2023-04-28 07:30:00 ET
Inflation is squeezing your paycheck, but you aren't the only one feeling the pinch. Consumer staples makers like McCormick (NYSE: MKC) are getting hit, too. In fact, the price hikes these companies are pushing through might be partly to blame for the inflation you are feeling. McCormick thinks 2023 will be the year it gets its costs under control. Here's why.
Food makers like McCormick have been facing intense cost increases as inflation has raged around the world. That takes shape in many forms, but notably includes things like ingredient costs and production costs. Rising costs have put material pressure on the company's gross profit margin, which is basically the difference between its revenues and the price it pays to produce what it sells.
MKC Gross Profit Margin data by YCharts
For further details see:
Can McCormick Get Margins Back On Track In 2023?