Corporate Profiles - 2020 - 86

COMPANY OVERVIEW

The J.M. Smucker Co.
Uncrustables business enjoys continued strength
enter-store sales across a variety of
categories were a key driver in the J.M.
Smucker Co.'s fiscal 2020 performance.
Net income for the Orrville, Ohio-based company
was $780 million, equal to $6.84 per share on the
common stock, up 52% from $514.4 million, or $4.52
per share, in fiscal 2019. Sales came in flat at $7.8 billion for the year versus $7.84 billion the year prior.
The company saw continued strength in its Uncrustables business, with sales increasing 26% for
the fiscal year ended April 30 and 25% for the first
quarter ended July 31.
Brand growth was supported by a new Uncrustables plant in Colorado, which opened in July 2019.
An additional production line and phase two expansion are scheduled for next year.
Management set a goal of generating $500 million in sales from the Uncrustables brand by fiscal
2023 and has plans to expand the platform beyond
peanut butter and jelly into other snacks.
"We are excited to expand the Uncrustables
brand by offering more lunch and snack options to
the platform," said Mark T. Smucker, chief executive
officer, during a Feb. 19 presentation at the Consumer Analyst Group of New York conference. "The
launch includes a line of thaw-and-eat roll-ups, including varieties of meat and cheese, and a line of
heat-and-eat bites featuring barbecue chicken and

C

taco varieties. Found in the freezer section, these
offerings are made with high-quality ingredients,
are little to no prep and provide more choices for
today's busy families."
Other brands in the company's US Retail Consumer Foods and US Retail Coffee segments,
including Crisco, Jif, Folgers, Dunkin' and Cafe
Bustelo, benefited as demand for prepared foods
rose during the coronavirus (COVID-19) pandemic,
while its International and Away From Home business units suffered as restaurants, lodging, schools
and many offices closed.
The company's largest business unit, US Retail
Pet Food, also saw a COVID-related boost after several consecutive quarters of flat or declining sales,
which management attributed to volume/mix in
the Nature Balance brand and issues related to
private label dog food.
After the first quarter, Smucker raised fullyear 2021 fiscal guidance to 0% to 1% net
sales growth versus the previous year, up from

a decline of 2% to 1% in a previous outlook.
The J.M. Smucker Co. in February discontinued
production of its Jif Power Ups. Introduced in 2018,
Power Ups were an effort by the company to extend
the Jif peanut butter brand into the snack category.
Resources were allocated to more promising innovation, including extension of the Uncrustables brand.
Mr. Smucker said the company will introduce a
no added sugar variety of Jif peanut butter and a
"squeezable" container solution in 2021.
The J.M. Smucker Co. in September of 2020 introduced a new corporate identity to show the company offers more than just fruit spreads, which made
up less than 5% of the company $7.8 billion in sales
in fiscal year 2020.
"Given our ambitions of continued transformational growth, it is important our identity reflect the
company we've grown to become and the one we
aspire to be," Mr. Smucker said. "Our new identity
will aid our efforts to attract additional talented
professionals, reinforce our category expertise with
customers and suppliers and create greater awareness of the value we bring to our partners helping
to spur new opportunities."
A new logo shows a series of shapes that reflect
that transition.
"We think it's beautifully simple and full of meaning,"
said Kara Buckler, director of creative services. CP

Chief executive officer -
Mark T. Smucker

J.M. Smucker Co. net income

J.M. Smucker Co. net sales

(fiscal years ended in April)

(fiscal years ended in April)

J.M. Smucker share price
$122

in millions

in millions

$116

$1,339
2018

86 \ October 2020

$514

$780

2019

2020

$110
$7,357

$7,838

$7,801

$104
$98

2018

2019

2020

Oct. Dec.
2019

Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Pet Food Processing

Feb.
2020

Apr.

June

Aug.

Corporate Profiles



Corporate Profiles - 2020

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