Smucker Misses as Shoppers Cut Back on Buying Coffee, Snacks

Peanut butter and jelly maker JM Smucker Co. shares fell after it reported that first-quarter net sales were weighed down by decreased sales of coffee, dog snacks, sweet baked goods and fruit spreads.

The owner of the Folgers and Cafe Bustelo coffee brands reported adjusted earnings per share of $1.90 in the fiscal first quarter ended July 31, missing analysts’ average estimate of $1.93.