date:Jun 07, 2013
Officer Mark Belgya said on a conference call with analysts.
The company said in January that it expected to benefit from a fall in peanut prices, allowing it to cut peanut butter prices by about 10 percent.
We were expecting (unfavorable peanut butter prices) to begin to reverse early in the year, Alexia Howard of Sanford C. Bernstein said.
Gross margins in the U.S. food business, which includes the Jif business, fell 1.2 percentage points in the fourth quarter ended April 30, while margins