McCormick (MKC) held their investor day on Tuesday to discuss the company’s long-term objectives.
"We spend a lot of time making sure investors understand that we’re a very different kind of food company. We don’t really compete for the calories, we flavor them. And McCormick’s a growth company," McCormick CEO Brendan Foley stated in an interview with Yahoo Finance Executive Editor Brian Sozzi.
Foley elaborated on how current consumer trends support the company’s growth trajectory, noting that increased spending on protein and produce in grocery stores bodes well for McCormick’s spice and condiment segments. He emphasized that regardless of whether consumers are dining at home or out, every opportunity benefits McCormick because "we really flavor every occasion."
Addressing the value proposition for consumers, Foley explained, "We think consumers are looking for value all the time, but they’re not gonna sacrifice on flavor." He highlighted the company’s strategy of offering products across various price points and sizes to accommodate every consumer and income bracket.
On the topic of shrinkflation, Foley distinguished McCormick’s approach from industry trends, emphasizing that the company chose not to reduce packaging sizes for profits. Instead, he noted that the company maintained "a really broad product line for consumers to choose from, and we think we’ve been pretty successful with that."
"We spend a lot of time understanding what consumers are looking for," Foley added, highlighting upcoming product launches such as a new Cholula hot sauce variety in January and finishing sugars for the holiday season.
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