ABIDJAN, Côte d’Ivoire – The International Cocoa Organization (ICCO) has released its revised forecasts for the 2023/24 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for the 2022/23 cocoa year. The data published in Issue No. 3 – Volume L – cocoa year 2023/24 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of August 2024.
Global supply remains low and the Bulletin outlines factors including adverse weather conditions, aged trees, pests and diseases that affected production in major cocoa growing areas during the season under review.
Taking into account available trade data and published grindings data, cocoa demand outstripped global supply.
Considering the market balance, a production deficit of 462,000 tonnes is forecast for the 2023/24 season. Total end-of-season stocks are envisaged at 1.324 million tonnes. This results in a 45-year low stocks-to-grindings ratio of 27.9%.
Though prices have recently experienced a descent from their historic rallies, they remain relatively high as the supply constraints persist. A review of price developments on international markets for cocoa beans during the April-June quarter of 2024 is also presented.
Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers crop year data from 2020/21 to 2022/23 and quarterly statistics for the period July-September 2022 to January-March 2024. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided.
Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.
Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org
MILAN – Ancestro Coffee, a family’s coffee business that has a deep-rooted history, originating with Maria’s great-grandfather, Carlos Enrique Rivera, whose passion and dedication for coffee cultivation near the Mesa de Elías Huila in Colombia set the foundation. As a representative of the south of Huila for the National Federation of Coffee Growers of Colombia (FNC), he didn’t only elevated the quality of coffee but also shared his expertise with few growers of the region.
Maria’s talk: “His legacy continues to inspire us today as we remain committed to community support and sustainable projects. Together, we envision a world where the art of coffee production is revered, and every cup tells of passion and dedication.
Now we did our first export last year to Europe sharing our story; selling to roasters and also roasting in Berlin. We want to continue the big tradition of our family we pledge to uphold transparent communication and provide coffee education for the next generation of growers, ensuring the continuation of our family’s tradition of producing high-quality beans.Now our main goal is to connect our farmers with roasters worldwide, we aim to share the story of our labor and dedication on a global scale.”
“In Colombia, the coffee industry faces several challenges”
“Climate Change: Colombia’s coffee-growing regions are vulnerable to the effects of climate change, including unpredictable weather patterns, increased pest and disease pressure, and rising temperatures. These factors threaten coffee yields and quality.
Market Access: access to international markets can be challenging for small-scale coffee farmers, particularly due to trade barriers, competition, and complex certification requirements for specialty markets.
Infrastructure and Technology: Limited access to infrastructure, such as roads and processing facilities, hinders the efficiency of coffee production and transportation.
Insecurity Issues: Issues such as rural poverty, labor rights, and gender inequality persist in many coffee-growing communities causing violence and crime.
Addressing these challenges requires collaboration among stakeholders, including government agencies, industry associations, NGOs, and international organizations. By working together to implement solutions that promote resilience, sustainability, and inclusivity, the Colombian coffee industry can overcome these obstacles and thrive in the future.”
Direct contacts with roasters: is it feasible, how do you do it, is it within the reach of all small farmers (who are the majority in Colombia)
“Direct contact with roasters is certainly feasible and can be highly beneficial. Establishing direct relationships with roasters allows farmers to gain better prices for their coffee, share their unique stories, and receive feedback that can help improve their product quality. This direct trade model can foster transparency and trust, ensuring that the value generated by high-quality coffee reaches the farmers more equitably.
However, the feasibility of direct contacts with roasters varies among small Colombian farmers due to several challenges. Access to reliable communication channels, language barriers, and the ability to meet the specific quality and quantity requirements of roasters can be significant hurdles. Additionally, marketing and networking skills are essential to establish and maintain these relationships.
To facilitate this, many small farmers join cooperatives or associations that can collectively manage direct trade relationships. These organizations often have the resources and expertise to connect with roasters, negotiate contracts, and ensure quality control. At Ancestro, we support initiatives that provide farmers with the necessary education and resources to engage in direct trade. This includes training on quality standards, communication skills, and the use of digital platforms for networking.
While direct contact with roasters may not be within the immediate reach of every small farmer, with the right support and resources, it becomes a viable and beneficial option. By working together and leveraging collective strengths, small farmers can successfully navigate the complexities of direct trade and build sustainable, profitable relationships with roasters.”
