Lancaster Colony Corporation reported its fiscal first quarter results for the period ended September 30, 2024, achieving record consolidated net sales of $466.6 million, an increase of 1.1%. The company also posted a record gross profit of $110.8 million, up 1.9% from the prior year, with gross profit margin improving by 20 basis points.
The Retail segment's net sales decreased 1.1% to $239.6 million, though excluding exited bakery product lines, sales increased 1.4% and volume grew 1.9%. The Foodservice segment saw net sales rise 3.5% to $227.0 million, with sales volume increasing 3.1%, driven by demand from national chain restaurant customers.
Consolidated operating income declined $0.9 million to $55.9 million, while net income improved $0.7 million to $44.7 million, or $1.62 per diluted share. Looking ahead, the company anticipates continued benefits in the Retail segment from its licensing program, including Subway sauces and Texas Roadhouse dinner rolls, and new product introductions like New York BRAND Bakery gluten-free garlic bread.
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