SJM - J.M. Smucker Is Known for Consumer Foods Such as Jellies and Ice Cream Toppings. But 71% of Its Profits Come From Different Product Categories Entirely.
2024-01-07 06:45:00 ET
In 1897, Jerome Monroe Smucker started selling apple butter out of an Ohio cider mill with a horse and wagon. This was the start of the J.M. Smucker (NYSE: SJM) company. And from these humble beginnings, it would move on to the products that made it famous: fruit jellies.
In the 1940s, Smucker further branched out into ice cream toppings, such as chocolate and butterscotch sundae syrups. And in 1982, the company added to its ice cream lineup by acquiring the Magic Shell brand.
Indeed, Smucker is much more than a jelly company. Today, the company has grown into a consumer-foods powerhouse. In its fiscal 2023 (which ended in April), it had $1.6 billion in revenue from consumer foods, which includes jellies, Jif peanut butter, Uncrustables frozen sandwiches, and more.
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J.M. Smucker Is Known for Consumer Foods Such as Jellies and Ice Cream Toppings. But 71% of Its Profits Come From Different Product Categories Entirely.