By Josh Beckerman
Shares of food company Lancaster Colony hit a 52-week low after it said a challenging consumer environment hurt fiscal third-quarter results and is expected to affect the current quarter.
The stock was down 15% to $164.67 on Wednesday, with an intraday low of $156.14. Shares are down about 5% this year.
Lancaster Colony, whose products include Marzetti salad dressings and dips, said net sales declined 2.9% to $457.8 million, partly due to the March 2024 exit from certain bakery product lines. Earnings per share increased to $1.49 from $1.03 a year earlier, when the company posted restructuring and impairment charges and an inventory write-down.
Analysts polled by FactSet had expected earnings of $1.58 a share on sales of $484 million.
The company said food service sales reflected an industrywide decline in traffic and the impact of menu changes as some customers shifted to value offerings.
The company said its retail segment's licensing program has been a source of growth, with a strong performance for Texas Roadhouse dinner rolls.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 30, 2025 13:30 ET (17:30 GMT)
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