Pet food makes up most of J.M. Smucker’s quarterly sales

The company’s pet business sales accounted for $785.3 million (€‎731.7M) in the 3 months ending 30 April 2023. 

This is up $67.2 million (€62.6M) from the same period in 2022. Excluding the noncomparable net sales in 2022 related to the divestiture of some of the firm’s pet food brands, net sales increased by $79.2 million (€73.6M).

The profit in the pet portfolio reached $145.5 million (€135.6M), a 21% increase.

Out of the other categories, such as coffee and human food, pet food represented the highest net sales for the company in the quarter.

According to CEO Mark Smucker, the Milk-Bone dog biscuit brand grew net sales by 20%. He told investors that dog food comparable net sales grew by 13% in the quarter. Cat food also noted growth within the Meow Mix brand, increasing 7% in net sales.

36% of total revenue in the year

Pet food sales accounted for $3 billion (€2.8B) in the last 12 months until 30 April 2023, making up 36% of the total revenue. In FY 2022, the pet portfolio hit $2.7 billion (€2.5B).

Cat food accumulated the majority of sales, totaling 34%, closely followed by snacks (33%) and dog food (31%).

Profit of the pet portfolio in the 12 months to 30 April 2023 also marked a positive incline to $494.9 million (€461.3M), up from $395.9 million (€368.9M) in the previous year. 

J.M. Smucker said it is still struggling to meet demand and will invest in infrastructure to “improve efficiencies and increase throughout for the long-term.” 

The firm’s net sales, including all businesses, reached $8.5 billion (€7.9B) in FY 2023.