SJM - Earnings call transcript Q1 2025 | The J. M. Smucker Company

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Operator

Good morning, and welcome to The J. M. Smucker Company's Fiscal 2025 First Quarter Earnings Question-and-Answer session. This conference call is being recorded [Operator Instructions] I'll now turn the conference call over to [ Crystal Biding ], Vice President, Investor Relations and Financial Planning and Analysis. Thank you.

begin. may You

Unknown Executive

morning's thank at quarter and a joining fiscal on in our to remarks, management's Good are which question-and-answer you session. first available this detailed as earnings our corporate had release I XXXX in review prepared website morning, our results for press jmsmucker.com. hope chance everyone

will post an at this of conclusion session. also audio call We morning's the replay of Q&A this

and we call, results expectations make forward-looking These reflect assumptions that on current plans due may to actual may statements about risks our and future and During performance. materially and rely statements uncertainties. today's estimates, differ

measures Additionally, non-GAAP release. Participating on this call use concerning Tucker I full Chief morning's are performance internally. this disclosure Financial of and Chair Officer; Mark and encourage Marshall, financial you forward-looking President statements we Chief on the Officer. in to read Executive details Board, the results press to and Smucker, evaluate non-GAAP our

now question. Operator, We will for up the questions. queue please open the call first

Operator

Instructions] [Operator today Andrew from coming from is Barclays. Lazar first Our question

Andrew Lazar

to see there And inflation month on last or meaningful goods though your dog categories. mentioned 'XX the consumer by in of snacks sales it of sort quarter, seems growth of and think behavior. or maybe spending, X discretionary you was a And full X baked the how call-out, sort a the as of is shift moderating terms start last really shopping point. off, comparable about just you in a impact year the key Maybe sweet specifically on you're I and

are sort you initial of think could a your bit talk your about you going in you more develop what so And business on are the or seeing building forward? versus quickly trends currently, just into proactive can shifted potentially what outlook expectations? Mark, you being So more

Mark Smucker

it's Mark. Andrew,

earnings we quarter and per having and of by pleased grown me our all, are start course, sales saying of First volume both let very share. just with the

So to of growth solid And continues has quarter. saw we a obviously, we a butter. grow, well. in Bustelo did Uncrustables exceptionally number notably, peanut have places, performed

see we're an highlight did of or so point this of that that seem are consumers Sweet stores. quarter. I to And convenience out, bit channel, see Baked acceleration we still shopping bit the pleased some very the as frequently, channel, there. quarter. But Snacks And would convenience in you earlier, our we in a a do the less, in growth we less we did did with although growing convenience it business, in the share in the and over-index accelerate with

So our that performance income in on good. Sweet that seen cautious a and why have discretionary we spend, But pet Snacks and been Baked as an snacks. have more bit is both have less channel bit of is consumers impact a to

Andrew Lazar

it. Got it. Got

Tucker, helpful. X% positive stage? outlook and And comparable both previous How do expected growth year price. growth predicated your Okay. these then outlook volume at see contributing That's to sales was metrics sales this your on comparable full both you

Tucker Marshall

the at this that outlook X% growth is Acknowledging morning. good at midpoint. for Andrew, year-over-year our time

our into about As of coffee growth ongoing of net round impact which increases. isolate you seeing and aspects the portfolio a you X.X%, of that divestiture, our noncomparable is another to green co-manufacturing seeing points sales expectation, we largely take increased Pricing XX approximately account the change exchange are due basis seeing previous we're of pricing growth, within foreign has X pricing. outlook sales, acquisition, pet points from about from cost of to volume/mix our of X.X%, X%. Within and we're of the coffee due previous

Operator

Ken from is Goldman question from coming JPMorgan. Next

Kenneth Goldman

category. given reasons for Goods mentioned, line the outlook top the is, the as Sweet you Baked the of One in reduction

