Lamb Weston Holdings, Inc. recently announced its fiscal third quarter 2023 results and updated its fiscal 2023 outlook.
“We delivered another quarter of strong operating results and have raised our fiscal 2023 financial targets accordingly,” said Tom Werner, President and CEO in a press release issued by Lamb Weston.
“Our performance was broad-based, with strong sales and earnings growth across each of our core business segments that were in line with or exceeded our projections for the quarter. We expect this momentum will continue through this fiscal year and provide a solid foundation for fiscal 2024.
“However, we continue to believe that the near-term macroenvironment in North America and Europe will remain volatile as we face higher costs for raw potatoes and other key inputs, and as consumer demand and restaurant traffic continue to be affected by inflationary pressures.
“Longer term, we believe we are well-positioned to drive sustainable, profitable growth, and to better serve customers around the world as we leverage the commercial and operational benefits of our recently-acquired European operations, as well as our capacity expansion investments in the U.S., China, Argentina, and the Netherlands.”
Net sales increased $298.6 million to $1,253.6 million, up 31 percent versus the prior year quarter.
Net sales for the Global segment, which is generally comprised of the top 100 North American-based quick-service and full-service restaurant chain customers, as well as all of the Company’s international sales, increased $160.6 million to $648.5 million, up 33 percent versus the prior year quarter.
Net sales for the Foodservice segment, which services North American foodservice distributors and restaurant chains generally outside the top 100 North American based restaurant chain customers, increased $65.5 million to $360.0 million, up 22 percent versus the prior year quarter, with price/mix up 25 percent and volume down 3 percent.
Net sales for the Retail segment, which includes sales of branded and private label products to grocery, mass merchant, and club customers in North America, increased $72.4 million to $216.0 million, up 50 percent versus the prior year quarter.
Source: Lamb Weston. Full press release here