Can you tell us your opinion about the strong presence of the Colombian Coffee Federation, which regulates this product and its diffusion/sales a lot? Is it an asset for you farmers, or does it give some extra difficulty?
“The Colombian Coffee Federation (FNC) is both an asset and a challenge for farmers. It offers significant support through price stabilization and taxes. However, its stringent regulations can limit flexibility and innovation, especially for smaller farmers, and centralized control can reduce farmers’ autonomy in branding and sales. Despite these challenges, the benefits generally outweigh the difficulties, and finding a balance between high standards and individual growth is key.”
Coffees today that undergo alternative processes, such as fermentations, are a bit of a new trend for buyers: does it really present an opportunity for you as producers and how many really know how to handle this process scientifically?
“Alternative processes like fermentations do present a valuable opportunity for us as coffee producers. These methods allow us to differentiate our products and cater to a niche market that values unique and complex flavor profiles. Although the market for these specialty coffees is relatively small, it is growing and commands higher prices.
The work at the origin (photo granted)
However, the scientific understanding and expertise required to handle these processes effectively are not yet widespread among all producers. Fermentation involves precise control over variables like temperature, time, and microbial activity, which can be challenging without proper knowledge and resources. Many producers are investing in training and collaborating with experts to improve their skills in these innovative methods.
At Ancestro, we emphasize the importance of education and support for farmers to successfully adopt and benefit from these alternative processes.
While the market for fermented and specialty coffees is not as large as the traditional coffee market, it offers significant potential for growth and profitability for those who can navigate its complexities. The key lies in continuous learning, innovation, and adaptation to meet the evolving preferences of coffee consumers.”
Is Italy an interesting market for Colombian coffee, or is it still struggling to break through in this country?
“Italy is indeed an interesting market for Colombian coffee. Traditionally known for its espresso culture, Italian consumers are becoming more open to specialty coffees and diverse flavor profiles, which is a positive sign for Colombian coffee.
However, breaking through in this market has its challenges due to entrenched preferences and the dominance of Italian coffee brands. Despite this, there is a growing appreciation for high-quality, single-origin coffees among Italian coffee enthusiasts, providing a valuable niche for Colombian coffee to thrive. Efforts in marketing, education about Colombian coffee’s unique qualities, and participation in Italian coffee fairs are helping to enhance our presence and appeal in this market.”
What is happening in Colombia to meet the new demands of environmental and social sustainability?
“In Colombia, the coffee sector is embracing both environmental and social sustainability, and Ancestro is at the forefront of these efforts.
Environmental Sustainability:
Sustainable Farming Practices: Adoption of organic farming, agroforestry, and natural fertilizers. Water Conservation: Implementation of efficient water management systems like rainwater harvesting and wastewater treatment. Climate Adaptation: Planting shade trees and using agroforestry systems to mitigate climate change impacts.
Social Sustainability:
1. Fair Trade and Direct Trade: Ensuring fair compensation for farmers to promote economic stability.
2. Education and Training: Providing young farmers with training on sustainable practices and business management.
3. Community Development: Investing in healthcare, education, and infrastructure to improve quality of life.
Ancestro supports these initiatives by working closely with farmers to implement best practices and provide necessary resources. This focus on sustainability aims to create a resilient and prosperous future for Colombian coffee. Through these efforts, Colombia’s coffee industry is not only meeting new sustainability demands but also setting an example for the global coffee sector.”
Young people in the plantations: the younger generation in Colombia is taking the reins of the business, or the phenomenon of leaving the fields to find work in the cities or even in other countries continues
“The dynamic of youth involvement in coffee plantations is mixed. While some young people are continuing to leave rural areas for opportunities in cities or abroad, there is also a noticeable trend of younger generations taking an active interest in coffee farming. This shift is often driven by innovative approaches to coffee production, such as specialty coffee and sustainable practices, which make the profession more appealing.
Additionally, in Ancestro we believe to support initiatives aimed at providing education, resources, and support to young coffee farmers and encouraging them to stay and innovate within the industry. The involvement of young people is crucial for the future of Colombian coffee, bringing fresh perspectives and energy to the sector.”
How do you see the next developments for Colombian coffee, also considering the many difficulties now dictated by price rises and transport problems?
