J.M. Smucker (NYSE:SJM) reports net price realization accounted for a 3 percentage point drop in sales during FQ1.
Increased promotional activity in the U.S. Retail Coffee segment was a large factor in the sales drop.
Gross profit rate -30 bps to 36.2%.
Segment sales growth: U.S. Retail Coffee -2% to $502.7M; U.S. Retail Consumer Foods -3% to $522.8M; International, Foodservice, and Natural Foods -1% to $298.3M.