J.M. Smucker’s net income declined 85% to $121 million in Q3 ended Dec. 30, due partly to a $107.2 million non-cash impairment charge tied some of its pet food trademarks, including Gravy Train, which is being discontinued, Smucker CFO Mark Belgya said in releasing earnings.

Smucker’s pet food business, which includes recently acquired Ainsworth Pet Nutrition and its licensed Rachel Ray Nutrish dog food, posted a 26% increase in operating profit to $147.9 million on a 35% gain in revenue to $759 million. Sales of Nutrish products rose 23% and the brand is expanding to include dog treats. Smucker’s coffee division, which includes a Dunkin Donuts license for bagged and canned coffee, reported a 1% increase in operating profit to $183.7 million as sales rose 2% to $561 million. Overall, Smucker’s revenue jumped 6% to $2.01 billion.

Contact:

J.M. Smucker, Mark Belgya, CFO, 330-682-3000