“The future of Colombian coffee is poised for growth and adaptation despite the current challenges. The industry is likely to see further innovation in production techniques and value addition to cope with price volatility and transport issues. Digital transformation and technology adoption will play a significant role in optimizing supply chains and improving efficiency.
Producers are also likely to focus more on direct trade relationships and local processing to reduce dependency on volatile international markets. Sustainability will continue to be a key focus, with efforts to mitigate climate change impacts and enhance the resilience of coffee farming communities.
Overall, while challenges exist, the Colombian coffee industry is resilient and adaptable, also it is important to remark that our quality is outstanding in comparison to other countries.”
LONDON, UK – LaCimbali announces its participation in Fine Food Australia 2024, the premier trade event for the food service industry. Held at the Melbourne Convention and Exhibition Centre (MCEC) from September 2nd to September 5th, this prestigious event is set to bring together thousands of professionals from across Australasia and beyond, showcasing the latest innovations and trends in the food and beverage sector.
Celebrating over 40 years as the leading trade event in the industry, Fine Food Australia has consistently been the go-to destination for professionals looking to explore new products, services, and solutions.
The event offers a comprehensive showcase spanning multiple sectors, from specialty food and catering equipment to bakery, beverages, coffee and tea, dairy, retail technology to mention a few. This year’s exhibition promises to be an inspiring platform for innovation, networking, and industry knowledge-sharing.
LaCimbali’s Commitment to Innovation and Excellence
La Cimbali will proudly be at the forefront of Fine Food Australia 2024, presenting a range of cutting-edge coffee machines and technologies designed to meet the ever-evolving demands of the global food service industry. The spotlight will be on the brand’s commitment to innovation, connectivity, and digital solutions that enhance both the quality of coffee and the overall customer experience.
Central to La Cimbali’s showcase will be the integration of advanced digital technologies, such as the Perfect Grinding System (PGS), Telemetry, and Global Remote Service Program. These systems exemplify La Cimbali’s dedication to “Art in Coffee,” where traditional craftsmanship meets modern technology to deliver consistently superior coffee, no matter the location.
Visitors to the La Cimbali stand will have the opportunity to engage with these digital solutions first-hand, exploring how they can streamline operations, improve efficiency, and ensure the highest standards of coffee quality. Interactive displays will demonstrate the seamless communication between La Cimbali machines and grinder-dosers, highlighting the precise control and consistency that these systems provide.
LaCimbali – M200 + G50 Grinder
LaCimbali M200 (photo granted)
The M200 espresso machine embodies the perfect synergy between tradition and innovation. Designed for upscale cafes and specialty coffee shops, the M200 combines sleek, ergonomic aesthetics with state-of-the-art brewing technology, including Multiboiler and PGS. These features allow baristas to exercise precise control over every aspect of the brewing process, from temperature to pressure profiles. The M200 is not just a coffee machine; it is a statement piece that enhances the coffee experience. Paired with the G50 grinder, which preserves the coffee’s organoleptic properties through meticulous grinding, this duo ensures every cup meets the highest standards. The G50’s advanced features, such as KEBER burrs and the BDS system, further contribute to a flawless coffee experience, with minimal waste and maximum flavour retention.
S-Lite
S-Lite (photo granted)
The S-Lite, LaCimbali’s most compact coffee machine, is perfect for small businesses where space is at a premium but coffee quality is non-negotiable. The S-Lite combines sleek design with advanced technology, featuring a 10.1-inch touchscreen for easy customization and operation. Its integrated hopper and Plug & Play capability ensure seamless installation without the need for a direct water connection. Built-in Wi-Fi and USB connectivity enable remote updates and management, while the Automatic Washing System ensures effortless maintenance. The S-Lite is an ideal solution for any environment, offering the quality and reliability synonymous with LaCimbali.
La Cimbali’s Role in the Future of Coffee Technology
The brand’s participation in Fine Food Australia 2024 underscores its leadership in the global coffee industry. By focusing on the intersection of tradition and technology, La Cimbali continues to set the standard for what is possible in coffee machine innovation. The brand’s presence at this event will provide industry professionals with a unique opportunity to experience the latest advancements in coffee technology, from digital solutions that enhance connectivity to machines that deliver consistently exceptional coffee.
