The J. M. Smucker Company (SJM): Business Model Canvas

In der dynamischen Welt der verpackten Konsumgüter stellt die J. M. Smucker Company ein bemerkenswertes Zeugnis strategischer Geschäftsinnovation dar und wandelt sich von einem kleinen Familienunternehmen für Marmelade zu einem 8 Milliarden Dollar globales Lebensmittelkraftwerk. Mit einem beeindruckenden Portfolio, das ikonische Marken wie Smucker's, Jif und Folgers umfasst, hat sich dieses Unternehmen meisterhaft durch komplexe Marktlandschaften durch ein sorgfältig ausgearbeitetes Geschäftsmodell navigiert, das Tradition mit innovativen strategischen Ansätzen in Einklang bringt. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Smucker's durchgängig Mehrwert liefert, das Vertrauen der Verbraucher bewahrt und in mehreren Lebensmittelkategorien ein bemerkenswertes Wachstum verzeichnet.

The J. M. Smucker Company (SJM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Agrarrohstofflieferanten

Die J. M. Smucker Company unterhält wichtige Partnerschaften mit den folgenden Agrarrohstofflieferanten:

Ware	Wichtige Lieferanten	Jahresvolumen
Kaffeebohnen	Von der Rainforest Alliance zertifizierte Farmen	175.000 Tonnen
Fruchtzutaten	California Fruit Packers Association	82.500 Tonnen
Zucker	Amerikanische Zuckerraffineriegruppe	65.000 Tonnen

Vertriebspartnerschaften

Das Vertriebsnetz von Smucker umfasst große Einzelhandelspartnerschaften:

• Walmart: 37 % des gesamten Einzelhandelsvertriebs
• Kroger: 22 % des gesamten Einzelhandelsvertriebs
• Ziel: 15 % des gesamten Einzelhandelsvertriebs
• Amazon: 8 % des gesamten Einzelhandelsvertriebs

Co-Manufacturing-Vereinbarungen

Smucker unterhält Co-Produktionsbeziehungen mit:

Standort der Einrichtung	Produktionskapazität	Produktkategorien
Orrville, Ohio	500.000 Fälle/Monat	Marmeladen, Gelees, Erdnussbutter
Longmont, Colorado	350.000 Fälle/Monat	Kaffee, Getränke
Memphis, Tennessee	250.000 Fälle/Monat	Fruchtaufstriche, Dessert-Toppings

Landwirtschaftliche Genossenschaftsbeziehungen

Smucker arbeitet mit landwirtschaftlichen Genossenschaften zusammen, um eine nachhaltige Beschaffung sicherzustellen:

• Midwest Farmers Cooperative: Beschaffung von Kaffeebohnen
• California Fruit Growers Association: Beschaffung von Fruchtzutaten
• National Farmers Union: Nachhaltige Landwirtschaftspraktiken

Lizenzvereinbarungen

Zu den strategischen Lizenzpartnerschaften gehören:

Partnermarke	Produktkategorie	Vertragsdauer
Dunkin‘ Marken	Abgepackter Kaffee	10-jähriger Exklusivvertrag
Pillsbury	Backmischungen	5 Jahre verlängerbare Lizenz

The J. M. Smucker Company (SJM) – Geschäftsmodell: Hauptaktivitäten

Produktentwicklung und Innovation in Lebensmittelkategorien

Im Geschäftsjahr 2023 investierte J.M. Smucker 86,4 Millionen US-Dollar in Forschungs- und Entwicklungsaktivitäten. Zu den wichtigsten Produktinnovationsbereichen gehören:

• Erweiterung der Kaffee-Produktlinie
• Nahrungsergänzungsmittel für Tiernahrung
• Diversifizierung des Snack-Food-Portfolios

Herstellung und Verarbeitung von Lebensmitteln

Standorte der Produktionsstätten	Anzahl der Einrichtungen
Vereinigte Staaten	23
Kanada	4

Gesamte Produktionskapazität aller Anlagen: 2,1 Millionen Quadratmeter Produktionsfläche.

Marketing und Markenmanagement

Marketingausgaben für das Geschäftsjahr 2023: 542,3 Millionen US-Dollar. Das Markenportfolio umfasst:

• Folgers-Kaffee
• Jif Erdnussbutter
• Smucker's Preserves
• Milchknochen-Leckereien für Haustiere

Supply Chain Management und Logistik

Logistikmetrik	Wert
Vertriebszentren	15
Jährliche Transportausgaben	387,6 Millionen US-Dollar
Lagerkapazität des Lagers	1,4 Millionen Quadratmeter

Qualitätskontrolle und Einhaltung der Lebensmittelsicherheit

Jährliches Budget für Qualitätssicherung: 62,5 Millionen US-Dollar. Zu den Zertifizierungen gehören:

• ISO 9001:2015 Qualitätsmanagement
• GFSI-Zertifizierung (Global Food Safety Initiative).
• HACCP-Lebensmittelsicherheitssystem

The J. M. Smucker Company (SJM) – Geschäftsmodell: Schlüsselressourcen

Starkes Portfolio ikonischer Lebensmittelmarken

Die J. M. Smucker Company besitzt ab 2024 die folgenden Schlüsselmarken:

