ORRVILLE, OHIO — The JM Smucker Company shared its financial results for the third quarter of its 2024 fiscal year ended Jan. 31, detailing a significant drop in sales for its pet food division. However, the company’s Meow Mix and Milk-Bone brands both witnessed double-digit growth over the quarter, demonstrating Smucker’s success toward reshaping its pet food portfolio.
For its US Retail Pet Foods segment, Q3 2024 net sales significantly dropped 39% to $465.20 million. Comparable net sales, which excludes Smucker’s divestiture of several pet foods brands, increased $79.10 million (20%). The company attributed this to an increase in volume/mix driven by Meow Mix, co-manufacturing sales related to the divestiture, and growth in Milk-Bone.
Segment profit increased by $500,000, maintaining relatively flat at $109.50 million due to higher net price realization, favorable volume/mix, lower costs from the divested brands, and increased distribution costs.
“Our pet segment results this quarter continue to highlight the benefits of focusing on brands and categories where we have a leading market share position and divesting brands where we did not,” said Mark Smucker, chair of the board, president and chief executive officer. “Profit margin improved significantly versus the previous year, driven by product mix, and