The coffee, food and pet food manufacturer reported steady sales across all business divisions last year and is set to introduce new RTD coffee products over the next 12 months to meet rising consumer demand for premium coffee at home
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J.M. Smucker’s US Retail Coffee segment includes licensed Dunkin’ at-home and retail coffee ranges | Photo credit: J.M. Smucker
Ohio-based J.M. Smucker has reported steady fourth quarter and full-year revenue growth for its Retail Coffee division across the US.
The coffee, food and pet food manufacturer said coffee segment sales grew 7% in the three-months ended 30 April 2023 to $692.5m, lifting full-year revenues for the division to $2.7bn — 9% higher than the previous year.
J.M. Smucker’s US Retail Coffee segment comprises the Folgers, Café Bustelo and licensed Dunkin’ at-home and retail coffee ranges.
In February 2023 J.M. Smucker announced it would respond to increasing consumer demand for high-quality coffee at-home by expanding its premium-focused Folgers Black Silk packaged coffee and pursue opportunities in the US ready-to-drink (RTD) market.
The coffee, food and pet food manufacturer expects to launch Dunkin’ at Home and Café Bustelo RTD and coffee concentrates within the next 12 months.
“Serving consumers the coffee they want at home is something we have been doing for decades. We now have this incredible opportunity to leverage our category leadership in an exciting way through a combination of old and new – by using a strategy we already know to successfully deliver innovation and provide new ways to enjoy the brands that consumers know and love,” said Tina Meyer-Hawkes, Vice President, Liquid Coffee Venture.
J.M. Smucker’s group sales grew 10% in the fourth quarter to $2.2bn, led by 14% revenue growth for its Retail Consumer Food segment. Total revenues increased 7% to $8.5bn for the full year.
“Our strong fourth quarter and full-year results demonstrate the execution of our strategy and consumer demand for our brands. We are confident in our long-term strategy of leading in the attractive categories of pet, coffee, and snacking and delivering shareholder value,” said CEO Mark Smucker.
J.M. Smucker, which promotes its products are present in over 80% of US homes, forecasts full-year net sales to increase by approximately 9% in 2024.
Alongside its established coffee range, the Ohio-based business makes the Jif peanut butter, Uncrustables sandwich and Milk Bone dog treat brands.