- Smucker net profit down 39%
- US consumer food operating profit up 10%
- Consumer food sales dip 3%
US coffee-to-condiments group JM Smucker booked a drop in full-year profits today (4 June) as issues at its coffee unit overshadowed higher operating profit in consumer food.
The company said net earnings fell 39% to US$344.9m. Operating income declined 16% to $919m. The drop can be attributed to problems in the group's retail coffee business. US retail consumer food operating profit increased 10% from 2014, climbing to $393m in the year to 30 April.
CEO Richard Smucker commented: "While these results were significantly impacted by the challenges in our US retail coffee segment, we are optimistic about our current initiatives and confident in the long-term prospects of our coffee business."
Group sales were up 1%, climbing to $5.69bn. Adjusted for factors such as M&A and currency exchange, group sales dropped 3%. Consumer food sales were also down 3% to $2.1bn.
