On this page of StockholderLetter.com we present the latest annual shareholder letter from J M SMUCKER Co — ticker symbol SJM. Reading current and past SJM letters to shareholders can bring important insights into the investment thesis.

 •  6/28/2024 Letter Continued (Full PDF)
 •  6/30/2023 SJM Stockholder Letter
 •  More "Food & Beverage" Category Stockholder Letters
 •  SJM Benford's Law Stock Score = 98

SJM Shareholder/Stockholder Letter Transcript:

1

With a focus on establishing leading positions in attractive
categories, we have cultivated a strong portfolio of brands
across our strategic business areas of coffee, frozen handheld
and spreads, pet, and sweet baked snacks. In fiscal year 2024,
these businesses achieved success and paved the way for
continued growth.
Coffee ___________________________________
We are a leader in the at-home coffee category, one that remains strong with
70 percent of cups consumed at home. Our portfolio includes three of the
top seven brands with Folgers   , Dunkin      , and Caf   Bustelo   .
Folgers    maintained volume leadership and remains the #1 brand in the
category, recently celebrating consumer preference for the taste of its
Folgers   Black Silk offering compared to the leading competitor.
Caf   Bustelo    remains one of the fastest-growing brands in the category
and has delivered double-digit net sales growth in 10 of the last 11
quarters, with further innovation and marketing planned to spur
continued growth.
Dunkin       has taken the #2 position in the shelf stable liquid
coffee concentrate category following the launch of Dunkin      
liquid concentrates, and we continue to invest in the brand
to build on its strong position in this important segment.
F i s c a l Ye a r 2 0 2 4 A n n u a l R e p o r t

Frozen Handheld and Spreads _________________
We continue to invest in the growth of our frozen handheld business with Uncrustables   
and our leading positions in peanut butter, with Jif   , and fruit spreads, with our namesake
Smucker   s    brand.
Uncrustables    delivered approximately $800 million in net sales, buoyed by expanded
distribution and the launch of dedicated marketing for the brand, and is well on pace to
achieve our goal of $1 billion in annual net sales by the end of our fiscal year 2026.
Jif    leads all competitors in household penetration and volume velocity. And, our teams
continue to focus on keeping the brand immersed in culture, including the launch of the
   Save the Celery    campaign, which playfully extolled the virtue of peanut butter beyond the
traditional peanut butter and jelly sandwich.
Smucker   s    maintained its leadership in fruit spreads through a focused portfolio of
in-demand jam, jelly, and preserve products.
Pet __________________________________________
The optimization of our pet portfolio and focus on the areas of the business with the greatest
growth potential, dog snacks and cat food, has allowed us to extend our leadership in both
segments, led by our Milk-Bone    and Meow Mix    brands, respectively.
Milk-Bone    continued to outpace the category in growing dollar share through the success
of its balanced offering across the value spectrum to meet consumer needs, from its base
biscuit business to premium innovation and seasonal selections.
Meow Mix    continued to gain dollar share in dry cat food following diligent work to overcome
capacity constraints and deliver on demand.
Sweet Baked Snacks _________________________
Snacking remains one of the fastest-growing center-of-store categories, with indulgent
snacking growing even faster than alternatives. We are excited for the opportunities to
expand on our leadership in the sweet baked goods category through investment in our
Hostess    and Voortman    brands, including continued focus on leading in innovation and
expanding marketing.
Hostess    continued its innovation leadership with successful introductions including Hostess   
Kazbars   , the HoneyBun Flavored Donettes    mashup, and the launch of Hostess    Meltamors   .
Voortman    maintained its leading position in the zero-sugar cookie category while
expanding its ability to deliver on the needs of consumers with the launch of Voortman   
Perfectly Sweet    , a reduced-sugar cookie offering that has 25 percent less sugar than the
leading cookie without compromising taste or flavor.
3



 6/28/2024 Letter Continued (Full PDF)