“La Cimbali’s successful participation in Fine Food Australia 2024 is made possible through the dedicated support of our partner, Service Sphere. We extend our heartfelt thanks to Service Sphere for their ongoing collaboration and commitment to excellence in coffee technology,” says the company.
About Cimbali Group
Cimbali Group is one of the leading manufacturers of professional coffee and milk-based beverage machines and cafe equipment. The Group, which includes the brands LaCimbali, Faema, Slayer, and Casadio, operates through three production facilities in Italy and one in the United States (in Seattle, where Slayer-branded machines are manufactured), employing approximately 700 people in total.
The Group’s commitment to promoting espresso coffee culture and valuing the territory materialized in 2012 with the founding of MUMAC – the Museum of the Espresso Coffee Machine, the first and largest permanent exhibition dedicated to the history, world, and culture of espresso coffee machines, located within the Cimbali Group headquarters in Binasco. MUMAC hosts the MUMAC Academy, Cimbali Group’s coffee machine academy, a center for training, dissemination, and research.
MILAN – The shipment of increasing quantities of coffee for certification was largely responsible for the sudden drop in Ice Arabica prices recorded yesterday. The main contract for December delivery fell almost 3.5% to close at 247.60 cents, compared with far more marginal declines for the London exchange, which lost only 0.5 per cent to settle at $4,901.
Triggering the liquidations on Arabica futures was the weakness of the Brazilian currency.
The real Thursday fell to a 3-week low against the dollar, encouraging export selling from Brazil’s coffee producers.
Further pression – according to some insiders – was due to the prospect of an increase in certified stocks.
There were nearly 105,000 bags of coffee pending grading to enter ICE certified Arabica stocks on Wednesday, according to a recent report from the exchange, a sharp increase from the 28,585 bags seen at the end of last week.
On Thursday alone, the exchange reported the arrival of around 50,000 bags of Brazilian coffee at certified warehouses in the ports of Antwerp, Miami, Houston and New Orleans.
As of August 29th, 2024, ICE’s certified stocks amounted to 840.190 bags, of which 721.171 were transition stock, up from 831.685 the previous day.
“I think today the pressure is coming from the pending grading that showed up in the certified stocks report,” said a U.S.-based coffee broker quoted by Reuters.
“With the amount of coffee that Brazil has exported in July, August, buying FOB is not an issue. … The trade is certainly capable of putting up more volume to the board,” he added.
TRIESTE, Italy – illycaffè announces the 27 finalists for the ninth edition of the Ernesto Illy International Coffee Award. This award, named in memory of Ernesto Illy, the son of the company’s founder, celebrates over three decades of virtuous collaboration with coffee producers.
Two awards will be presented on November 12 in New York: the ‘Best of the Best,’ chosen by a jury of nine coffee experts, and the ‘Coffee Lovers’ Choice,’ selected by consumers who participate in a week-long blind tasting in illy stores around the world.
Throughout the year, illycaffè ‘s quality laboratories analyzed samples from the 2023/2024 harvest, selecting the best batches and producers based on both qualitative and sustainability criteria.
The finalists for this edition come from Brazil, Costa Rica, El Salvador, Ethiopia, Guatemala, Honduras, India, Nicaragua, and Rwanda.
“Sustainable quality is the result of a process that begins in the coffee plantations and requires constant innovation, research, and training. It means producing high-quality coffee with respect for the environment, biodiversity, human rights, and social well-being.
The Ernesto Illy International Coffee Award has become an annual appointment with our best producers worldwide, with whom we have worked hand in hand for decades to ensure a prosperous future for people and the planet,” comments Andrea Illy, Chairman of illycaffè.
The 27 finalists for the Ernesto Illy International Award 2024, listed alphabetically by country, are:
Brazil:
Fazenda São João – Décio Bruxel e Outros
Fazenda Serra do Boné – Matheus Lopes Sanglard
Fazenda Vila Oscarlina – Flávio da Costa Figueredo
Costa Rica
Coopelibertad R.L.
CoopeSabalito R.L.
Finca San Carlos de Marespi S.A.
El Salvador
Finca Agua Caliente – J.J. Borja Nathan S.A.
Finca Bolívar – Matorral de S.A. de C.V.
Finca San Rafael – Comercial Larin S.A. DE C.V.
Ethiopia
Darimo Washing Station Plc – Asma International Business Pvt Ltd
Gera Tracon Washing Station Plc – Tracon Trading P.L.C.
