Lancaster Colony is riding high a-crest a wave of recent acquisitions. The company reported its third quarter fiscal 2019 results, reporting prodigious growth following the purchase of Bantam Bagels and Omni Baking Company.
“We were pleased to report record net sales for the quarter led by our Foodservice segment,” said CEO David A. Ciesinski. “Our lean six sigma program completed another successful quarter with cost savings that helped to offset the higher costs we had anticipated for the integration of the Omni Baking operations and incremental expenditures for product placement and brand marketing in support of increased retail distribution for Bantam Bagels.”
Highlights from the report include:
“The higher amount of SG&A expenses also reflects our continued investment in strategic initiatives and personnel to drive the long-term growth of our business,” Ciesinski added. “Looking ahead to our fiscal fourth quarter, we expect packaging and certain commodity costs to be modestly inflationary. Our supply chain team will continue in their efforts to offset those costs, including the pursuit of ongoing cost-out initiatives in strategic procurement and savings opportunities in distribution and warehousing. In addition to the contributions from the Bantam Bagels and Omni Baking acquisitions, our fiscal fourth quarter sales will also benefit from the later Easter holiday.”