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McCormick Net Profits Improve

NEW YORK - Mar 24/9 - SNS -- McCormick & Company reported net income of U.S. $57.7 million on sales of $718.5 million for the first quarter ending February 28, compared to a net of $51.4 million on sales of $724 million during the same three month period last year.

McCormick said the mix of first sales in several markets shifted toward dry seasoning mixes and value-priced products with lower volumes of other items including premium priced products.

In the Americas region, consumer purchases exceeded the unit volume of products sold to customers, as certain retailers worked to lower their inventory levels following strong purchases for the fourth quarter holiday period. For the industrial business, sales in local currency rose 5% with increases in each of the three operating regions.

Consumer sales in EMEA declined 13%, but rose 2% in local currency. Pricing actions added 3% to sales while unfavorable volume and product mix reduced sales by 1%. Lower sales in other markets offset strong sales in France which were led by a successful relaunch of the Vahin� brand line of dessert products.

First quarter sales in the Asia/Pacific region declined 6%, but rose 4% in local currency driven by a double-digit increase in volume and product mix in China.

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