JM Smucker Company (SJM)
Gross profit margin
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit (ttm) | US$ in thousands | 3,384,700 | 3,474,700 | 3,419,700 | 3,257,800 | 3,115,400 | 2,994,500 | 2,927,200 | 2,904,100 | 2,801,800 | 2,676,100 | 2,603,400 | 2,613,800 | 2,700,700 | 2,769,700 | 2,896,000 | 3,002,700 | 3,138,700 | 3,191,400 | 3,142,000 | 3,077,800 |
| Revenue (ttm) | US$ in thousands | 8,726,100 | 8,788,000 | 8,831,200 | 8,498,600 | 8,178,700 | 8,207,800 | 8,194,900 | 8,461,400 | 8,529,200 | 8,328,200 | 8,169,000 | 8,013,900 | 7,998,900 | 7,885,300 | 7,904,900 | 7,888,900 | 8,002,700 | 8,174,500 | 8,070,100 | 7,993,900 |
| Gross profit margin | 38.79% | 39.54% | 38.72% | 38.33% | 38.09% | 36.48% | 35.72% | 34.32% | 32.85% | 32.13% | 31.87% | 32.62% | 33.76% | 35.12% | 36.64% | 38.06% | 39.22% | 39.04% | 38.93% | 38.50% |
April 30, 2025 calculation
Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $3,384,700K ÷ $8,726,100K
= 38.79%
The gross profit margin of JM Smucker Company demonstrates notable fluctuations over the analyzed period, reflecting varying levels of cost management and pricing strategies. Starting from a high of 38.50% on July 31, 2020, the margin increased slightly to 38.93% by October 31, 2020, and continued an upward trend, reaching 39.04% on January 31, 2021, and peaking at 39.22% on April 30, 2021. Subsequently, the gross profit margin experienced a gradual decline, decreasing to 38.06% by July 31, 2021, and further dropping to a low of 31.87% on October 31, 2022.
The downward trend persisted into early 2023, with the margin reaching approximately 32.13% in January and remaining relatively stable through April 2023 at 32.85%. However, starting mid-2023, the gross profit margin shows signs of recovery, increasing to 34.32% on July 31, 2023, and continuing upward to 35.72% by October 31, 2023. The upward trajectory persists into 2024 and 2025, with the margin rising to 36.48% on January 31, 2024, eventually reaching a peak of 39.54% on January 31, 2025.
This pattern indicates periods of margin compression followed by recovery phases, suggesting adaptive pricing or cost management strategies in response to market conditions. The recent trend demonstrates a significant recovery from the lows observed in late 2022, approaching pre-2021 levels and aligning with potential strategic initiatives to enhance profitability. Overall, the gross profit margin exhibits cyclical behavior with an overarching trend toward stabilization and improvement in recent periods.