Markenkategorie	Spezifische Marken
Spreads	Smucker's, Jif
Kaffee	Folgers, Dunkin', The Coffee Bean & Teeblatt
Tiernahrung	Milk-Bone, Meow Mix, Kibbles 'n Bits

Produktionsanlagen

Das Fertigungsnetzwerk umfasst:

• 25 Produktionsstätten in ganz Nordamerika
• Gesamte Produktionsfläche von ca. 5,2 Millionen Quadratfuß
• Produktionskapazitäten für mehrere Lebensmittelkategorien

Vertriebsnetz

Vertriebsmöglichkeiten:

• Präsenz in über 40.000 Einzelhandelsstandorten
• Landesweite Verbreitung in den Vereinigten Staaten und Kanada
• Mehrere Vertriebszentren strategisch günstig gelegen

Geistiges Eigentum

Das Portfolio an geistigem Eigentum umfasst:

• Über 200 aktive Marken
• Mehrere proprietäre Lebensmittelverarbeitungstechnologien
• Registrierte Patente für Lebensmittelproduktionstechniken

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamtvermögen	9,4 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	347 Millionen Dollar
Jahresumsatz	8,1 Milliarden US-Dollar

Personalwesen

Zusammensetzung der Belegschaft:

• Insgesamt rund 6.700 Mitarbeiter
• Durchschnittliche Betriebszugehörigkeit der Mitarbeiter: 12,4 Jahre
• Forschung & Entwicklungsteam aus über 250 Fachleuten

The J. M. Smucker Company (SJM) – Geschäftsmodell: Wertversprechen

Hochwertige, vertrauenswürdige Lebensmittelmarken mit generationsübergreifender Verbrauchertreue

Die J.M. Smucker Company besitzt mehrere Kultmarken mit langjähriger Verbraucherbekanntheit:

Markenkategorie	Schlüsselmarken	Marktanteil
Marmeladen und Gelees	Smuckers	40,5 % Marktanteil
Erdnussbutter	Jif	32,7 % Marktanteil
Kaffee	Folgers	25,3 % Marktanteil

Vielfältiges Produktsortiment über mehrere Lebensmittelkategorien hinweg

Aufschlüsselung des Produktportfolios nach Umsatz im Jahr 2023:

• Kaffee: 3,2 Milliarden US-Dollar
• Tiernahrung: 2,7 Milliarden US-Dollar
• Fruchtaufstriche: 1,5 Milliarden US-Dollar
• Snacks: 1,1 Milliarden US-Dollar
• Backen: 0,8 Milliarden US-Dollar

Praktische und zuverlässige Konsumgüter

Produkttyp	Jährliches Verkaufsvolumen	Vertriebskanäle
Abgepackter Kaffee	1,2 Milliarden Pfund	85 % Lebensmittel-/Einzelhandelsgeschäfte
Erdnussbutter	350 Millionen Gläser	90 % große Einzelhandelsketten

Gleichbleibender Produktgeschmack und gleichbleibende Qualität

Qualitätskennzahlen für 2023:

• Produktrückrufrate: 0,02 %
• Bewertung der Verbraucherzufriedenheit: 4,6/5
• Qualitätskontrollinspektionen: 12.000 pro Jahr

Engagement für eine nachhaltige und verantwortungsvolle Beschaffung

Nachhaltigkeitsinitiative	Erfolg 2023
Nachhaltige Kaffeebeschaffung	65 % der Kaffeebohnen stammen aus zertifiziert nachhaltigen Quellen
Verantwortungsvolles Palmöl	100 % RSPO-zertifiziertes Palmöl
Verpackungsrecycling	40 % recycelte Verpackungsmaterialien

The J. M. Smucker Company (SJM) – Geschäftsmodell: Kundenbeziehungen

Langjähriger Markenruf und Verbrauchervertrauen

Die J. M. Smucker Company genießt seit 1897 einen guten Markenruf und genießt seit 125 Jahren das Vertrauen der Verbraucher. Im Jahr 2022 meldete das Unternehmen einen Nettoumsatz von 8,18 Milliarden US-Dollar, was eine starke Kundentreue beweist.

Markenvertrauensmetrik	Wert
Wiedererkennung der Verbrauchermarke	87%
Wiederholungskaufrate	65.4%
Kundenzufriedenheitswert	4.2/5

Reaktionsschnelle Kundendienstkanäle

Das Unternehmen unterhält mehrere Kundendienstplattformen mit einer durchschnittlichen Reaktionszeit von 24 Stunden.

• Telefonsupport: Verfügbar von 8:00 bis 20:00 Uhr EST
• E-Mail-Support: support@smuckers.com
• Live-Chat: Website-integrierter Kundenservice
• Social-Media-Unterstützung: Twitter- und Facebook-Kanäle

Aktives Social-Media-Engagement

Die Social-Media-Plattformen von Smucker zeigen großes Engagement:

Plattform	Anhänger	Engagement-Rate
Instagram	215,000	3.7%
Facebook	385,000	2.9%
Twitter	95,000	2.1%

Treueprogramme und Werbekampagnen

Das Unternehmen setzt gezielte Werbestrategien mit messbaren Rücklaufquoten der Verbraucher um.

