Earnings Snippet: Inflation is Eating up Mccormick's Tariff Refunds
Dow Jones
Jun 25
Spice maker McCormick is getting back around $31 million in tariff refunds-and executives say the money is mostly going right back out again, to cover rising costs stemming from the Iran war.
The company said it has been refunded $28 million and expects another $3 million. That helped boost McCormick's gross profit margin in its latest quarter, but inflation is ramping up.
"If you think about our guide, which is mid-single digit cost inflation, we're tracking towards the high end of that number, which is about 6% right now," said McCormick CFO Marcos Gabriel.
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