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Reuters: JM Smucker Q4 beats Street, raises 2010 profit view. Quote:
Peanut-butter and jelly maker J.M. Smucker Co’s (SJM.N) fourth-quarter profit handily beat market expectations, helped by strength in its Folgers coffee business, and the company raised its 2010 profit outlook.
“Our core business continues to produce solid results and the recently added coffee business’s performance has exceeded our expectations,” co-Chief Executive Tim Smucker said in a statement.
My take
More trouble for Starbucks…this is one sign of consumer behavior change amid this recession. Bye bye $2 a cup coffee, welcome home brewing gourmet coffee 🙂