Dive Brief:
- McCormick & Company, Inc. reported fourth quarter earnings, which include 2% sales growth in the fourth quarter and 3% sales growth for fiscal year 2014.
- McCormick's Comprehensive Continuous Improvement initiative has employed significant cost-cutting measures, expected to increase by 23% in 2015, the savings from which the company reinvested into brand marketing, product innovation, acquisitions and other initiatives.
- McCormick estimates that it will post 4% to 6% sales growth in fiscal year 2015.
Dive Insight:
Positive Q4 2014 earnings follow sales growth from Q3 2014 as well.
McCormick chairman and CEO Alan D. Wilson said, "McCormick delivered a solid financial performance in 2014, despite a difficult environment. Our on-trend categories are growing in markets around the world with increasing consumer demand for flavor. We are driving growth in sales and profit and, in 2015, are stepping up our cost reduction activities to fuel our growth."