Lamb Weston reports increased sales, earnings in first fiscal year since spinning off from ConAgra

The Lamb Weston frozen potato business closed out its first fiscal year as an independent business saying it exceeded its financial goals. The results were a “strong foundation for sustainable growth as an independent company,” said Tom Werner, the company’s president and chief executive officer. In a November 2016 spinoff deal, shareholders of the former ConAgra Foods received shares of both Lamb Weston and the new Conagra Brands. Conagra shed the frozen potato business to concentrate on branded grocery foods sold at retail stores. Lamb Weston, now headquartered in Idaho, on Tuesday reported a 6 percent increase in sales for the 2017 fiscal year ending May 28, to $3.2 billion, and net income for the year of $326.9 million. Lamb Weston added new potato processing lines in manufacturing plants in the U.S. and internationally, and has more in the works. Lamb Weston also launched a new product in retail stores: the Made in Idaho brand of frozen potato products including fries and hash browns. More