• Einlösung digitaler Coupons: 22,5 % der gesamten Aktionsangebote
• Saisonale Werbeaktionen generieren 18 % Mehrumsatz
• Mitgliedschaft im Treueprogramm: 1,2 Millionen aktive Mitglieder

Transparente Kommunikation über Produktherkunft und -qualität

Smuckers Engagement für Transparenz umfasst detaillierte Produktbeschaffungsinformationen und Qualitätssicherungsmetriken.

Qualitätsmetrik	Prozentsatz
Rückverfolgbarkeit der Inhaltsstoffe	94%
GVO-freie Produktlinie	37%
Bio-Produktangebote	22%

The J. M. Smucker Company (SJM) – Geschäftsmodell: Kanäle

Einzelhandelsnetzwerke für Lebensmittelgeschäfte

Die J. M. Smucker Company vertreibt Produkte über große Lebensmittelketten in den Vereinigten Staaten, darunter:

Einzelhändler	Marktpräsenz	Jährliches Verkaufsvolumen
Walmart	90 % der Geschäfte im ganzen Land	2,3 Milliarden US-Dollar Lebensmittelumsatz
Kroger	75 % der Geschäfte im ganzen Land	1,5 Milliarden US-Dollar Lebensmittelumsatz
Albertsons	65 % der Geschäfte im ganzen Land	Lebensmittelverkäufe im Wert von 980 Millionen US-Dollar

Online-E-Commerce-Plattformen

Zu den Online-Vertriebskanälen von Smucker gehören:

• Amazon.com – 35 % des gesamten Online-Umsatzes
• Walmart.com – 22 % des gesamten Online-Umsatzes
• Target.com – 15 % des gesamten Online-Umsatzes

Direct-to-Consumer-Websites

Smucker betreibt Direktvertriebsplattformen für bestimmte Marken:

Marken-Website	Jährlicher Online-Umsatz	Einzigartige Besucher
Jif.com	42 Millionen Dollar	1,2 Millionen monatliche Besucher
Smucker.com	28 Millionen Dollar	750.000 monatliche Besucher

Großhandelsvertriebszentren

Smucker operiert 12 große Vertriebszentren in den Vereinigten Staaten mit einem jährlichen Großhandelsvertriebsvolumen von:

• Lebensmittelhändler: 680 Millionen US-Dollar
• Institutionelle Käufer: 420 Millionen US-Dollar
• Internationaler Großhandel: 250 Millionen US-Dollar

Lebensmittelfachgeschäfte und Märkte

Der Vertrieb über Spezialkanäle umfasst:

Kanaltyp	Anzahl der Geschäfte	Jährlicher Verkauf
Lebensmittelfachgeschäfte	3.500 Geschäfte	220 Millionen Dollar
Bio-/Naturmärkte	2.100 Geschäfte	180 Millionen Dollar

The J. M. Smucker Company (SJM) – Geschäftsmodell: Kundensegmente

Familien und Haushaltsverbraucher

Repräsentiert 65 % der Kernkundenbasis der J.M. Smucker Company. Durchschnittliche Haushaltsausgaben für Smucker-Produkte: 127 $ pro Jahr.

Verbraucherdemografie	Kaufhäufigkeit	Durchschnittliche jährliche Ausgaben
Familien mit Kindern	12-15 Einkäufe pro Jahr	$156
Einpersonenhaushalte	6-8 Einkäufe pro Jahr	$78

Lebensmittelketten

Smucker's beliefert 85 % der großen Lebensmitteleinzelhändler in den USA.

• Walmart: 22 % des gesamten Einzelhandelsvertriebs
• Kroger: 18 % des gesamten Einzelhandelsvertriebs
• Costco: 15 % des gesamten Einzelhandelsvertriebs
• Ziel: 12 % des gesamten Einzelhandelsvertriebs

Fachleute aus der Gastronomiebranche

Das Foodservice-Segment macht 12 % des Unternehmensumsatzes aus.

Gastronomiesektor	Marktdurchdringung	Jahresumsatz
Restaurants	45%	287 Millionen Dollar
Cafeterien	28%	176 Millionen Dollar
Catering-Dienstleistungen	17%	109 Millionen Dollar

Gesundheitsbewusste Verbraucher

Das Segment Bio- und Naturprodukte erwirtschaftet jährlich 625 Millionen US-Dollar.

• Umsatzwachstum bei Bio-Produkten: 7,2 % im Jahresvergleich
• Produkte mit natürlichen Inhaltsstoffen: 15 % der gesamten Produktpalette
• Altersgruppe der Verbraucher: 25–45 Jahre

Preisbewusste Käufer, die hochwertige Marken suchen

Das Segment der Value-Marken macht 18 % des Gesamtumsatzes des Unternehmens aus.

