US food group JM Smucker today (17 June) reported bumper quarterly profits as sales of its Jif peanut butter and namesake fruit spreads rose.
Smucker, which also owns Folgers coffee, posted a 28% jump in net income to US$120.6m for the three months to 30 April.
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The rise in earnings came despite fourth-quarter sales staying flat at $1.07bn. Folgers sales dipped 1%, while sales from Smucker’s oils and baking brands dropped 12%.
However, sales from Smucker’s US retail consumer market division rose 5% as volumes of Jif peanut butter, Smucker’s fruit spreads and Hungry Jack pancake mixes and syrups all rose.
Profits from the unit also rose, jumping 20% on the back of “strong” peanut butter sales and lower raw-material costs, Smucker said.
The company’s annual net income was up 86% at $494.1m; net sales rose 23% to $4.61bn.
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By GlobalData“We achieved another year of record sales while growing volume and profitability across our portfolio of iconic brands,” said chairman and co-CEO Tim Smucker. “With the completion of our first full fiscal year including the coffee business, we have just begun to realise the potential of our new, larger company.”
