J.M. Smucker Cuts Coffee Prices

J.M. Smucker Co. said it was cutting list prices for most of its coffee products sold in the U.S. by an average of 6%, with the company saying it was passing lower coffee costs to consumers. The lowered prices are primarily on products under the Folgers and Dunkin' Donuts brand names. The K-Cup pods were not included in the price cuts. "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," said Steve Oakland, president of the company's U.S. food and beverage unit. "This list price decrease provides an opportunity for consumers to benefit from lower pricing on an everyday basis." The stock, which was still inactive in premarket trade, has gained 2.9% year to date, while the S&P 500 has tacked on 0.2%.