J.M. Smucker Co.’s 2021 Q3 net sales rise 5%

Feb. 26, 2021

J.M. Smucker Co. (NYSE: SJM) reported that net sales increased $104.4 million, or 5%, for its third quarter, ended Jan. 31, 2021, of its 2021 fiscal year. Financial results for the third quarter and the first nine months of fiscal year 2021 reflect the divestiture of the Crisco on Dec. 1, 2020, and the divestiture of Natural Balance business on Jan. 29, 2021.

U.S. retail coffee sales grew $67.1 million, reflecting a 13% increase from volume/mix. Favorable volume/mix was driven by the Dunkin', Folgers and Café Bustelo brands, reflecting elevated at-home coffee consumption. Net price realization reduced net sales by 1%. The coffee segment’ profit increased $21.2 million.

U.S. retail consumer foods’ net sales increased $24.7 million. Excluding $36.2 million of noncomparable sales in the prior year related to the divested Crisco business, net sales increased $60.9 million, or 16%, reflecting a 10% increase from volume/mix, driven by elevated at-home consumption for Smucker's Uncrustables frozen sandwiches, Jif peanut butter and Smucker's fruit spreads. Higher net pricing increased net sales by 5%, primarily reflecting the impact of a peanut butter list price increase taken in the second quarter.

The Covid-19 pandemic continues to impact J.M. Smucker’s financial results and cause uncertainty for the full-year fiscal 2021 outlook. Changes in consumer purchasing behavior, retailer inventory levels, macroeconomic conditions and any manufacturing or supply chain disruption could materially impact actual results. Net sales for the fiscal year are expected to increase approximately 2%, compared with the prior year

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