1 Green Flag for McCormick's Business in 2023
Wall Street wasn't thrilled with the latest earnings update out of (NYSE: MKC). The spice and flavorings giant reported a slight drop in sales volumes again as shoppers continue to scale back their purchases in an era of rising prices. The stock fell in response to the Q2 announcement and now trails the market's 15% rally year to date by a wide margin.
There's plenty to like about McCormick's performance in this difficult selling environment, though, including rising market share and improving profit margin. Let's take a closer look at that report and the biggest positive takeaway for shareholders.
McCormick is back to expanding sales at a double-digit rate, which is a welcome improvement compared to the prior quarter's 5% uptick. But this growth is coming entirely from higher prices. Volume fell 1% in the quarter as prices increased 11%.
Source Fool.com
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