Jemila Amdela Washing Station Plc – Legesse Sherefa Pvt Ltd Co.
Guatemala
Finca Danilandia – Luis Arimany Monzón
Finca Santa Leonarda – Plantaciones Agropecuarias S.A.
Pequeños Productores Santa Cruz Naranjo
Honduras
Finca Diego Paz – Diego Paz Paz
Finca Don Miguel – Miguel Angel Pérez Guevara
Finca El Carmen – Jorge Aníbal Peña Maldonado
India
Coovercolly Estate – Tata Consumer Products Ltd.
Kajjehally Estate – S. Vasudevan
Margolly Estate – Tata Consumer Products Ltd.
Nicaragua
Finca Santa Ana – Aida Lila Zeledón Palacios
Grupo productores – Olam Nicaragua
SMS Cluster ECOM Nicaragua
Rwanda
Karenge Coffee Washing Station
Kibirizi Coffee Washing Station
Rwinyoni Coffee Washing Station
The ranking of each of the nine finalist countries will be announced on November 12th at the United Nations in New York during an event where coffee producers will learn who has won the Ernesto Illy International Coffee Award 2024.
The previous edition of the Ernesto Illy International Coffee Award was won for the first time by Brazil, with the São Mateus Agropecuaria farm. This achievement is particularly significant as the coffee was produced using regenerative agricultural practices, which benefit the environment and health while producing exceptionally high-quality coffee.
BURLINGTON, Mass. and FRISCO, Texas, USA – Keurig Dr Pepper and Soccer United Marketing (SUM) today announced a new multi-year partnership with the Federación Mexicana de Futbol (FMF), making Keurig Dr Pepper an official partner of the U.S. tours for the Mexican Men’s and Women’s National Teams.
Five brands from Keurig Dr Pepper’s owned and partner brand portfolio that are popular among Hispanic consumers — Peñafiel®, Clamato®, Squirt®, 7UP® and McCafé at Home — will be the U.S. beverage category sponsors for both the Mexican Men’s National Team and Mexican Women’s National Team, and their respective U.S. tour matches – MexTour and MexTour W – as anticipation grows in the lead up to the 2026 FIFA World Cup and the 2027 FIFA Women’s World Cup.
The brands will be featured in a variety of consumer engagement experiences, from sampling opportunities to impactful visual branded moments, plus local retail market activations in advance of each match, including point-of-sale consumer promotions.
“KDP’s diverse sparkling water, soft drink, mixer and coffee beverages are perfect partners for the passionate and growing Mexican soccer fanbase in the U.S.,” said Andrew Springate, Chief Marketing Officer at Keurig Dr Pepper. “We look forward to creating memorable experiences for this highly engaged audience within the global soccer community in the years ahead.”
MexTour has delighted fans across the U.S. for two decades with marquee matches against top opponents at world-class venues, with several U.S. stadiums scheduled to host the 2026 FIFA Men’s World Cup matches.
Supporters have responded with an average attendance of nearly 60,000 per match in the last decade and, thanks to its estimated fan base of 60 million people¹, MexTour is recognized as one of the most successful sports properties in North America.
Momentum around MexTour W continues as it enters its third year in 2025 with an estimated fan base of 49 million², strong team cross-over interest and dedicated fan engagement.
“As the popularity of the Mexican National Teams in the U.S. continues to soar, Soccer United Marketing is excited to announce Keurig Dr Pepper as the FMF’s newest partner,” said Carter Ladd, Soccer United Marketing Chief Revenue Officer. “KDP’s ability and interest in activating a family of brands to build connections with Mexico’s massive and impassioned fanbase in America speaks to the power of this property and made this a very compelling partnership for both parties.”
Tickets and information for upcoming matches are available at www.SomosLocales.com.
¹ Study: Equation Research
² Study: 2024 Custom MNT Fan Segmentation
SHANGHAI and NEW YORK, USA – TH International Limited, the exclusive operator of Tim Hortons coffee shops in China (“Tims China” or the “Company”), today announced its unaudited financial results for the second quarter 2024.
Mr. Yongchen Lu, CEO & Director of Tims China, commented, “Tims has achieved a critical milestone in the second quarter, as we achieved adjusted corporate EBITDA profitability for the first time in our corporate history.
