Lawrence Kurzius on pricing
From McCormick CEO on fiscal Q1 earnings · · CNBC Television
“The strength of volume, at the same time we did have significant pricing action, really shows price elasticity isn't a major factor for us.”
On , Lawrence Kurzius, Executive Chairman of the Board at McCormick & Company Inc, spoke about pricing during McCormick CEO on fiscal Q1 earnings on CNBC Television.
About Lawrence Kurzius
McCormick Executive Chairman Lawrence Kurzius has said that the company's pricing for the fiscal year is largely in place, describing the discussion around price as "overblown" and stating that McCormick spices cost "pennies a serving." He attributed the company's first-quarter results to "solid growth" across its consumer and flavored solutions segments and said the results gave management confidence in its full-year outlook. Kurzius also stated that "one of the first things to go" for consumers is "expensive dining out," and that the company tends to perform well in various economic conditions. Kurzius has repeatedly described a "long-term trend" of cooking at home, particularly among millennials and Gen Z, which he said was accelerated by the pandemic but predated it. He noted that the company has seen "sustained consumer demand" and gained market share, citing a 16% increase in household penetration and an 11% increase in usage rate. Regarding the Cholula hot sauce brand, acquired by McCormick, Kurzius said the company expanded its distribution and propelled it to the number two position in the U.S. hot sauce category, adding over a million households.