ORRVILLE, OHIO — Sales within the US Retail Consumer Foods segment of the J.M. Smucker Co. ended the fiscal year strong behind the surging Uncrustables brand and the recovering Jif brand.

The segment for the 2023 fiscal year ended April 30 had sales of $1.63 billion, down 5% from $1.71 billion in the previous fiscal year, but in the fourth quarter segment sales jumped 14% to $453 million from $397 million. Lapping customer returns related to a Jif peanut butter product recall in the fourth quarter of fiscal 2022 had a 5% favorable impact. High net price realization increased sales by another 12 percentage points. Volume/mix increased net sales by 2 percentage points, primarily driven by Uncrustables frozen sandwiches.

“The Uncrustables brand continued to deliver exceptional growth with net sales increasing 43% (in the fourth quarter), driven by 30% volume mix growth and higher net price realization,” Mark T. Smucker, president and chief executive officer, said in pre-recorded comments released June 6. “Total company net sales for Uncrustables, including the Away From Home business, were $185 million this quarter, and for the full fiscal year, the brand grew 34%. Uncrustables is now the No. 1 brand in the frozen snacks and sandwiches category.”

Jif returned to net sales growth in the fourth quarter, he added.

“With increased marketing and other demand-driven activities, we anticipate strong double-digit net sales growth in fiscal 2024,” Mr. Smucker said of Jif.

Companywide in the fiscal year, Orrville-based Smucker sustained a loss of $91 million, which compared with net income of $632 million, or $5.84 per share on the common stock, in the previous fiscal year. The net loss reflected a loss related to the divestiture of certain pet food brands. Adjusted earnings per share were $8.92, up slightly from the previous year. Fiscal year net sales increased 7% to $8.53 billion from $8 billion.

Fiscal-year sales increased in US Retail Coffee, up 10% to $2.73 billion, US Retail Pet Foods, up 10% to $3.04 billion, and International and Away From Home, up 9% to $1.12 billion.

In the fourth quarter, a companywide loss of $601 million compared with net income of $202 million, or $1.88 per share on the common stock, in the previous year’s fourth quarter. Adjusted earnings per share were $2.64, up 18% from the previous year’s fourth quarter. Net sales of $2.23 billion were up 10% from $2.03 billion.

In Smucker’s 2024 fiscal-year outlook, comparable net sales are expected to increase 8.5% to 9.5% while adjusted earnings per share should be in a range of $9.20 to $9.60. Net sales are expected to decrease 10% to 11%, reflecting $1.5 billion of net sales from a divested pet food brand in the year just completed. In the first quarter of 2024, Smucker expects comparable net sales and adjusted earnings per share to increase about 20%, primarily due to the lapping of the impact of the Jif recall and continued business momentum, said Tucker H. Marshall, chief financial officer, in the pre-recorded comments.