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China 2024 fiscal revenue growth shrinks, non-tax income jumps

McCormick takes "prudent" stance on outlook as China weakness persists

Organic growth for the spices and sauces maker is still expected to improve on 2024's 1% pace at the top-end of the forecast range.
McCormick & Co., a leading spice and flavorings company, has adopted a cautious approach to its financial outlook due to ongoing economic challenges in China. Despite reporting a 3% increase in net sales to $1.6 billion in the fiscal first quarter ending February 29, the company's performance was tempered by a 2% drop in sales volume, attributed largely to weaker demand in China. This region has been grappling with a slow economic recovery post-COVID, impacting McCormick's sales. The company also faced inflationary pressures, leading to a slight decrease in gross profit margin from 39.9% to 39.7%. However, McCormick managed to increase its adjusted earnings per share by 14% to 63 cents, thanks to effective pricing strategies and cost-saving measures. Looking forward, McCormick anticipates a slight improvement in sales growth for the full year, projecting a 2% to 4% increase, but remains cautious about the persistent economic uncertainties in China.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/mccormick-takes-prudent-stance-on-outlook-as-china-weakness-persists/ar-AA1xOuui ]