JM Smucker Company (SJM)
Inventory turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 5,341,400 | 5,313,300 | 5,411,500 | 5,240,800 | 5,063,300 | 5,213,300 | 5,267,700 | 5,557,300 | 5,727,400 | 5,652,100 | 5,565,600 | 5,400,100 | 5,298,200 | 5,115,600 | 5,008,900 | 4,886,200 | 4,864,000 | 4,983,100 | 4,928,100 | 4,916,100 |
| Inventory | US$ in thousands | 1,209,400 | 1,086,300 | 1,084,400 | 1,137,800 | 1,038,900 | 987,600 | 1,084,900 | 1,093,400 | 1,009,800 | 1,241,500 | 1,358,400 | 1,312,800 | 1,089,300 | 1,042,100 | 1,100,200 | 1,105,500 | 959,900 | 897,900 | 993,800 | 995,000 |
| Inventory turnover | 4.42 | 4.89 | 4.99 | 4.61 | 4.87 | 5.28 | 4.86 | 5.08 | 5.67 | 4.55 | 4.10 | 4.11 | 4.86 | 4.91 | 4.55 | 4.42 | 5.07 | 5.55 | 4.96 | 4.94 |
April 30, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $5,341,400K ÷ $1,209,400K
= 4.42
The inventory turnover ratio for JM Smucker Company exhibits notable fluctuations over the analyzed period, reflecting shifting inventory management efficiency and sales dynamics. At the beginning of the period, the ratio was 4.94 as of July 31, 2020, increasing slightly to 4.96 by October 31, 2020. A more significant upward movement occurred by January 31, 2021, reaching 5.55, indicating a period of improved inventory sales efficiency.
Following this peak, the ratio declined to 5.07 in April 2021 and further decreased to 4.42 in July 2021, signifying decreased inventory turnover efficiency during that timeframe. A modest recovery occurred by October 2021, with the ratio moving to 4.55, then rising gradually to 4.91 in January 2022 and to 4.86 in April 2022, suggesting some stabilization.
The subsequent period saw a decline to 4.11 as of July 2022, and a slight decrease to 4.10 by October 2022, which could imply slower inventory sales or increased inventory levels relative to sales. However, at the start of 2023, the ratio increased again to 4.55, indicating an improvement in inventory management.
A significant uptick occurred in April 2023, reaching 5.67, which represents a peak in the period analyzed. This was followed by a slight decline to 5.08 in July 2023 and 4.86 in October 2023, suggesting some cyclical adjustment or normalization. The ratio then increased again to 5.28 in January 2024, before decreasing to 4.87 in April 2024, and further to 4.61 in July 2024.
Most recently, the ratio rose to 4.99 as of October 2024, before experiencing slight declines to 4.89 in January 2025 and 4.42 in April 2025. Overall, the data suggests periods of both acceleration and deceleration in inventory turnover, with peaks correlating to earlier periods of higher efficiency and troughs indicating slower turnover phases. This pattern underscores variations in sales performance or inventory management strategies over time.