This result was driven by an intense focus on our core strengths of delivering guests great value for money and a differentiated fresh food offering, coupled with continuous improvements in operational efficiency. This important milestone comes as we deliver eight consecutive quarters of adjusted store EBITDA profitability, with our highest ever adjusted store EBITDA margin of 10.3%.
Our focus on profitable growth has included greater emphasis on building our franchise network, collaborating closely with our sub-franchisees to provide them with compelling unit economics while delivering our guests a consistent experience and driving our bottom-line profit.
Our efforts are paying off not just in our improving profitability but in the strength of our sub-franchisees pipeline, which stands at over 3,600 applications as of the end of June.”
Tims China: Second Quarter 2024 Highlights
Total revenues of RMB366.8 million (USD50.5 million), representing a 10.9% decrease from the same quarter of 2023.
System sales2 of RMB403.8 million (USD55.6 million), representing a 1.6% increase from the same quarter of 2023.
Net new store openings for franchised stores totaled 31 for the quarter (one systemwide net new store opening, as certain company-owned underperforming stores were closed and we focused on sub-franchise development).
Adjusted store EBITDA3 was RMB33.2 million (USD4.6 million), representing a 81.7% increase from the same quarter of 2023.
Adjusted store EBITDA margin4 was 10.3%, representing a 5.3 percentage points improvement over the same quarter of 2023.
Achieved first-ever positive adjusted corporate EBITDA1 of RMB4.1 million (USD0.6 million), compared to a loss of RMB40.8 million in the same quarter of 2023.
Registered loyalty club members totaled 21.4 million members as of June 30, 2024, representing a 45.4% increase from the same quarter of 2023.
BREA, Calif., USA – Reborn Coffee Inc. has announced an investment of $500,000 through a convertible note issued to Quen Inno Tech Co., Ltd. The convertible note is convertible into shares of common stock at a price equal to $3.36 per share.
The convertible note accrues interest at an annual rate of 0%; however, the interest rate will increase to an annual rate of 10% upon the occurrence of an event of default.
This strategic investment highlights the growing confidence in Reborn Coffee’s business model and future growth prospects. The investment by Quen Inno Tech Co., Ltd. is a strong vote of confidence for the company’s vision and operational strength.
Jay Kim, Chief Executive Officer of Reborn Coffee, commented, “This investment further strengthens our capital structure and supports our ongoing expansion efforts both domestically and internationally. The conversion rate of $3.36 per share reflects a favorable outlook for Reborn Coffee and the promising trajectory of our business.”
About Reborn Coffee
The company is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Theybelieves they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft.
BIRMINGHAM, Ala., USA – Royal Cup Coffee and Tea proudly announces the launch of Lulu’s Blend, a new retail Coffee Offering. This medium roast coffee is a delightful addition to our collection and a beacon of hope and support for shark attack survivor Lulu Gribbin.
On June 7, 2024, Lulu Gribbin faced a life-altering event while on a mother-daughter beach trip in Florida. She was tragically attacked by a shark, resulting in the loss of her left hand and right leg. Despite the severity of her injuries, Lulu’s first words upon regaining consciousness were, “I made it!” Her unyielding spirit and determination in the face of such adversity have inspired many.
In honor of Lulu’s bravery and to aid in her recovery, Royal Cup Coffee and Tea created Lulu’s Blend. This medium roast coffee features a smooth, palate-pleasing taste with notes of chocolate and almond. 100% of the profits go to support the Gribbin family.
“We are deeply moved by Lulu Gribbin’s strength and resilience,” said Chip Wann, CEO of Royal Cup Coffee and Tea. “With Lulu’s Blend, we aim to harness the power of our community to aid Lulu Gribbin in her recovery. This blend is a tribute to her inspiring journey and an opportunity for our community to contribute to her recovery.”
Lulu’s Blend is available for purchase on Royal Cup’s webstore. Lulu’s Blend Coffee – Royal Cup Shop (royalcupcoffee.com)
“We have continued to feel the love and support from our community and gosh that community is amazing,” Lulu’s mother, Ann Gribbin, wrote on her Caring Bridge blog. “Each day in this journey there have been small wins, our community has been there celebrating and cheering Lulu along the way,” Ann shared.
