retail businesses.


Net income for the three months ended 31 July reached US$98.1m compared with $42.3m a year ago. The company also said it expects full-year earnings to come in at the higher end of its outlook.


“This year we look forward to focusing on merchandising, marketing and rolling-out new products,” said Smucker.


“We delivered a strong quarter and we started the year with good momentum. We are encouraged that commodity costs have declined and are comfortable that our pricing is positioned comfortably. Our strategy, positions us very well for the future and our brands fits the needs of today’s value-oriented consumers. The strength of these brands provides the ability to continue to generate long-term profitable growth,” he added.


Earlier in the year, JM Smucker insisted that its products could withstand growing consumer demand for private-label lines, and it reiterated that point again today.


“Typically what we’ve seen over the years is that our brands are compatible with private label. We always believe that consumers have a choice and we think that our brands are really compatible,” Smucker said.


“Private label has grown but with the strength of our brands we’ve been able to hold the main share. A key component of that is that we have to monitor all our key pricing points to make sure that we’re providing value to our consumers every day.”

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