J.M. Smucker raises sales outlook due to coronavirus-led stockpilingReporting by Uday Sampath
J.M. Smucker Co raised its annual sales and profit forecast on Monday due to "unprecedented" demand for its packaged foods, as consumers stockpiled to weather stay-at-home orders to curb the coronavirus pandemic.
The company said it expects net sales to fall 1% in the fiscal year ending April 30, 2020, compared with a prior forecast for a drop of 3%.
J.M. Smucker also said it expects adjusted earnings per share to exceed the high end of its previous forecast range of $8.10 to $8.30.