Food company’s financial predictions for fiscal year 2021 no longer applicable due to COVID-19,
The company has also expanded the availability of appointments at distribution centers.
“As we experience one of the most challenging times in our nation’s history, we remain committed to providing a safe and reliable supply of food,” said Mark Smucker, president and CEO. “Our team is united in supporting our customers, consumers and communities in this time of heightened need, while doing our part to help slow the spread of COVID-19.”
The company has also taken steps to protect its employees, including implementing enhanced sanitation measures, conducting temperature screenings and providing financial hardship awards to front-line employees. Its manufacturing and distribution facilities remain open, and additional protective measures are in place in areas with elevated cases of COVID-19.
“The company has implemented measures to allocate order volumes to ensure a consistent supply across its retail partners during this record period of demand. Following a significant increase related to consumer ‘stock-up’ shopping during the month of March, the magnitude of demand increases has begun to moderate; however, consumer demand and customer orders remain elevated,” the company said.
Due to uncertainty about near-term and long-term implications related to COVID-19, the food company’s previous financial predictions for fiscal year 2021 are no longer applicable, it said.
Net sales are expected to be down 1% to the prior year compared to previous guidance of being down 3%, according to the company. This is due to increased demand across all U.S. and Canadian retail channels, slightly offset by a decline in products sold in away-from-home channels.
J.M. Smucker Co. plans to provide more details when it releases its fiscal year 2020 fourth-quarter financial results in June.
The J.M. Smucker Co., Orrville, Ohio, has more than 40 brands, including Folgers, Jif, Milk-Bone, Cafe Bustelo, Smucker’s Uncrustables and Rachel Ray Nutrish.
Get today’s need-to-know convenience industry intelligence. Sign up to receive texts from CSP on news and insights that matter to your brand.
,Food company’s financial predictions for fiscal year 2021 no longer applicable due to COVID-19,Read More