Peanut butter and jelly is still top of mind for J.M. Smucker (SJM).
CEO Mark Smucker called the sweet and savory duo the company's "bread and butter," especially after Uncrustables and fruit spreads drove sales last quarter. Net sales for the U.S. consumer foods business saw a 9% jump to $434.2 million, driven by Smucker's Uncrustables frozen sandwiches, up 38%, and Smucker’s fruit spreads, up 12%, in the company's fiscal-third quarter results.
Now as it looks to make Uncrustables a $1 billion brand, it's doubling down on the classic combo.
"We are going to continue to push that, we just expanded our second facility in Colorado, which is producing more sandwiches, and then building a third plant in Alabama, that is really going to meet the demand that we're seeing across the entire market," Smucker said.
As the company looks to reach that billion-dollar valuation, it is expanding innovation under the brand.
In September, it introduced Uncrustables Meat and Cheese Bites with two options, uncured ham and cheddar and turkey and colby jack. The following November, Smucker told Yahoo Finance the additions have "actually done very well," though called it a relatively soft launch.
"As we launch some of those meat based bites, what it does for us is validate that the Uncrustables platform can live outside of peanut butter and jelly," he told Yahoo Finance LIVE today.
This comes as the J.M. Smucker continues to get a boost from people eating at home, despite the impact higher prices at the grocery store. Smucker said, "We continue to have great performance...We do benefit when consumers tend to stay home and eat at home, that clearly benefits our business."
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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March 01, 2023 at 04:55AM
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J.M. Smucker CEO: PB&J is our 'bread & butter'; Uncrustables business grows 38% - Yahoo Finance
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