The J.M. Smucker Co. announced results for the fourth quarter of its 2022 fiscal year ending April 30, 2022.
According to a press release, net sales increased USD113.6m, or 6%. Net sales excluding the impact of divestitures and foreign currency exchange increased 9%. Meanwhile, for the full year, net sales were USD8.0bn, in-line with the prior year. Net sales excluding the impact of divestitures and foreign currency exchange increased 5%.
The company provided its fiscal year 2023 outlook, with an expected net sales increase of 3.5 to 4.5% and free cash flow of USD500m. Guidance reflects an estimated unfavorable impact to sales of 2% related to the recall of certain products.
“Our fourth quarter and full-year results demonstrate the continued execution of our strategy and momentum of the business, amid a challenging and dynamic environment. Our strong financial results reflect sustained consumer demand for at-home food and coffee and consumers’ desire for our trusted and iconic brands,” said Mark Smucker, president and chief executive officer. “During the year, we also made significant progress in strengthening our financial position, as we reduced our debt balance, while also returning cash to our shareholders through dividends and share repurchases.”