Acquisitions boost J M Smucker sales

Source: Food and Drink Digital

Date :8/15/2008 6:15:52 AM

The J M Smucker Company has reported that net sales increased 18 percent in the first quarter of 2009, to approximately US$31 million.

The maker of fruit spreads said that the Carnation, Europe’s Best and Knott’s Berry Farm contributed to its strong performance.

Net income for the three months ended July 31, rose four percent to US$42.3 million, or 77 cents per share, from US$40.8 million, or 71 cents per share the previous year.

Richard Smucker, president and co-CEO, attributed the company’s growth to consistent investments in marketing and product innovation.

The Folgers coffee business, with sales in excess of US$1.5 billion, will soon be merged with Smucker following a deal earlier this year.

“We expect the addition of Folgers to significantly increase cash flow and, combined with the substantial increase in our size and scale, provide a platform for future growth,” added Smucker.