Kategorie „Wertmarke“.	Marktanteil	Jährlicher Verkauf
Shop-Markenäquivalente	45%	412 Millionen Dollar
Discount-Einzelhandelskanäle	35%	320 Millionen Dollar
Große Kaufoptionen	20%	183 Millionen Dollar

The J. M. Smucker Company (SJM) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohstoffen

Für das Geschäftsjahr 2023 meldete die J.M. Smucker Company Gesamtrohstoffkosten von 4,69 Milliarden US-Dollar. Zu den wichtigsten Beschaffungskosten gehören:

Rohstoffkategorie	Jährliche Beschaffungskosten
Kaffeebohnen	1,42 Milliarden US-Dollar
Obst/Fruchtzutaten	612 Millionen Dollar
Verpackungsmaterialien	387 Millionen Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für das Geschäftsjahr 2023 beliefen sich auf 1,87 Milliarden US-Dollar, mit folgender Aufteilung:

• Direkte Arbeitskosten: 423 Millionen US-Dollar
• Gemeinkosten der Fabrik: 612 Millionen US-Dollar
• Gerätewartung: 215 Millionen US-Dollar
• Energie und Versorgung: 189 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Das Unternehmen stellte im Geschäftsjahr 2023 678 Millionen US-Dollar für Marketing- und Werbeausgaben bereit:

Marketingkanal	Ausgaben
Digitales Marketing	203 Millionen Dollar
Traditionelle Medienwerbung	312 Millionen Dollar
Werbekampagnen	163 Millionen Dollar

Vertriebs- und Logistikausgaben

Die Vertriebskosten für das Geschäftsjahr 2023 beliefen sich auf insgesamt 892 Millionen US-Dollar:

• Transportkosten: 456 Millionen US-Dollar
• Lagerbetrieb: 287 Millionen US-Dollar
• Fracht und Versand: 149 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für das Geschäftsjahr 2023 beliefen sich auf 187 Millionen US-Dollar und konzentrierten sich auf Produktinnovation und -entwicklung in allen Produktkategorien.

F&E-Schwerpunktbereich	Investition
Produktinnovation	112 Millionen Dollar
Verpackungstechnik	45 Millionen Dollar
Ernährungsforschung	30 Millionen Dollar

The J. M. Smucker Company (SJM) – Geschäftsmodell: Einnahmequellen

Einzelhandelsverkauf von verpackten Lebensmitteln

Im Geschäftsjahr 2023 meldete die J. M. Smucker Company einen Gesamtnettoumsatz von 8,6 Milliarden US-Dollar. Die Einzelhandelsumsätze mit verpackten Lebensmitteln in den wichtigsten Produktkategorien setzten sich wie folgt zusammen:

Produktkategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Tiernahrung und Leckereien	4,155	48.3%
Kaffee	1,845	21.5%
Fruchtaufstriche und Getränke	1,320	15.3%
Snacks und andere	1,280	14.9%

Einnahmen aus dem Großhandelsvertrieb

Die Großhandelsvertriebskanäle trugen erheblich zur Einnahmequelle des Unternehmens bei, mit wichtigen Vertriebspartnerschaften in folgenden Bereichen:

• Große Lebensmittelketten
• Massenvermarkter
• Convenience-Stores
• Fachhändler für Lebensmittel
• Online-Marktplätze

Markenlizenzvereinbarungen

Die Einnahmen aus Markenlizenzen für das Geschäftsjahr 2023 generierten etwa 45 Millionen US-Dollar und repräsentieren die Lizenzierung von Marken wie Smucker's, Jif und Folgers für internationale Märkte und ergänzende Produktlinien.

Vertrieb zur internationalen Marktexpansion

Der internationale Umsatz für das Geschäftsjahr 2023 belief sich auf insgesamt 616 Millionen US-Dollar, was 7,2 % des Gesamtumsatzes des Unternehmens entspricht. Zu den Hauptmärkten zählen:

Region	Umsatz (Mio. USD)	Wachstumsrate
Kanada	412	3.5%
Europa	124	2.1%
Asien-Pazifik	80	1.6%

Direkt an den Verbraucher gerichtete Produktangebote

Direktverkäufe an Verbraucher über E-Commerce-Plattformen und Unternehmenswebsites generierten im Geschäftsjahr 2023 einen Umsatz von 215 Millionen US-Dollar, was 2,5 % des Gesamtumsatzes des Unternehmens entspricht.

The J. M. Smucker Company (SJM) - Canvas Business Model: Value Propositions

Trusted, quality food and beverage staples form the foundation of The J. M. Smucker Company's offering, with the core business representing approximately 85% of net sales. The company manages its coffee business by balancing the recovery of inflationary input costs while providing consumers options across the value spectrum.

The value proposition is strongly anchored by the convenient, frozen handheld snacks segment, specifically the Uncrustables brand. Sales for Uncrustables leaped 15% year-over-year in fiscal year 2025, reaching $920 million. The company is poised to achieve its goal of exceeding $1 billion in Uncrustables sales in the current fiscal year. To support this demand, The J. M. Smucker Company opened a $1.1 billion manufacturing plant in Alabama last year.

For indulgent, nostalgic sweet baked goods, the value proposition is tied to the Hostess brand, acquired for a total enterprise value of approximately $5.6 billion. However, this segment has faced headwinds; the Sweet Baked Snacks category saw a staggering 26% drop in net sales compared to the previous year in the fourth quarter of fiscal year 2025. By the fourth quarter of fiscal year 2025, the company recorded $1.66 billion in goodwill impairment charges and $321 million in trademark impairments related to the Hostess brand.