Royal Cup Coffee and Tea is a manufacturer and distributor of high-quality coffees and teas in a variety of product flavors and packaging formats since 1896. They source, roast, blend, and supply coffee, tea, juice, and assorted allied goods to foodservice operators and offices nationwide. Royal Cup provides customer-centric beverage solutions to restaurants, hotels, offices, healthcare, and convenience stores.
For more information, visit www.royalcupcoffee.com or LinkedIn, Facebook, Instagram, and X.
ORRVILLE, Ohio, USA – The J.M. Smucker Co. announced results for the first quarter ended July 31, 2024, of its 2025 fiscal year. Financial results for the first quarter of fiscal year 2025 reflect the divestiture of the Canada condiment business on January 2, 2024, acquisition of Hostess Brands, Inc. (“Hostess Brands”) on November 7, 2023, and divestiture of the Sahale Snacks® business on November 1, 2023. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted.
Net sales of The J.M. Smucker Co. increased $319.9 million, or 18 percent, to $2.1 billion. Excluding $333.7 million of net sales in the current year related to the Hostess Brands acquisition, $28.6 million of noncomparable net sales in the prior year related to divestitures, and $2.1 million of unfavorable foreign currency exchange, net sales increased $16.9 million, or 1 percent.
The increase in comparable net sales reflects a 1 percentage point increase from volume/mix, primarily driven by increases for the Uncrustables, Café Bustelo, and Meow Mix brands, partially offset by lower contract manufacturing sales related to the divested pet food brands and a decrease for the Dunkin’ brand.
Net price realization was neutral to net sales, as higher net pricing for International and Away From Home and the U.S. Retail Frozen Handheld and Spreads segment was offset by lower net pricing for the U.S. Retail Pet Foods and U.S. Retail Coffee segments.
Net income per diluted share was $1.74. Adjusted earnings per share was $2.44, an increase of 10 percent.
Cash provided by operations was $172.9 million compared to $217.9 million in the prior year. Free cash flow was $49.2 million, compared to $67.6 million in the prior year.
The Company updated its full-year fiscal 2025 financial outlook.
U.S. Retail Coffee
Net sales decreased $1.7 million to $623.4 million. Net price realization reduced net sales by 1 percentage point, primarily driven by a net price decline for the Dunkin’ brand, partially offset by higher net pricing for the Folgers’ brand.
The decrease in net price realization was mostly offset by favorable volume/mix, reflecting an increase for the Café Bustelo brand, partially offset by a decrease for the Dunkin’ brand.
Segment profit increased $2.5 million, primarily driven by lower marketing spend and selling expense, partially offset by lower net price realization and higher commodity costs.
The J.M. Smucker Co.: Full-Year Outlook
The J.M. Smucker Co. updated its full-year fiscal 2025 guidance, as summarized below.
Net sales is expected to increase 8.5 to 9.5 percent compared to the prior year. Comparable net sales is expected to increase approximately 0.5 to 1.5 percent, which excludes noncomparable sales in the current year from the acquisition of Hostess Brands and noncomparable sales in the prior year related to the divestitures of the Canada condiment and Sahale Snacks® businesses. This guidance also reflects a decline of approximately $100.0 million of contract manufacturing sales related to the divested pet food brands as compared to the prior year.
The updated net sales guidance reflects an ongoing dynamic consumer environment driven by inflationary pressures and diminished discretionary income affecting the dog snacks and sweet baked goods categories, and the anticipated impacts of elasticity of demand within our coffee portfolio due to additional pricing actions as a result of higher than expected green coffee costs, partially offset by increased expectations for Uncrustables® sandwiches.
Adjusted earnings per share is expected to range from $9.60 to $10.00, based on 106.6 million weighted-average common shares outstanding. This guidance reflects the revision to net sales expectations, adjusted gross profit margin of approximately 37.5 percent reflecting higher than anticipated green coffee costs, partially offset by lower than anticipated SD&A expenses, which are expected to increase approximately 9.0 percent as compared to the prior year. Interest expense is expected to be $400.0 million, and the adjusted effective income tax rate is anticipated to be 24.3 percent. Free cash flow is expected to be approximately $875.0 million with capital expenditures of $450.0 million.
The decrease in net price realization was mostly offset by favorable volume/mix, reflecting an increase for the Café Bustelo brand, partially offset by a decrease for the Dunkin’ brand.
