SJM - Smucker Says People Stocking Up for Quarantine Are Boosting Its Sales and Revenue
With the coronavirus pandemic prompting stay-at-home orders across the USA, J.M. Smucker (NYSE: SJM) raised its outlook for both sales and revenue as Americans stock up their pantries with its products. The company posted a news release today forecasting better-than-expected results for its most recent fiscal year, which is slated to end on April 30.
Smucker's original guidance called for a 3% drop in net sales, but the urgent demand for canned goods and other long-lasting, shelf-stable foods improved its situation enough for the company to expect only a 1% net sales decline instead. It also says its capital expenditures, or capex, should be lower than the $300 million to $320 million it projected.
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