McCormick Net Sales Increase
April 4, 2013
Sparks, MD — McCormick & Co., Inc.’s net sales increased three percent in the first quarter of 2013 to $934 million, led by seven percent growth in consumer business sales. However, industrial sales decreased two percent compared to 2012 and operating income was down to $112 million from $112.5 million at the same time last year.
Chairman, President and CEO Alan Wilson explains: “We grew consumer business sales seven percent with innovation in spices, seasonings, recipe mixes and our regional leaders such as Zatarain’s in the U.S. and Vahine in France.”
Price increase as a result of higher material costs in the fourth quarter contributed to the three percent increase in sales growth, while volume and product mix added one percent.
The company says about its American industrial business: “While sales to food manufacturers declined slightly in the first quarter, the company has a solid 2013 new product pipeline for these customers that includes seasonings for snacks and meal preparation kits.”
The company has also reaffirmed its expectation to grow sales three to five percent in 2013.
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