J.M. Smucker’s pet food sales increased by 6% in last quarter
Segment profit also increased by 19% to $19 million (€17.6M) in the period, but yearly sales dropped.
While overall net sales remained flat in FY2022 – from $8B (€7.45B) in 2021 to $7.9 (€7.35B) in 2022 – sales within the pet food segment decreased by 2.9% to $2.76 billion (€2.58B) in the year ending April 30.
In the last quarter, sales within the category reached $718.1 million (€670.6M) due to lower marketing spend, partially offset by the net impact of higher net price and the transportation costs.
CEO Mark Smucker said that the results “demonstrate the continued execution of our strategy and momentum of the business, amid a challenging and dynamic environment.”
“During the year, we also made significant progress in strengthening our financial position, as we reduced our debt balance,” he noted.
The Ohio-based company remains optimistic for 2023, where they will continue to focus on “continuing the momentum of the business” notwithstanding inflation and the volatility of the supply chain.
Despite admitting that that current challenges cause uncertainty and risk, J.M. Smucker claimed that net sales are expected to increase between 3.5% and 4.5% in the next fiscal year.
Share this story:
