J.M. Smucker Co, the maker of Folgers coffee, said on Wednesday it made a "misstep" with its most recent price increase, which caused sales volumes to drop sharply as customers delayed purchases and shifted to cheaper private-label brands. "Clearly, we do feel that it was a bit of a misstep," Chief Executive Mark Smucker told analysts on a conference call after the company released fiscal 2015 second-quarter earnings.