August 27, 2019 / 11:12 AM / 3 months ago

J. M. Smucker misses quarterly sales estimates, cuts full-year forecast

Aug 27 (Reuters) - J. M. Smucker Co reported quarterly sales below Wall Street estimates on Tuesday, hit by delayed shipments and its move to cut prices on its Folgers coffee and Jif peanut butter.

Net sales fell 6.5% to $1.78 billion in the first quarter ended July 31. Analysts were expecting net sales of $1.87 billion, according to IBES data from Refinitiv.

The company also cut its outlook for fiscal 2020 net sales, saying that it now expects sales in the range of a 1% drop to flat. It had previously estimated a rise of 1% to 2%. (Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)

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