JM Smucker has lowered its full-year sales expectations after booking a drop in first-quarter sales and earnings as lower pricing more than offset a resilient volume performance.

Smucker said today (20 August) that it now anticipates full-year sales to increase at a rate “slightly less” than the 5% guidance provided at the start of the year. The company maintained its EPS guidance range of $5.95 to $6.05.

Operating income in the three months to 31 July slid 10% to US$191.6m while net income dipped 8% to $116m. Excluding certain one-off costs, operating income edged up 3% to $222m, Smucker stressed.

Net sales were down 2% in the period, falling to $1.32bn.

Grocery retail sales fell 3% as a decline in pricing and flat volumes of the Crisco brand more than offset higher Jif and Smucker’s branded sales. Operating profit at the segment strengthened, however, thanks to lower commodity costs. Segment operating income rose by 19%, the company revealed.

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By GlobalData