Lancaster Colony reports Q1 EPS $1.59, consensus $1.61

Reports Q1 revenue $461.57M, consensus $457.98M. CEO David Ciesinski commented, “We were very pleased to complete the quarter with record sales and higher profits. Retail segment net sales growth of 8.5% was led by the continued strong performance of our successful program for licensed dressings and sauces and another solid quarter for our New York BRAND(R) Bakery frozen garlic bread products. Foodservice segment net sales growth of 8.4% reflects increased demand from many of our national chain restaurant accounts in addition to sales gains for our branded Foodservice products. As a reminder, last year’s first quarter sales were unfavorably impacted by an estimated $25 million in net sales that had shifted into the quarter ended June 30, 2022 in advance of our ERP go-live.”