USA: McCormick posts higher Q1 income
McCormick & Co has reported record sales, net income and earnings per share for the Q1 ended 28 February 2002. Sales for the Q1 were US$519m, an increase of 4% versus Q1 2001. Excluding the impact of foreign exchange, sales increased 5% in 2002. Gross profit margin for the Q1 was 35.7%, 1.7 percentage points above last year. The gross profit margin increase was due to continued success in shifting sales to higher-margin, more value-added products, as well as higher volumes, favorable raw material costs, global procurement initiatives and efforts to improve efficiencies.
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