Hostess from anticipating reading looking that still kind about like category just the I in You're it Am contribution kind roughly what to made softness though, slides. we're comment specifically wrong? reconcile of sales looks with at I guidance in similar the of the seeing for from least you're just of the this Or Hostess? to what you year, kind a wanted

Tucker Marshall

specifically to speak I'll the change. guidance

Snacks, Mark you as XX% change million. X growth the is of at midpoint $XX fiscal in million coming the seeing or and the but the So of first we're being convenience. About of from the spoke balance is year half approximately a half. channel derisking year. year $XX softness category, outlook specific to X%, that our bit in that of most just million that coming half of Sweet through the $XX through of coming of to back now And the we're the through the overall half transition back the percentage Really, into current then the of Baked which is also

portfolio. a then our that now where now. The we're growth the is this is that the the is really snacks. And pet puts see And we coffee inflation, really offsetting volume calls within they delivering from change sales well continues on reflected coffee price portfolio we're as $XX guidance. The balance of great momentum Uncrustables pet growth into partially is elasticity and again, thing And embedded to are what's and in we're pet frequency seeing And delivering we anticipated. great the in is less our portfolio then reset in from as in don't seeing pet environment, about portfolio, year so coming and that, to that we're sort and of we our our really that it than and green level co-manufacturing of demand the as guidance handheld think $XX million that coming for control balance that of of volume. the addresses overall that fiscal expectations the million due bode

Kenneth Goldman

year? few helpful. do to you by To this be degree expect EPS very a pennies still then quick That's Okay. to follow-up. And what Hostess accretive a

Tucker Marshall

a fiscal we step into Ken, few acknowledge did of So year accretion. and this cents

thing top as in seeing the are now the of synergies $X.XX. The company. $X.XX we is, despite supporting point, not in at line result the a maybe are total we anticipated of dilutive revision, top think great of range a expected, We're probably state. profile as which to I in coming and candidly only profit but better than business the the also softness, in the overall is line unit, come this

Operator

question Robert Next Moskow from coming TD is today Cowen. from

Robert Moskow

it is big between is the the risk there I guess questions. that come of environment, of Is guidance cut consumer a pretty still do further the for sufficient? think because cuts it's the One two like delta imply basis in the tougher does light XXX today. inflection. And here a point the to wanted what but you And thing there's and pretty back it little you're of looked I in to not half spend your apples-to-apples, marketing tracking the data guidance year bit. seeing a significant cutting in a second we're understand is the

as especially X% you'll now basis points below considering How Hostess brand percentage rate? looks growth you investment that -- and again about get maybe it risk going think sales. I probably the to XX need did more this like you're the on a evaluate of of decision, rewards get

Tucker Marshall

still what the continues we launch, perform to butter and seeing you Uncrustables flow is of acknowledge above about more snacks overall as being to Rob, about slowed by the driven discretionary outlook the There's of with overall And external momentum peanut I continued that's a line. We the Mark's aspects the going at felt or have it across of derisk that was embedded the want we're want that in of demonstrate the at level appropriate growth. bit to of some discretionary within fiscal our that portfolio. the frozen Snacks, we're top seeing Baked feel at the a expectations headwinds channel growth chocolate our then Particularly in momentum the front year of the think very and level. we addressing, just portfolio in Milk-Bone continued category more as also that X% portfolio, bit. mix. And the success a to really think some pet not for then momentum of [indiscernible] has half this the within that near-term the of fiscal achieved some to is in And confident affected back Sweet comments. but the we really the level innovation Bustelo, only little the aspects at year, the year, half which ongoing portfolio, ongoing that handheld to you factors overall Café acknowledge opening portfolio. to acknowledge also volume/mix

