Lamb Weston Holdings, Inc. has announced its fiscal fourth quarter and full year 2022 results and provided its outlook for fiscal 2023.
“We finished the year on a strong note, including a record high sales quarter fueled by double-digit growth in each of our core segments. Our fiscal 2022 performance is a testament to the strength and dedication of the entire Lamb Weston team,” said Tom Werner, President and CEO. “Benefits from our pricing actions, productivity, simplification, and cost mitigation efforts continued to build through the year as we managed increases in input and transportation costs, constraints in global logistics networks, and the impact of a historically poor potato crop. Our sales volumes throughout the year also held up well despite volatile consumer demand and supply chain disruptions.”
“We enter this new fiscal year with strong underlying fundamentals and business momentum, and believe our financial targets of strong sales growth and continued improvement in profitability in fiscal 2023 are prudent in light of the current challenging operating and inflationary environment. Specifically, our targets include gross margins approaching normalized levels during the second half of fiscal 2023 behind higher pricing in each of our core segments, an average potato crop, a broad easing of cost and logistics pressures across our supply chain, and continued productivity and cost mitigation efforts.”
“We continue to be encouraged by the resiliency of U.S. restaurant traffic and french fry demand as consumers adjust to sharp inflation headwinds. We remain confident in the health and long-term growth prospects for the global frozen potato category, and we are committed to executing our strategies, investing in our people and operations, and supporting our customers in order to drive sustainable, profitable growth and create value for our shareholders over the long term.”
For more information:
Lamb Weston Holdings, Inc.
Tel.: +1 208-424-5461