McCormick Works to Win over Value-Conscious Shoppers
Dow Jones
Yesterday
0755 ET - Consumers continue to be incredibly conscious of value, McCormick CEO Brendan Foley says in prepared earnings remarks. And in many cases, shoppers are buying fewer spices and seasonings when forced to pay higher prices for foods such as seafood and beef, he adds. These behaviors have prompted McCormick to take steps to improve consumption and strengthen its competitive position. The company is working to optimize its portfolio to better serve its customers' needs, while also selectively taking pricing and promotional action to drive sales, Foley says. Looking ahead, McCormick will increase investments around holiday activations and continue to scale its high-growth platforms such as finishing salts and sugars. McCormick is up 5% premarket.
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