Smucker’s Sees Profit and Revenue Jump
August 21, 2009 by Mark Ellis
Filed under Business
With a name like Smucker’s, their profit and revenue has to be good, right? Apparently so. Their latest quarterly report was very good.
After profiting $42.3 million last year at this time, Smucker’s saw their profit just to $98.1 million. The jump in revenue was even more impressive — from $663.7 million last year to $1.05 billion this year.
Image: Smuckers.com
Most analysts point to last year’s purchase of Folgers coffee as the biggest reason for the improvement.
“We are off to a strong start this year,” said Richard Smucker, the company’s co-CEO, “with good results in our core Smucker business and the addition of Folgers, which continues its strong performance”
Smucker’s, in addition to Folgers coffee, is known for Jif peanut butter in addition to their jellies and jams. The business, officially known as J. M. Smucker Company, was founded by Jerome Monroe Smucker in 1897. The first product sold by the company was apple butter. Smucker’s reportedly purchased Folgers coffee for $3.3 billion from Procter & Gamble.