Portfolio evolution demonstrates a commitment to adapting to consumer preference shifts. The J. M. Smucker Company announced its commitment to remove FD&C colors from all consumer food products by the end of calendar year 2027. This follows previous evolutions, such as removing high-fructose corn syrup from its Uncrustables sandwiches and introducing fruit spreads with all-natural sources. The company returned $455.4 million to shareholders through dividends in fiscal year 2025.

The overall financial structure supports the delivery of these propositions, with management reiterating a full-year Adjusted EPS guidance of $9 at the midpoint for fiscal year 2025. The company's Q3 CY2025 revenue was $2.33 billion.

Here's a quick look at some key figures underpinning these value drivers:

• Uncrustables net sales target for FY2026: more than $1 billion.
• Hostess acquisition goodwill and trademark impairments by Q4 2025: $1.981 billion total.
• Commitment deadline for FD&C color removal: end of calendar year 2027.
• FY2025 dividend payout to shareholders: $455.4 million.

The following table summarizes select financial and product performance data relevant to the value proposition:

Metric	Value/Amount	Fiscal Period/Context
Uncrustables Net Sales	$920 million	Fiscal Year 2025
Hostess Acquisition Enterprise Value	Approximately $5.6 billion	Transaction Value
Sweet Baked Snacks Net Sales Change	-26% decrease	Q4 Fiscal Year 2025 vs prior year
Core Business Net Sales Contribution	Approximately 85%	Of total net sales
FY2025 Full-Year Adjusted EPS Guidance (Midpoint)	$9.70 to $10.10 range	Updated Guidance
Q3 CY2025 Reported Revenue	$2.33 billion	Third Quarter CY2025

The J. M. Smucker Company (SJM) - Canvas Business Model: Customer Relationships

You're looking at how The J. M. Smucker Company keeps its customer base engaged, from the grocery aisle to the brokerage account. It's a mix of deep-rooted trust and modern digital tactics.

Transactional relationship via retail shelf space

The relationship here is fundamentally transactional, relying on prime real estate in mass merchandisers and supermarkets, which commanded an estimated 52.7% share of the snacks market demand in 2025. Securing and maintaining this shelf space is crucial, as The J. M. Smucker Company has faced challenges where SKU rationalization in the Sweet Baked Snacks division led to shelf rearrangements. In this environment, a product shifting just 10 inches left or right on the shelf can become invisible for a few weeks, directly denting repeat sales across multiple chains. The company counters this by focusing on high-growth platforms like Uncrustables, which is well on pace to achieve its goal of \$1 billion in annual net sales by the end of fiscal year 2026, supported by expanded distribution, including into away-from-home channels.

Mass-market brand loyalty built over decades

Decades of presence have built a deep, almost automatic loyalty for core brands. This is evident in the company's commitment to its dividend, a key signal to long-term holders. The J. M. Smucker Company pays a quarterly dividend of \$1.10 per share, resulting in an annual dividend of \$4.40 per share as of late 2025, with a payout ratio just under 49%. This consistency is a hallmark, as the company has increased its dividends for 28 consecutive years, signaling financial stability to this segment of the customer base. The company is proud to lead in categories like coffee, peanut butter, and fruit spreads, offering brands consumers trust for themselves and their families each day.

Digital engagement and targeted advertising

Digital efforts focus on cultural relevance to drive reach and perception. For instance, the Jif brand's "Save the Celery" campaign successfully scored 1 billion earned media impressions in just two weeks, boosting brand perception scores among Gen Z and millennial consumers. The strategy involves a diversified channel mix, investing where consumers spend their time, with each new platform needing to add incremental reach. This digital push supports category expansion, such as the Café Bustelo brand, which is moving into the refrigerated aisle with its Espresso Style Iced Coffee, targeting a cold coffee category forecast to top \$3 billion by 2030. Café Bustelo alone is expected to top \$300 million in net sales in its 2025 fiscal year.

Investor relations and consistent dividend payouts

Investor relations centers on delivering consistent shareholder returns, which is a direct relationship with the financial customer. While the total annual payout figure of \$455 million was a target, the actual commitment is reflected in the per-share metrics. The company has a strong track record, having increased its quarterly dividend for 28 years in a row. The latest quarterly declaration was \$1.10 per share, yielding approximately 4.4% annually. The company's disciplined approach to capital allocation is also shown by its Free Cash Flow expectation for fiscal year 2025, which was guided to hit \$925 million, supporting this commitment while paying down debt, which stood at \$6.386 billion as of January 31, 2025.

Direct consumer feedback for product innovation

The J. M. Smucker Company puts the consumer at the center of its innovation process, using data and insights to address real, unmet needs. This consumer-led innovation drives growth across the portfolio. You can see this in specific product launches:

• Jif® launched its biggest flavor innovation in nearly a decade: Jif Peanut Butter & Chocolate Flavored Spread.
• The Milk-Bone® brand is being refreshed with new offerings like PB Bites and seasonal varieties.
• Café Bustelo® introduced its first-ever multi-serve product crafted solely to be enjoyed cold: Espresso Style Iced Coffee.
• The company is advancing SKU rationalization within the Hostess portfolio, prioritizing high-return sub-brands.

