‘We are emerging from the pandemic a much stronger company’

Excluding the divestitures of Crisco in October 2020​ and its Natural Balance pet food business​ in December 2020, net sales declined 3%, partially offset by continued elevated at-home consumption. 

For the full year ending April 30, 2021, net sales were up 3% to $8bn.

“We believe the business is at an inflection point, and we’re delivering against our strategic and executional plans. We are emerging from the pandemic, a much stronger company,”​ said president and CEO Mark Smucker on an earnings call with analysts.

“Consumers remained loyal to our brands as we maintained the one million net new households gained in the prior year while dollars per buyer increased 10%.”

Reshaping portfolio

Shedding a few of its major brands over the past few years has allowed the company to redirect focus to brands and segments that are more in line with its long-term strategy.

“Acquisitions will remain a part of our strategic growth, and we will be prudent when pursuing them. We are more lean, agile, and focused on delivery with excellence and winning in the marketplace,”​ noted Smucker.

As away from consumption picks up, a few of J.M. Smucker’s product lines are uniquely positioned to take advantage of the consumer shift in behavior such as its Smuckers Uncrustables line of frozen sandwiches, which registered its 28th consecutive quarter of growth, said Smucker on the call.

“The Uncrustables brand delivered nearly $130m of net sales this quarter. The brand delivered over $400m of net sales this year, and is on track to exceed our $500m target in fiscal year 2023,”​ he said. 

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