Westerville / OH. (lc) Lancaster Colony Corporation reported results for the company’s fiscal second quarter ended December 31, 2022. Summary:
- Consolidated net sales increased 11.4 percent to a second quarter record USD 477.4 million versus USD 428.4 million last year. Retail net sales grew 5.6 percent to USD 258.8 million while Foodservice net sales advanced 19.2 percent to USD 218.6 million.
- Consolidated gross profit increased USD 5.5 million, or 5.7 percent, to USD 102.1 million.
- Consolidated operating income increased USD 6.0 million, or 13.3 percent, to USD 51.3 million.
- Net income was USD 1.45 per diluted share versus USD 1.25 per diluted share last year.
CEO David A. Ciesinski commented, «We were pleased to report another quarter of record sales and increased profits. In the Retail segment, beyond the favorable impact of inflationary pricing, net sales growth of 5.6 percent was driven by volume gains for our «New York Brand Bakery» frozen garlic bread and our successful licensing program, with notable contributions from «Buffalo Wild Wings» sauces and the recently launched «Arby’s Horsey Sauce» and «Arby’s Sauce» products. In addition to pricing, net sales growth of 19.2 percent in our Foodservice segment was led by higher demand from select quick-service restaurant customers.» For additional details please read the Company’s PDF file below (271 KB):20230205-LANCASTER-Q22023