Like other struggling food brands, J.M. Smucker has been looking to pet food as a growth driver. But whenever multiple competitors jump into a promising field at once, it can quickly start to look less promising.
The maker of its namesake jams, as well as other aging brands like Jif peanut butter and Folgers coffee, said Tuesday that sales fell 6% from a year earlier, worse than analyst expectations. It also lowered guidance for its full fiscal year through April, saying it now expects net sales to be flat or fall 1%. It had...
