US spreads-to-coffee group JM Smucker has booked an increase in full-year earnings, boosted by price cuts in its coffee division.
In the year to the end of April, earnings were up 18% to US$544.2m, the company reported today (6 June). The increase reflected price cuts of its Folgers flagship coffee brand and other packaged coffee products in the period.
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Operating profit climbed 17% to $910.4m, while net sales were up 6% to $5.86bn.
CEO Richard Smucker, said: “The record results we reported were achieved while also making significant investments toward our future growth and creating value for shareholders. Our long-term focus, strong consumer-relevant brands, robust innovation, and dedicated employees are keys to this success.”
The company guided fiscal year 2014 adjusted EPS in a range of $5.65 to $5.75. Smucker also expects net sales to remain flat in 2014 due to the impact of price declines that it began implementing this year.
Click here to view the full earnings release.
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