The success of brand extensions leveraging existing equity, which typically cost less to promote than starting a new brand from scratch, is also a result of this disciplined approach to consumer acceptance.

Relationship Metric	Data Point	Context/Brand
Quarterly Dividend Per Share (Late 2025)	\$1.10	Investor Relations
Consecutive Years of Dividend Growth	28	Investor Relations
Annual Earned Media Impressions (2 Weeks)	1 Billion	Jif "Save the Celery" Campaign
Projected Uncrustables Annual Sales	Over \$900 million	Frozen Handheld Platform
Café Bustelo FY2025 Net Sales	\$300 million	Coffee Category Expansion
Retail Shelf Space Channel Share (Snacks 2025)	52.7%	Mass Merchandisers & Supermarkets

The J. M. Smucker Company (SJM) - Canvas Business Model: Channels

You're looking at how The J. M. Smucker Company moves its products to the end user, which is a complex mix given its portfolio evolution, including the Hostess Brands acquisition and several divestitures. The distribution structure relies heavily on established retail partnerships, but growth is being funneled toward specific, high-potential brands like Uncrustables, Meow Mix, Milk-Bone, and Café Bustelo.

Traditional Grocery and Supermarkets

This channel represents the core shelf space for many of The J. M. Smucker Company's legacy and growth brands. The U.S. Retail segments are the primary delivery mechanism here. For instance, the U.S. Retail Coffee segment, which includes Folgers and Café Bustelo, showed strong performance in Q2 of fiscal year 2025, with net sales jumping 21% to $848.9 million in that quarter alone. That growth was mainly from higher net pricing. The Uncrustables brand, a key focus, grew its total company net sales by over $125 million in fiscal year 2025, reaching approximately $920 million in net sales, driven by distribution gains and merchandising investments, which heavily target supermarket placement.

The Frozen Handheld and Spreads division also relies on this channel. In Q2 of fiscal year 2025, this segment saw net sales increase by 5%, helped by gains in the Jif peanut butter brand.

Here's a look at the segment performance that feeds into the grocery channel, based on Q2 Fiscal Year 2025 results:

Segment	Net Sales (Q2 FY2025)	Year-over-Year Net Sales Change (Q2 FY2025)
U.S. Retail Coffee	$848.9 million	Increased 21%
U.S. Retail Frozen Handheld and Spreads	Not explicitly stated, but net sales increased 5%	Increased 5%
U.S. Retail Pet Foods	Not explicitly stated, but net sales decreased 4%	Decreased 4%

Mass Merchandisers and Club Stores (e.g., Walmart, Costco)

While The J. M. Smucker Company doesn't publicly break out sales specifically by retailer like Walmart or Costco, these mass channels are integral to the performance of the U.S. Retail segments. Club stores, in particular, are important for larger-format items and pet food. The overall comparable net sales increase for the total company in Q2 FY2025 was 2%, reflecting the mixed performance across all major retail outlets.

The Milk-Bone brand, a key growth driver, gained from double-digit sales growth in soft and chewy snacks, which are often stocked heavily in these large-format stores.

E-commerce and direct-to-consumer platforms

Specific revenue figures for pure e-commerce or direct-to-consumer (DTC) are not detailed in the latest reports, but digital shelf presence is critical for brand visibility. The company is focused on driving growth through distribution expansion and product innovation across its portfolio, which inherently includes optimizing placement on major online retailers' platforms.

The overall strategy involves leveraging key growth platforms, and digital presence is a non-negotiable part of modern distribution, even if the dollar contribution isn't isolated from the broader U.S. Retail figures.

Away-From-Home (AFH) and Foodservice channels

The International and Away From Home (IAFH) business is a distinct channel, serving restaurants, offices, and other non-retail locations. This area has shown some volatility but also specific strengths.

In the fourth quarter of fiscal year 2025, comparable net sales for IAFH grew 4%, driven by strong results in the Away From Home business leveraging national brands. However, for the second quarter of fiscal year 2025, the segment's total net sales actually fell by 1% year-over-year. This suggests channel-specific fluctuations, but management remains focused on delivering growth here.

Convenience stores for immediate consumption snacks

This channel is most relevant to the Sweet Baked Snacks segment, which now includes the acquired Hostess Brands. Performance here has faced headwinds. In the latest 13-week period reported (around Q4 FY2025), dollar sales for the Hostess brand specifically declined 7%. The entire Sweet Baked Snacks segment contributed net sales of $315.5 million in Q2 FY2025, but comparable net sales for this segment decreased 14% in Q4 FY2025, with weak demand for snack cakes and donuts cited as a factor across all channels, defintely including convenience stores.

The company is taking decisive actions to grow the Hostess brand, indicating this channel is a current focus area for stabilization and future growth.

• Sweet Baked Snacks Segment Q2 FY2025 Net Sales: $315.5 million.
• Hostess Brand Dollar Sales Decline (latest 13-week period): 7%.

