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J.M. Smucker Co. (NYSE:SJM) recently reported its third quarter earnings and discussed the following topics in its earnings conference call.
Eric Katzman – Deutsche Bank: I guess first question, Vince you talked about the 1% to 2% hit kind of in line with what you thought on Folgers. Folgers is a very profitable business for you, but you said that I guess the team somehow managed that. So are you saying that profitability wasn’t limited at all by the fact that you had a 1% to 2% volume hit on that entry-level Folgers?
Vincent C. Byrd – President and COO: Eric, this is Vince. That’s correct, and I would also say that there was some compensation from our supplier that helped to offset that.
Eric Katzman – Deutsche Bank: So they gave you some compensation for the fact that they weren’t delivering on target?
Vincent C. Byrd – President and COO: That’s true yes.
Eric Katzman – Deutsche Bank: Then I didn’t hear you mention as part of the coffee profitability, the productivity initiatives and what’s been going on in New Orleans. Maybe you could – was there anything there? How do we think about the savings coming from that piece and how it impacts the coffee line going forward?
Mark T. Smucker – President, U.S. Retail Coffee: The supply chain optimization project in coffee essentially is complete. The savings that we expected to realize, we have realized, and we’re basically through that project.
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