J.M. Smucker (SJM) said Tuesday it cut the list price for the majority of its U.S. packaged coffee products by an average 6%, citing sustained lower prices for green coffee.
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While known for Jif peanut butter and its namesake jams and jellies, J.M. Smucker gets most of its revenue from retail coffee in the U.S. Its brands include Folgers, Dunkin’ Donuts and Millstone.
Smucker also cut peanut-butter prices last month by 10%.
Last week, the Orrville, Ohio-based company said its third-quarter profit leaped 32% on improved sales of coffee and peanut butter, two of its top businesses.
Shares of J.M. Smucker were down 20 cents to $92.20 Tuesday morning.