Mark Smucker

although year, channels. the we very feel company past chocolate, and dollars launch they being still might it's about improved lot good very a good up overall. prior slightly integrated distribution we peanut still to fully increase the then the in in very some the over be at We from sure spending Milk-Bone Jif the anniversary before mind, to Mark. the on can of later in be distribution. Obviously, very the acquisition. And that and We too, marketing love Uncrustables, Hostess these have spent, through versus continue of Rob, trajectory a the and do We've mass right. then that of portfolio expect down where Hostess. overall integration, versus get have as be to back get there. will brands. it in also we're time marketing we for few the expectations, to taken we good butter making add those just we our business of years the continue drive just marketing total perspective, to feel committed the spend might marketing about to year, need namely And the that X-year to of I or expect half supporting Keep we

capabilities the So we'll turning on integration. be we get once fully through more our

Robert Moskow

follow-up sales a up slightly the like marketing going can Mark, but full ask are be You up for X% year, your I that? year-over-year. said to to will be

that reduction brands getting in a any terms support a are there marketing as are of result terms -- So sales of of this? in

Mark Smucker

would the the brand half baked about advertising some positioning, that I will of I way think the work, it, until be Hostess, new that creative because Rob, with year. fully working new through think new not we're back is

we to level that not will same on brands. degree the expect so would up Hostess we able marketing some be our And on other of to

Tucker Marshall

around [ this [ to, was percent net our talked marketing about in sales ], our I and we acknowledge coming remarks, Rob, prepared below fiscal of X.X% would into being ] year. it just X.X% to

on yes, but marketing So back pulled this draconian way. a we not year, fiscal some have in

Operator

is from from Next Peter Bank coming America. of Galbo question today

Peter Galbo

getting remarks, no a 'XX. Mark, Tucker, In we're question fiscal prepared the mention little on one bit. there was

talked about last kind an algorithm the of the had EPS above least to at next quarter about ] you year. [ from As kind be for of ability perspective

how Or on think we should just that? Are was walking as a X that year can if this the then omitted touch a you -- bit. it's you from through still Just transition maybe ago. and reason? months of it the kind into year, So about for same away next

Tucker Marshall

into committed fiscal comments FY are we we this that to Pete, Yes, made 'XX. the year coming around

As productivity debt, that savings, our and we in synergies, see is going base advance we to we the inure ongoing growth we as overhead, to of we second relieve business momentum, and as benefit transformation the continue earnings stranded algorithm. terms year to as benefits office coming or the cost of down through our of see mitigate pay

stepping away not we're from So that.

of Really bottom factors channel. and external and both today some the are a that at top are affecting both what reflection category is line

still And we're delivering but so and delivering momentum profits. we're healthy business that, acknowledging

Peter Galbo

on just can there through the down help would with any additional kind Okay. color us half a year. but you coffee, Great. gross be of Obviously, more the margin back cadence helpful. bit of on side, coming that And green the maybe the Tucker,

Tucker Marshall

another for round expectations to basis. profit seeing in a inflation result So plan stepping very to taking portfolio. Candidly, into ahead. of strong the for full that the we're total that a or XX.X%. a balance the year pricing seeing outlook margin The or is XX% revised solely coffee as the business, of either we green at green coffee slightly company within profile was inflation additional are our of down gross change margin on fiscal year, due We've

for we and a in strong each on quarter, below delivered quarter, balance that around a portfolio. And XX.X%, So be quarter. third the standpoint, will slightly of first second kind the from be then maybe XX.X% cadence number and that's in significantly quarter. of better very that fourth an equal good then the We'll really in probably

Operator

is Smith question Matt from from Stifel. coming Next

Matthew Smith

the regarding ask additional coffee in I wanted to question about a thinking the increase you're how price category.

behavior. weaker about talked consumer You

pricing kind you beginning You didn't October? historical in factor you you additional coffee that. talked But mention when about do to of expect that the take hold elasticity as

Mark Smucker

we've as in than that Mark. not. our the close Matt, would of I it's right more modeled to elasticity, say we've modeling been terms

things what think a good general we couple reasonably out coffee feel about before. would I business. We've in point about I the of so been we've modeled. And just here

is commodity. always in demand it down take right we remember, [indiscernible]. particularly obviously, foremost, strong the increase can up It for and price, are a and now, so is coffee we and First [indiscernible] go And driving prudent. on price, World be very we when volatile. that's and for what's

multiple have levers. We

actually same the consumer deliver and We ability exact flex have formulas to experience. still the

