Member access

4-Traders Homepage  >  Shares  >  Nasdaq  >  Kraft Foods Group Inc    KRFT   US50076Q1067

Delayed Quote. Delayed Nasdaq - 10/30 04:00:01 pm
56.16 USD   -1.32%
1d agoDJStarbucks Sales Growth Disappoints; Delivery Is Coming -- 3rd Update
1d agoDJStarbucks Sales Growth Disappoints -- 2nd Update
1d agoDJStarbucks Sales Growth Disappoints -- 2nd Update
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Kraft Cuts U.S. Coffee Prices by 6%, Following J.M. Smucker

02/22/2013 | 01:32pm US/Eastern

NEW YORK--Kraft Foods Group Inc. (>> Kraft Foods Group Inc) cut prices for its Maxwell House and Yuban coffees by about 6%, following a similar move by rival J.M. Smucker Co. (>> The J.M. Smucker Company) this week.

Both companies cited a decline in prices for green, or unroasted, coffee as the reason for the price reductions.

Futures of arabica coffee, the world's most cultivated and consumed variety, have declined almost 30% over the past year, due to a record harvest from top grower Brazil, the source of about one-third of the world's coffee.

J.M. Smucker--the maker of Folgers, Dunkin' Donuts and Millstone coffee--also cut the prices of its packaged coffee products by 6%.

U.S. food companies had raised prices in 2011, when arabica futures surged above $3 a pound. Futures are now trading around $1.40 a pound, and Kraft and J.M. Smucker have cut retail coffee prices as a result.

However, premium coffee prices remain buoyed by increased consumer demand.

"Contradicting recessionary trends that saw consumers curtail spending, premium-priced single-cup coffee has led the growth in the coffee category between 2010 and 2012," market research firm Mintel said in an October report on the U.S. coffee market.

Kraft's price decreases excluded some of its higher-priced brands such as Gevalia.

"After lowering the prices on Gevalia roast and ground coffee in retail outlets by approximately 10% in May of 2012, we feel Gevalia is currently competitively priced," said Russ Dyer, a Kraft spokesman, in an e-mail.

Write to Leslie Josephs at leslie.josephs@dowjones.com

(MORE TO FOLLOW) Dow Jones Newswires

02-22-13 1231ET

Stocks mentioned in the article : Kraft Foods Group Inc, The J.M. Smucker Company
Latest news on KRAFT FOODS GROUP INC
1d agoDJStarbucks Sales Growth Disappoints; Delivery Is Coming -- 3rd Update
1d agoDJStarbucks Sales Growth Disappoints -- 2nd Update
1d agoDJStarbucks Sales Growth Disappoints -- 2nd Update
1d agoDJStarbucks Sales Growth Disappoints -- Update
1d agoDJU.S. Stocks Fall; Visa Boosts Dow
1d agoDJU.S. Stock Futures Pare Losses After GDP Data
2d ago Kraft Foods profit falls as price hikes hit sales
2d ago KRAFT FOODS' : Trademark Application for "CHEEZ WHIZ" Filed
2d ago KRAFT FOODS : tops 3Q profit forecasts
2d ago KRAFT FOODS : Results of Operations and Financial Condition (form 8-K)
Advertisement
Chart
Duration : Period :
Kraft Foods Group Inc Technical Analysis Chart | KRFT | US50076Q1067 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF