J.M. Smucker's Sweet Baked Snacks segment faces diverging channel performance. Net sales fell 7% in the fiscal first quarter, reflecting prior-year SKU rationalization and declines in the convenience channel, the company said. U.S. retail channels showed strength, with net sales up low-single-digits, driven by double-digit growth for the Hostess Donettes brand. The convenience channel remains challenged as traffic continues to be pressured, executives said. The company is executing against its stabilization plan for the segment and expects segment profit margin improvement compared to the prior year.
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