So over value the that's portfolio, reads and the a the category. a from business decade little that demonstrated cold that And And we've shifting obviously, led then that ability an a good would finally, we lever. that coffee highlight is. do growth now good is in category. And are more to shifting offer you see drive brew offerings and which K-Cup, volatile trade to thing. we a our are stability portfolio But seeing we fact we've expectations that follow, the And performing still competition these serve lever, as our into are more well, feeling in sometimes the been I to premium, and options really price, our our should and launch ago, Previously, Bustelo very wonkiness in about just where pre-brewed now exceeding is in options. have fact liquid times, shift to initial multi-serve time bit our or a single a

Matthew Smith

what in to given weaker that to growth category your today pressure you term for you to around But expectations getting I follow-up environment the improve confidence you you're X% have around or some channel just the long-term leverage you Tucker consumer the Can stronger? and Goods category in Baked price and the higher consumers commentary actions adjusting on taking environment the you, business Thank category, Sweet consumer the channel the about heard the as the shift. a potential, talked the shift. I allude is acknowledge and Mark, just under to point near little elaborate a thought still range. beyond

Mark Smucker

Fair, Matt.

from be in continued has macro a its food. would overall to that perspective, strong I First, maybe continues just or of highlight to has continued very forms snacking all total -- a and category outpace

spots snacking. Sweet snacking. will do to relates XX% future to still success still a in continue stay. But a in Consumers snacks a lot to to here channels a Uncrustables day, opportunities see eating twice have we highlights it continue innovate. It's the of And so the bright day. are strength, we Obviously, we X continue into distribution Snacks, where about consumers story have of are is the of specifically most snacking we expand or great and Baked the as to to sort

We have solid a innovation pipeline.

have a from just the look talk well. And other GLP-X course, us about the drugs. impact And and get some really recently closely maybe, that see that question no heard we media and across the at one as actually from on updated of data opportunity I there You've category. really we this we to that on advertising. is very particular new continue lot And there is thing GLP-X might looked that households. highlight at significant drugs around There's meaningful

income. is softness less talked about than by the that anything, just so discretionary this And really driven, we've more

growing and drive we're We're and even those things doing, of continue our convenience, on this we we we -- going turn optimism reasons, of capabilities earlier, thing. can all were share, the and to on still the for still so that that in continue have I to And for we love to still control all said we plan that brand,

Operator

question Citi. next Palmer from coming Tom from is Your

Stephen Robert Powers

to I ask Uncrustables. wanted on

just been way million think it? I still a growth for million in in partially Or that perhaps And about on by you bit? capacity around give constraints. plan and think the year sales this an for is expectations right dictated is $XXX $XXX growth years, this was Uncrustables then this update the has annually a year? subsequent to changing that Could

Tucker Marshall

overall another Tom, by sandwich, fiscal quarter, end billion growth XXXX. see Had runway, and to our $X committed tremendous demonstrating to the the ambition great we year are Uncrustable we and the brand. the continue double-digit of

And we here will facility of on to a so, capacity salable be our as result that, shortly. through Alabama bring continue producing sandwiches that

We in advance raspberry to continue We in month. innovation. spoke about prepared our here the remarks that's forthcoming the flavor next

the track And laid it on so And what positive year do we've we're very out. this with outlook. Uncrustables a contributor it's direction, and and platform furthermore, to to continues fiscal being perform real in our pleased overall to

Thomas Palmer

food from Sweet a a peers To where extent be for as higher maybe some demand promotional we've your for have dog the to of especially bit activity lately? heard what or action, Okay. plans similar drive considered treats portfolio, U.S. of seems Snacks volume. And Baked you such some of then stepped-up softer parts plan underlying to

