JACKSONVILLE, Fl. – J.M. Smucker Co. is hoping to boost Folgers coffee sales back up. Food Navigator-USA reports, the company saw a big drop in U.S. sales in the third-quarter. Food Navigator reveals the sales dropped to $150.5 million or 17-percent.
The company's CEO, Richard Smucker says the company is "disappointed" with its coffee sales. Smucker believes the fourth-quarter won't be too much better. He says he hopes restructuring its coffee business will help boost sales.
Smucker is working on....
1. Using smaller canisters for Folgers roast and ground items
2. Promoting partnerships
3. Introducing K-Cups
Smucker says the price will be reduced to a lower price for the smaller canister. The company's chief operational officer, Vincent Byrd, states consumers aren't making as many cups of joe in the morning as they used too. With customers drinking less they can choose a smaller canister over a larger one.
According to Byrd, the K-Cups will be available at the beginning of May, which is Smucker's start of its fiscal year, according to J.M. Smucker website.
The Wall Street Journal reports, Smucker's Jif peanut butter sales have increased.