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Lancaster Colony Corporation, now The Marzetti Company, reports developments tied to its specialty foods business for retail and foodservice customers. Recurring updates cover sales and earnings for the Retail and Foodservice segments, demand for branded and licensed products, product launches, restaurant-chain foodservice supply, cost programs, dividends and governance actions.
The company’s product portfolio includes Marzetti dressings and dips, New York Bakery garlic breads, Sister Schubert’s dinner rolls and licensed sauces, dressings and frozen rolls associated with restaurant brands such as Olive Garden, Chick-fil-A, Buffalo Wild Wings, Arby’s, Subway and Texas Roadhouse.
Lancaster Colony announced its Board of Directors declared a quarterly cash dividend of 90 cents per common share, to be paid on June 28, 2024, to shareholders of record as of June 7, 2024. This maintains the increased dividend level set six months ago and marks the company's 61st consecutive year of increased regular cash dividends. The annual payout for the current fiscal year ending June 30, 2024, is $3.55 per share, up from $3.35 per share in fiscal 2023. Lancaster Colony boasts a record of 244 consecutive quarterly cash dividends since September 1963. Approximately 27,527,000 common shares are currently outstanding.
Lancaster Colony reported increased consolidated net sales by 1.4% to $471.4 million in the fiscal third quarter, with Retail net sales improving by 0.3% and Foodservice net sales growing by 2.6%. Consolidated gross profit increased by 10.9% to $104.5 million, driven by pricing favorability, cost savings initiatives, and volume growth. The company decided to exit perimeter-of-the-store bakery product lines, resulting in a $2.6 million inventory write-down. CEO David A. Ciesinski expressed optimism for the Retail segment and continued volume growth in the Foodservice segment.
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