Mark Smucker

Mark. it's Tom, Sure,

general, return have, promotional We to in seen normalized pre-pandemic levels. activity

given so, promotions And given see in category any generally at may time, any are, spikes in temporal. speaking, those you although,

net they we And dollars ] on whether media dollars, of putting or where think impact. or what we're [ allocating our can so RGM sure [ make in-store capabilities merchandising when we we focused lean we're to actually on that's make those optimization our our try that about revenue marketing and really and an have you believe or that where ]

Operator

Bank. from is Our Powers from coming next Deutsche Steve question

Stephen Robert Powers

or [ able in of place anticipated in the ] whether For formats? and back and Going in October, focused ground provide it that both magnitude ] of second you're wondering just a ground. of brands any will I'm likely round to pods [ be increase perspective if particular coffee terms that pricing or the to you're channels, putting example, on more

about give you're more increase. us sense of thinking a little to how that Just

Mark Smucker

the specifics what can is across it I but entire Mark. the tell that you around magnitude, it's I can't Steve, is provide portfolio.

means So ground, serve roast single and that it's brands. means it all

holistic. And so very it's

Stephen Robert Powers

I'm the seen back you see markers that's might time in we've that and dog snacks look to have a struck seems there I wondering dynamics anticipate have to as have tracking versus might that And be perhaps guess to you ahead might I slowdown Okay. more somewhat importantly, barometer these of in to category it visibility surprise. looking underappreciated that and any to Milk-Bone, back, that then as to trying or get demand of this in you And that now ability demand a guess are you're your more a pivoting [indiscernible] if things been kind now been relatively of factors sense react pointed real to time. impacting abrupt of forward. I'm of having

Mark Smucker

what Steve, did first Yes, of share grow. I would Milk-Bone is, all,

tune So in a business down little our to modest chewy snacks some primarily the X% soft but and see of bit because in growth our was soft, actually total of dog was did volume. Milk-Bone quarter, the

and we that, currently soft support most on all as launched peanut that buttery co-branded attribute So of and continue to occasions value. And performing as top offering B, category the contain with that both across chewy like very we we innovation well. to, are well that that all product, informs has to it brand; products or been the bites Jif, A, and premium that in segments plays Jif, that our the

for perform. so factors, of all continues those And Milk-Bone to

Baked we've Snacks. discretionary lower the of snacks income pretty primarily and consumer, discretionary been Sweet this think relates it to impact categories As that specific the I pet

really most where of And focus. seen that's it so there. leave maybe I'll we've just the And

Operator

is Howard coming Bernstein. next Alexia question from Our from

Alexia Howard

Okay.

brand-focused So questions. two quick

remarks year? to results you're the into line this in in Hostess, the you'll turn you able far. you all, I growth top gives that positive despite of What on this so volume/mix Hostess commented around territory expecting year confidence it First that be prepared the think disappointing

Tucker Marshall

one opportunities portfolio with into well. But to stabilization decision. we also as we that we what Alexia, each pleased calling of and category, also Away Sweet the slightly also by in walk track strong us Snacking, great on have a gives million are top and the has but in ability in half we our caused Sweet the of in From a that front which that's sort category very year would category. category synergies to right the is, seeing business half, retail, we have down well, the year the the merchandising standpoint. approximately line C-store distribution is fiscal the we is and focus of we're totality that brand, front category. $XX portfolio. What the down the the channel continue support ongoing we're and we said are this an how and overall as confidence within and from is down convenience that the the we to Baked down right to to demonstrating the The and tactics opportunities the million, and the Home the channel acquisition largely over-index from channel, we into the and be and revision believe have with traditional category another. I perform fiscal Goods see across It's portfolio been to now. along in within $XX an will to integration opportunity in a one, is And that have year. right in say We're brand going ongoing has down, expand channel, along been with to driven on -- is flat the come Baked be

back the of uncertainty, additional and the through a until stabilization we're some The to million, million, continue advance half, the of first is particularly million As has of because across result not the see the portfolio. the $XX some because to strategic simply come of half. the said, $XX $XX derisking tactics able as I

