Saturday 25 June 2022

Smucker’s misses earnings as lower coffee sales weigh on business

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MILAN – Shares of J.M. Smucker’s fell as much as 7.6 percent in morning trade on Thursday after weaker-than-expected earnings for the first quarter of its fiscal year.

Challenges in its Folgers roast and ground coffee brand contributed to declines of sales and income, according to the company’s earnings report.

Sales were down 4% from the year ago period to $1.7 billion from $1.8 billion. Income dropped by a fifth, to nearly $234 million from nearly $294 million a year ago.

The company said its bottom line totaled $171.6 million, or $1.51 per share. This was down from $217.2 million, or $1.86 per share, in last year’s first quarter.

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