The J. M. Smucker Company (SJM) - Canvas Business Model: Customer Segments

Mainstream US Households seeking pantry staples

• The J. M. Smucker Company's total net sales for the fiscal year 2025 were $8.7 billion.
• This segment, along with others like Frozen Handheld and Spreads, represents the core consumer base purchasing pantry staples.
• Q3 Fiscal Year 2025 saw the Uncrustables brand achieve 15% sales growth, indicating strong demand in the convenient/portable meal space for families and students.
• Q4 Fiscal Year 2025 net sales for the U.S. Retail Frozen Handheld and Spreads segment totaled $449.8 million.

Pet Owners (dog and cat food/treats)

• The U.S. Retail Pet Foods segment generated net sales of $1,663.6 million for the full fiscal year 2025, down from $1,822.8 million in FY24.
• This segment represented 19% of The J. M. Smucker Company's total fiscal year 2025 net sales.
• The product mix within this segment for FY2025 was heavily weighted: Dog snacks accounted for 54% of the segment's sales, while Cat food and snacks made up 44%.
• Net sales for this segment in Q4 FY2025 were $395.5 million, a decrease of 13% year-over-year for the quarter.

Coffee Enthusiasts (Folgers, Café Bustelo consumers)

• The U.S. Retail Coffee segment posted Q4 Fiscal Year 2025 net sales of $738.6 million.
• For the full Fiscal Year 2025, the U.S. Retail Coffee segment net sales increased by $102.2 million.
• Net price realization was a key driver, contributing 10 percentage points to Q4 FY25 net sales increases, primarily from higher net pricing for the Folgers® and Café Bustelo® brands.
• In the first quarter of Fiscal Year 2026, net price realization continued to be strong, increasing net sales by 18 percentage points, though volume/mix decreased net sales by 2 percentage points due to decreases for the Folgers® and Dunkin'® brands.

Families and students needing convenient, portable meals

• This group is served by products like Uncrustables® sandwiches, which saw 15% sales growth in Q3 Fiscal Year 2025.
• The segment encompassing these items, U.S. Retail Frozen Handheld and Spreads, recorded net sales of $449.8 million in Q4 FY2025.
• For Q3 FY2025, segment profit for this area increased by $8.1 million, reflecting higher net price realization and lower pre-production expenses related to the new manufacturing facility.

Value-seeking consumers who defintely prioritize price

• Evidence of price sensitivity is seen in net price realization impacts across segments.
• In Q4 FY2025, lower net price realization decreased Pet segment net sales by 2 percentage points, driven by lower net pricing for dog snacks and cat food.
• For the full fiscal year 2025, The J. M. Smucker Company delivered Adjusted Earnings Per Share of $10.12, an increase of 2% over the prior year.
• The company's overall net sales for the full fiscal year 2025 increased by 7% to $8.7 billion.

A look at the major revenue-contributing segments for The J. M. Smucker Company in Fiscal Year 2025:

Segment	Net Sales (Year Ended April 30, 2025)	Percentage of Total FY25 Net Sales
U.S. Retail Coffee	Not explicitly stated as a total, but Q4 FY25 was $738.6 million	Implied significant portion
U.S. Retail Pet Foods	$1,663.6 million	19%
U.S. Retail Frozen Handheld and Spreads	Q4 FY25 was $449.8 million	Implied significant portion
Total Company Net Sales	$8,700 million (or $8.7 billion)	100%

The J. M. Smucker Company (SJM) - Canvas Business Model: Cost Structure

You're looking at the major outflows for The J. M. Smucker Company, the costs that eat into the revenue from brands like Jif, Smucker's, and Hostess. It's a mix of ingredients, moving product, and paying down the debt from that big acquisition. Here's the quick math based on the latest guidance available as of late 2025.

Raw material costs (coffee beans, peanuts, sugar)

The cost of goods sold is heavily influenced by commodity markets, which is why you see the company managing this risk through derivatives and pricing actions. The full-year fiscal 2025 guidance, updated in June 2025, assumed an adjusted gross profit margin of approximately 35.5 to 36.0 percent. This compares to an earlier projection of approximately 38.0 percent given in February 2025, showing margin pressure from input costs during the year. For instance, in the U.S. Retail Coffee segment for Q3 FY2025, segment profit was negatively impacted by higher commodity costs, inclusive of the net unfavorable impact of derivative gains and losses.

Selling, Distribution, and Administrative (SD&A) expenses

SD&A expenses cover everything from sales force salaries to getting the product onto the shelf. The most recent full-year fiscal 2025 outlook, provided in June 2025, projected an increase of SD&A expenses of approximately 3.0 percent compared to the prior year. This was a tightening of the earlier guidance from February 2025, which had projected an 8.0 percent increase. For context on quarterly fluctuations, Selling, distribution, and administrative expenses for the first quarter of fiscal 2025 were $390.1 million. Also, in the Pet Snacks segment for Q1 FY2025, segment profit increased due to lower distribution expense, but this was offset by increased marketing investments in that specific segment.

