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Smucker's quarterly profit dips 42 pct
June 8, 2017 / 11:12 AM / in 5 months

Smucker's quarterly profit dips 42 pct

June 8 (Reuters) - J.M. Smucker Co reported a 42.2 percent drop in quarterly profit on Thursday, hurt by weak sales of its Folgers coffee and pet food products such as Meow Mix and 9Lives.

Smucker’s net income fell to $110.4 million, or 96 cents per share, in the fourth quarter ended April 30, from $191 million, or $1.61 per share, a year earlier.

The company also recorded a $57.5 million impairment charge and a $21.5 million derivative loss in the quarter.

Net sales dipped 1.3 percent to $1.78 billion, marking the fourth straight quarter of decline. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)

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