McCormick & Co Inc. beat first-quarter sales and profit expectations last week as the Cholula sauce maker benefited from multiple prices increases.
The Maryland-based food company had been raising prices of its products, including spices, blends, and seasonings to help offset costs pressure from pandemic-induced supply chain disruptions and higher labor charges.
The company’s gross margins dropped 80 basis points to 36 percent in the first quarter ended Feb. 28, lesser than the 380 points decline in the fourth quarter.
Demand for the spice maker’s products remained resilient during the quarter as consumers preferred cooking at home since it was significantly cheaper than dining out….