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JM Smucker reports US retail coffee sales up 8% to $645.1m for second quarter of FY 2022

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ORRVILLE, Ohio, US – The J.M. Smucker Co. today announced results for the second quarter ended October 31, 2021, of its 2022 fiscal year. Financial results for the second quarter of fiscal year 2022 reflect the divestiture of the Crisco® business on December 1, 2020, and the divestiture of the Natural Balance® business on January 29, 2021.

All comparisons are to the second quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

  • Net sales increased $16.0 million, or 1 percent. Net sales excluding divestitures and foreign currency exchange increased 8 percent.
  • Net income per diluted share was $1.90, a decrease of 6 percent. Adjusted earnings per share was $2.43, an increase of 2 percent.
  • Cash from operations was $165.1 million, a decrease of 56 percent. Free cash flow was $105.9 million, compared to $326.3 million in the prior year.
  • The Company updated its full-year fiscal 2022 financial outlook.

JM Smucker: U.S. Retail Coffee

U.S. Retail Coffee totalled $645.1 million, up from $594.7 million in 2020. Net sales increased $50.4 million. Volume/mix increased net sales by 5 percentage points, driven by the Dunkin‘® and Café Bustelo® brands.

Net price realization increased net sales by 3 percentage points, primarily reflecting list price increases and trade spend reductions for roast and ground products.

Segment profit increased $5.7 million, primarily reflecting higher net pricing and the increased contribution from volume/mix, partially offset by higher commodity costs.