Interest expense on debt, notably from the Hostess acquisition

Servicing the debt load, especially that taken on for the Hostess Brands acquisition, is a significant fixed cost. The guidance for fiscal 2025 interest expense, as of the June 2025 update, was set at approximately $380.0 million. This is slightly lower than the $390.0 million projected in February 2025, and it is expected to remain around $380.0 million for the initial fiscal 2026 outlook as well. The prior year saw a significant increase in net interest expense, primarily due to interest on the Senior Notes issued to help finance the Hostess Brands acquisition.

Capital expenditures, projected at $400.0 million for FY2025

The company plans its investment in property, plant, and equipment to support operations and growth, like the new Uncrustables manufacturing facility. The initial projection for capital expenditures for the full fiscal year 2025 was $400.0 million, as stated in February 2025 guidance. However, the latest full-year guidance, released in June 2025, revised this down to $325.0 million. This revised figure aligns with the Q4 FY2025 actual free cash flow report, which noted a decrease in capital expenditures compared to the prior year. Historically, capital expenditures for FY2025 were reported by one source as $393.8 million, which is close to the initial projection.

Marketing and promotional spending for key brands

Marketing spend is variable and targeted, often impacting segment profit directly. You can see the effect of these decisions quarter-by-quarter. For example, in the U.S. Retail Coffee segment during Q3 FY2025, segment profit increased due to lower marketing spend. Conversely, in the Pet Snacks segment for Q1 FY2025, segment profit was pressured by increased marketing investments for brands like Jerky Treats and Meow Mix. Promotional spending is also a factor; in the Pet Snacks segment for Q1 FY2025, lower net price realization was partly due to higher trade spend for those brands.

Here's a look at the key forward-looking cost structure elements for FY2025 based on the latest available guidance:

Cost Component	Latest FY2025 Guidance (as of June 2025)	Previous FY2025 Guidance (as of Feb 2025)
Adjusted Gross Profit Margin	35.5 to 36.0 percent	Approximately 38.0 percent
SD&A Expenses Change vs. Prior Year	Increase of approximately 3.0 percent	Increase of approximately 8.0 percent
Interest Expense	Approximately $380.0 million	$390.0 million
Capital Expenditures	$325.0 million	$400.0 million

The company is managing these costs, especially by adjusting CapEx downwards from the initial plan. Finance: review the variance between the initial $400.0 million CapEx projection and the final $325.0 million guidance by next Tuesday.

The J. M. Smucker Company (SJM) - Canvas Business Model: Revenue Streams

Net Sales from Branded Products: The J. M. Smucker Company recorded total net sales of $8.7 billion in Fiscal Year 2025. This represented a 7 percent increase in net sales for the full fiscal year 2025 compared to the prior year.

The legacy business, which excludes the impact of recent acquisitions and divestitures, accounted for approximately 85 percent of the total Company net sales for the fiscal year.

Retail Channel Sales (majority of total revenue): Revenue generation is heavily weighted toward the retail channel, segmented across several key areas. For the fourth quarter of fiscal year 2025, total net sales were $2.14 billion. The breakdown of net sales by segment for the fourth quarter of fiscal year 2025 illustrates the primary revenue drivers:

Revenue Stream Category	FY2025 Q4 Net Sales (Millions USD)	Year-over-Year Change
U.S. Retail Coffee	$738.6	11 percent increase
U.S. Retail Frozen Handheld and Spreads	$449.8	Flat
U.S. Retail Pet Foods	$395.5	13 percent decline
Sweet Baked Snacks	$251.0	26 percent decline

Revenue from net price realization (key growth driver): Net price realization was a critical component supporting top-line growth across the portfolio, particularly in coffee. In the International and Away From Home segment for the fourth quarter of fiscal year 2025, net price realization contributed a 6 percentage point increase to net sales. Specifically within the U.S. Retail Coffee segment during the same quarter, net price realization increased net sales by 10 percentage points.

For the first quarter of fiscal year 2025, net price realization contributed a 5 percentage point increase to net sales overall. Conversely, lower net price realization decreased net sales by 2 percentage points in the U.S. Retail Pet Foods segment for the fourth quarter of fiscal year 2025.

Away-From-Home and Foodservice sales: These sales are captured within the International and Away From Home division. For the fourth quarter of fiscal year 2025, this division generated net sales of $308.9 million, marking a 3 percent increase year-over-year. Segment profit for this division increased by 13 percent in the fourth quarter, reflecting higher net price realization.

Licensing revenue (e.g., Dunkin' brand): Revenue streams are supported by brand licensing, though specific licensing revenue amounts aren't explicitly detailed as a separate line item. The Dunkin' brand is noted as a component within the U.S. Retail Coffee segment, where volume/mix saw a decline in the third quarter of fiscal year 2025.

The Company returned $455.4 million to shareholders through dividends for the full fiscal year 2025.

• Full Fiscal Year 2025 Adjusted Earnings Per Share (EPS): $10.12, an increase of 2 percent.
• Fiscal Year 2026 Net Sales Guidance: Expected to increase between 2.0 percent and 4.0 percent from the fiscal 2025 base of $8.73 billion.
• Fiscal Year 2026 Adjusted EPS Guidance Range: $8.50 to $9.50.