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UPDATE 1-Folgers coffee maker J.M. Smucker to cut prices in U.S.
May 24, 2016 / 1:16 PM / 2 years ago

UPDATE 1-Folgers coffee maker J.M. Smucker to cut prices in U.S.

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May 24 (Reuters) - J.M. Smucker Co said it would cut the prices of its U.S. packaged coffee, including those sold under Folgers and Dunkin’ Donuts brands, to pass on the benefit of lower bean prices to customers.

The biggest U.S. roaster said on Tuesday it would cut prices by 6 percent, adding to a similar cut in July last year.

In January, Arabica coffee futures slid to two-year low and Robusta coffee futures declined to their lowest in 5-1/2 years.

Lower prices helped Smucker’s brands increase their share of the mainstream coffee market, the company said in February.

“For the last several quarters, lower green coffee costs were reflected in promotional pricing for the majority of our packaged coffee products, and we do not anticipate those prices changing significantly,” Steve Oakland, the head of Smucker’s U.S. food and beverage business, said in a statement on Tuesday.

Smucker, which makes bagged coffee and K-cup pods under the Dunkin Donuts brand, said the price cut excludes K-Cup pods. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Don Sebastian and Kirti Pandey)

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