The J.M. Smucker Co. reported a challenging fourth quarter and fiscal year 2025 for its US Retail Pet Foods segment, affected by inflationary pressures and reduced discretionary spending.
Q4 Net Sales: $395.5 million, down 13% from $452.6 million the prior year, primarily due to volume and mix declines (-11%) from lower dog snack sales and contract manufacturing. Lower pricing also contributed (-2%).
Segment Profit: $106.1 million, down 7% from $114.1 million last year. Despite the profit drop, margin improved by 160 basis points to 26.8%.
Category Performance: Dog snacks sales fell 7%, while Meow Mix cat food sales rose 3%. The cat food segment benefits from a growing cat population and positive market trends.
Retail Inventory Impact: Approximately $20 million of sales were lost due to retailer destocking.
Mark Smucker, CEO, emphasized ongoing challenges in discretionary spending but highlighted opportunities driven by product innovation and category fundamentals.
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