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JM Smucker Co SJM Stock Quote

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Morningstar‘s Stock Analysis SJM

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Smucker’s Value Positioning Leads to Strong Q2 Results, but Shares Appear Fairly Valued

Rebecca Scheuneman, CFA Senior Equity Analyst

Analyst Note

| Rebecca Scheuneman, CFA |

In its fiscal second quarter, Smucker reported 11% organic sales growth (a 17% boost from higher prices partially offset by a 6% drop in volume/mix), topping our 8% forecast. While Smucker’s meaningful exposure to value brands has resulted in market share losses in recent years as consumers traded up to premium offerings, we think this positioning is boosting Smucker’s performance in the current inflationary environment as consumers are more price sensitive. The firm touted that 71% of its sales in the U.S. retail channel are gaining or maintaining share, which we largely attribute to its value positioning. However, we continue to believe that Smucker’s brands largely lack brand equity, which underpins our no-moat rating.

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Key Statistics SJM

Company Profile SJM

Business Description

J.M. Smucker is a packaged food company that primarily operates in the U.S. retail channel (87% of fiscal 2022 revenue), but also in U.S. food-service (7%), and international (6%). Its largest segment is pet food and treats (36% of 2022 revenue), with popular brands such as Milk-Bone, Meow Mix, 9Lives, Kibbles 'n Bits, Nature's Recipe, and Rachael Ray Nutrish. Its second-largest category is coffee (35% across channels) with the number-two brand Folgers and number-six Dunkin'. Other large categories are peanut butter (10%), with number-one Jif, fruit spreads (5%) with number-one Smucker's, and frozen hand-held foods (6%) with number-one Uncrustables.

One Strawberry Lane
Orrville, OH, 44667-0280
T +1 330 682-3000
Industry Packaged Foods
Most Recent Earnings Oct 31, 2022
Fiscal Year End Apr 30, 2022
Employees 6,700