Some of the new items this year include Jif Whips,
The company reported a decline in its fourth quarter net income by 9 percent to
The company said it expects net sales to increase 5 percent in the next year and earnings per share are expected to be between
The company is expecting Canadian currency to negatively affect its Canadian business in 2015, since the majority of its goods are produced in the U.S.
Smucker had another successful year "as we overcame a number of challenges to deliver our 13th consecutive year of growth," Richard said.
Smucker said volume gains were achieved for the year for several of its brands, including Folgers (up 3 percent),
For the fourth quarter, U.S. retail coffee volume increased 1 percent, however K-cup net sales decreased by 10 percent compared to the previous year.
The company on Tuesday announced a 9 percent increase to its packaged coffee, citing increases in green coffee costs. K-cup packs were excluded from the increase.
In the conference call, CEO
The company's first sponsorship of the U.S. Olympic team was also successful in reaching consumers, including expanding its reach to the "millenial" generation, with more than 1 billion "impressions," said Smucker. Plans for sponsorship of the 2016 summer Olympic games is already underway, he said.
Among the company's 2015 goals, Smucker said, is expanding its footprint of the Jif brand, focusing on simple ingredients and key labels and focusing on its cash strategy.
In a question and answer session, an analyst asked why the company had not had a major acquisition in the last few years and asked if the company was looking. Smucker said the company had looked at a few acquisitions, but did not find anything it was interested in.
Smucker said there are more brands and companies becoming available.
"There is more coming across the transom. We have the balance sheet to do a sizeable acquisition," he said. "We're still looking."
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