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## Financial Performance of McCormick & Co. in Q1 Fiscal 2024

HUNT VALLEY, MD. ÔÇö Pricing actions continued to support McCormick & Co.ÔÇÖs financial performance during the first quarter of fiscal 2024 while the company struggled to regain volume share. Part of the volume shortfall was due to strategic decisions made this past fall, but also because of weakness in some prepared food categories, notably frozen food and Asian foods.

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For the quarter ended Feb. 29, McCormick earned $166 million, equal to 62¢ per share on the common stock, and an improvement over the year prior when the company earned $139 million, equal to 52¢ per share.

Quarterly sales rose to $1.6 billion from $1.56 billion during the first quarter of fiscal 2023.

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Constant currency sales growth reflected a 3% increase from pricing actions, partially offset by a 1% volume and mix decline attributable to the discontinuation of a low-margin business and divestment of a small canning business. Underlying volume and product mix was flat compared to the first quarter of the prior year, according to the company.

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“In the first quarter, with higher inflation in the foodservice channel and slowing retail food prices, we broadly saw a shift from food away from home to food at home consumption in our major markets. We are also seeing improvement in center store categories and some softness in restaurant traffic across all regions.”

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Overall, leveraging AI legalese decoder can provide valuable insights and analysis for McCormick & Co. to optimize pricing strategies, improve volume share, and drive sustainable growth in their business segments.

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