Alexia Howard

Dunkin'? with brand? other to Is looks of some the brands, pricing contrast think with going else your on in going well. coffee this something specific very time though dynamics I that's volume/mix we did is down could something Dunkin'. as Or was follow-up, on competitive and switch Great. which it to And as there a that's It with

Mark Smucker

Mark. Alexia, it's Yes,

competitive really about I driving what's in good We feel that's really Dunkin'. you know large have it's coffee dynamics some still our of it. continued the and pretty portion We think a see And brand, business. to

in as a expect continue will question pricing the support think from see we Dickerson? brand. Operator, to we're then, to normalizing so of looks be category, we that And over of I the some Rob And for would stabilization course, to waiting time.

Operator

ladies gentlemen, and coming technical experiencing currently which are Dickerson Jefferies. next is we Rob the to move Apologies, We difficulties. our on of line from question, with

Robert Dickerson

question a very clearly, just maybe the Tucker, you was I in impressive. for the quarter profitability pet. mean, on

kind that Just to of year? And then amount rest the next curious right, margin of a of as how seems think fiscal the you're thinking profile also, of like about we sustainability the fair for the business forward when year, still sustainable is overhead what straight today, come first year like Does next off even stranded of for higher this could margin that question. we're the be imply year. seeing ex PAT overhead. also even That's that the should that

Tucker Marshall

momentum the nice particularly is across in it's our for snacks stabilization is, quarter. that the pet food positive supporting What a coming strong and Yes, portfolio the the profitability supply is portfolio performance to both portfolio. cat in chain, just of our volume/mix pet and food. Rob. within Seeing see strength cat the the through

benefits realizing begin or productivity initial The savings. overhead. You're steps our and cost stranded seeing to the removing of

good definitely first quarter. so And it is a

of and profit into again, focused win and restoration and provide we margin more this in nice snacks as to slightly the kind able as an right we've As be fiscal and pet overall be that update that next. the we of on XX% that think it's food. a going of should forward, But we'll portfolio. the in cat better Again, on for through to go continue maybe to outlook areas sharpen the the range, we where portfolio in pencil have year

Robert Dickerson

profit guess, drivers then, it's guess the little Great. slower while I but ] costs? And clearly that would share Hostess respect the sales mentioned, snacks like and also [ I in you a mean the a not little way coffee much a just say the price lower now I a dog EPS, pass-through bit even EPS lower could All you specifically maybe I maybe category, flat bit of can of on a I side but dollars, growth seems lower kind margin, consumer the versus for depending you right? So treading like on it the little but from manage then lower higher off the a a have profit really on I'm lower. perspective of right, just of dollars at carefully on just right. kind side environment, environment. year, to And lower the premium almost the given pricing a more I'm little understand of lower, little you also of that my is margin, because of the least lion's the trying a and asking kind for

Tucker Marshall

to per didn't sort thought It that I the initial range did how to down? we approximately share part I the break of hear that in adjusted was Rob, faint. sure what want Was very your question. $X.XX I we... the But of earnings just the heard of came change in guidance question? make midpoint of our

Robert Dickerson

So if margin in pricing trying also you're that's the right, lower or mean maybe I carefully profit dollar And coffee. but half, just question. back a simple -- lower little in on little right? not a the coffee, flat Yes. to that's out a yes, I'm dynamic a little figure bit treading profit maybe from

So breakout? consumer in you taking thought is all. pricing kind then to relative would like amount be of on the coffee the what And That's what's environment? the of process the

Tucker Marshall

Yes.

