The company’s pet food portfolio reported a profit of $109 million from November 2022 to January 2023.
In this period, net sales for the pet segment increased by $62 million (€58M) to $758.6 million (€712.8M). The profit jumped by $13.3 million (€12.5M) in the quarter, up 14% compared to the same period in 2021.
Overall, J. M. Smucker posted an 8% increase in net sales for FY 2022, ending January 31. “Our third quarter results reflect the strong underlying momentum of our business. Looking ahead, we will continue to advance our strategic priorities,” said President and CEO Mark Smucker
J.M Smucker recently divested its pet portfolio to consumer conglomerate Post Holdings. Transfer completion is expected by April 30, 2022.
At last week’s Consumer Analyst Group of New York (CAGNY) Conference 2023, the company revealed that it plans to focus on dog snacks and cat food portfolios post the divesture.
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