And midpoint our $X.XX So break in top there's portfolio, favorability It's a offset marketing. the through $XX guidance of sales. your level then gross coming of The net start at from is administrative to coffee level. margin to $X.XX approximately largely a that approximately by to we $X.XX and $X.XX, from or being change highest overindexes when there. reduction of which you sort don't Why line that which $X.XX previous of to range the not then is impact, support a if lot just it's unpack all. SD&A down,

As on dollar-for-dollar we those pass-through recover on the rising what do costs, had of way. acknowledge coffee think is we basis an costs sort to a about dynamic, appropriate

inflation elasticity demand recover both in that through it costs. what with on price taking deflation is round and also passed to we know, we coffee. And we order acknowledged green these a associated have you of pricing of then As see as additional

Operator

coming from BNP from Paribas. Max Next question is Gumport

Max Andrew Gumport

First one is on the called that dog treat weakness out. you

regard order sounds seeing dynamic discretionary if it pressure. worked reacting what I'm down? you're or is inventory a are wondering seeing So you're how getting But any in consumer reductions and income like with to retailers patterns primarily

Mark Smucker

-- you could is Max, this Mark.

I'll the question, first If second was part the which the your of got you part? I about answer second repeat part about please? snacks. What dog

Max Andrew Gumport

Yes.

on snacks, how but given a the there's order was retailers if dog part inventory are pattern. more what dog pressure? pressure? treats, second reacting to coming retailer reducing you're Are from income discretionary seeing consumer it's The wondering of weakness they I'm this if wondering given

Mark Smucker

Yes. seems I it. don't dog meaningful that reduction latter snacks. any think It seen usual. Got on business to inventory we've On part, be as

bit a pets, leading are buying, their what's slowdown frequency. driving treating treating think less less which still frequency income, dogs ] I to the parents their of [ with again, is, is little less discretionary the So of pet right?

the lower discretionary so is economic the and truly by And that less income. environment just driven the --

Max Andrew Gumport

the better derisking switching I year. your understand then to on comments And Hostess it. to want Got for just Hostess.

your cut up than to your full far expected to you well this look initial prior million be. your X which modestly expectations. points so So you for to expectation, more mentioned really first year to cut the versus expectation had where in line year a is X% $XX top below half, flat the fiscal Trends

related that particularly half you've and what's year. you feels confidence and out category just seeing especially [indiscernible] the that in a taken you're for this given it I'm that channel given is fiscal you've the bit control so wondering really your numbers back that think down and it's enough, of pressure and derisked the And

Tucker Marshall

half, $XX Max, to I to reduction a think down be that you of acknowledged fiscal said, we've fiscal would front into Coming the then $XX half framed the the in year, in the up. in as we and we would year. front million, back we the flat be million the half

full the But year can We'll confidence calling basis, think growth I of so moderation category. million. half is, it's see $XX excuse still portfolio channel, me. the have sort flattish. What level the is some of We're in of right a to And gives going or in the a C-store down Two the feel category. back to one, us in continue we're stabilization half. about in we on the then level back

as opportunity distribution dollar the channel enable we team. And been well through you as an retail merchandising also sort team, channels, well. about state in we can fall, of Away one too, the to ] be We've be grocery, one continue to From As the platform. integrated Walmart work in channel. that traditional advance continue the can will will as of club [ think the then truly always acknowledging growth then to Home of getting both And here and think on one one us to in system, but to

And in right so also we overall continue to only in our not brand tactics portfolio the against confident but category. are the the have and very the in participation

Operator

the turn any session. further our I'd comments. for question-and-answer back closing to floor of Mark to We over like reached end

Mark Smucker

the all from their thank great confident on we webcast first of next Have quarter our Conference your in you many to day. hope like environment. be at Thank contributions. We who, I continues outstanding would dedicated Staples accessed a remain us results time A as continue our live for presentation to can and you. with of Relations always, for Global that our pleased XX:XX our strategy to are just success of portfolio join September Barclays to be be today and website. want Investor call. powered our consumer Thank We to strong in Boston and this rest X be our by resilient for in able I Consumer dynamic reiterate our will week. joining you our also how employees transformed at your

Operator

you. Thank today's webcast. does That conclude teleconference

at your have your lines We disconnect and may wonderful You thank you participation today. day. a time, for this

The J. M. Smucker Company (SJM) 28 Aug 242025 Q1 Earnings call transcript