LANC - Earnings call transcript Q3 2020 | Lancaster Colony Corporation

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Operator

Good morning. My name is Ursula and I will be your conference call facilitator today. At this time, I would like to welcome everyone to the Lancaster Colony Corporation Fiscal Year 2020 Third Quarter Conference Call.

Conducting today's call will be Dave Ciesinski, President and CEO and Tom Pigott, CFO. All lines have been placed on mute to prevent any background noise. completed remarks, have a will speakers period. question-and-answer the their there prepared be After you. Thank Instructions] [Operator

And the Treasurer to President Corporation. now begin go of Ganobsik, is Please Investor Vice Dale Relations sir. and ahead, for Colony conference Lancaster call, here

Dale Ganobsik

morning year Thank fiscal you for Lancaster third quarter conference and joining you, everyone thank today us Ursula. for Good XXXX Colony's call.

statements the cause statements undertakes actual statements, the the Our discussion of are results A risks provisions to to of differ subsequent Private in upon the is of obligation materially uncertainties Litigation subject detailed these with to and the update risks XXXX. uncertainties this of morning filings that these subject These which may company and number SEC. to a could Safe events. discussion are include Act no Securities forward-looking based contained Reform and Harbor company's

audio note and company's at our archived that this Also be later the call will available afternoon. lancastercolony.com, replay website, of this

Dave we an and the quarter. our call, results. for our will CFO, For the President Pigott, of highlights Dave begin for our provide At the our will regarding then CEO our with business respond conclusion any happy be outlook of questions. share prepared quarter. fourth then to financial fiscal and Tom some today's remarks, Ciesinski, overview a to will update will your comments of

morning. will and turn now I this the to participation your Ciesinski. Dave CEO, President appreciate Dave? Lancaster over we Colony's again, Once call

Dave Ciesinski

to we here our for review fiscal XXXX. Thanks results Dale morning a you with third and good as today It's be everyone. quarter pleasure year

responders our behalf Lancaster thank their safe. I’d all tirelessly to pandemic, I us the on of us and first healthcare sharing to efforts for by begin business. I’d of like to regarding comments like the and do, Coronavirus its before on keep workers But all at Colony, impact some

pandemic, of onset the Coronavirus fixed. steadfast, we mission our been is the have From and

to ensure second, elements I teammates. food mission. our the and All business. to our sustained and believe have while, our that the country’s and diligence we play welfare health both fortified Thanks And provide true of role safety for of in chain. to of we care First, vital our our remained our continue the we’ve supply teammates,

to our I’d teammates, they work every in including extend very merchandising to you operating. incredible sincere thank the like day a manufacturing, that frontline work and business transportation, keep to those distribution, our for retail do

Through the protocols manufacture government all We've it our all continue CDC, business operate ship by ensure safely. customers. this products, them that source FDA, as ingredients, outlined OSHA, and done safety to we implemented our having continues to to local to and while authorities

Microsoft special countless and extend change also would conducted the sustaining unprecedented for office-based time. with team teammates each this suppliers, customers, thank Collectively, meetings like I partners, and they've embracing our to our to during business other. this you

sales Our customers. our with teams reviews have category conducted virtual

launched Our board have has marketing campaigns, brought marketers procurement new on suppliers. team

helped our third transportation has bids quarter Our conducted and finance filings. prepare closed has team our and the book team us carrier

by grew quarter our in Omni net to X.X%. our service net grew excluding while X.X% reported Baking declined food increased our segment sales X.X%. segment in sales on sales sales consolidated fiscal third consolidated results, net sales, retail Moving XX.X%, financial all Net

built higher to from that Retail net base demand COVID-XX solid consumer sales upon benefited demand, the outbreak performance. led increased as business

license sauces stores. to agreements. Buffalo from promising Chick we Buffalo grocery fil-A a bottles under Wild new Wings single Wings are and start benefited pilot offerings, supplying also in sales product are sauces Chick Both for of regional a and quarter sold Wild that fil-A Third including sauce exclusive

the remain products gain York New share. bakery brand garlic sales as bread continued Separately, frozen our trends for favorable, to

growth sales quarter of brand share garden All and achieved quarter posted frozen gains our Schubert's the significant Sister as the dressings in dinner well. for of rolls

that our up from and were the product about the notable due growth contributions introductions X% to COVID-XX, It's to sales retail of new business. retail impact quarter-to-date from our prior our core

In sales X.X%. COVID-XX demand impacted channel beginning service segment, net Baking mid-March. in declined food all adversely was sales, Omni Food service our by excluding

purchases As to a eliminated, and restaurant consumer were dine-in were and delivery options drive-through. out purchase carry limited

the These segment. service demand restrictions for stay-at-home industry orders the lower in food reduce food combined service to service sales and consumer with led our

X.X% fiscal as unfavorable quarter the COVID-XX of $X.X million savings our Despite program. the profit, from shift ongoing we with grew favorable channel retail gross sales to the third cost mix we the pandemic, influences benefited along our consolidated or

inventory mid-March due $X.X meet further network their reduced abrupt impacts. frontline the service our to profit an It our COVID-XX bonuses in the in slowdown Gross million in business. distribution within paid a helping reduced out in employees shifting was we $X factories food when for to write from work resulting down, million in in and by orders gratitude demand was

our our for results. commentary CFO financial I'll on over call Pigott, Tom now his QX turn the to

Thomas Pigott

are in with we underlying business the Overall, Dave. the COVID-XX address many pleased quarter. employees outbreak performance our by taken during Thanks, actions the the to

a increased net Baking million current year the $X.X $XXX.X million quarter X.X% year the in prior and in quarter to of Consolidated net by at sales third record sales Consolidated increased X.X%. quarter. $X.X sales Omni million excluding

a are December quarters supply decline agreement the in the supply As from attributed These end you XXXX. sales with will of coming temporary that agreement. expectation recall level the Omni will current Baking sales to by

$XX XX driven and was margins Consolidated basis gross million mix The points. million $X.X grew retail. or as increase revenues food gross from shifted favorable X.X% product to by by profit increased service

growth offset realization. write and on the improve million inventory items spent $X These costs, margin the commodity down frontline two price lower These bonuses. by our reduced million gross programs, savings were improvements $X.X cost basis points. by the Our XXX net

increase in accounted expenses for general largest our million XX%. increased $X.X administrative ERP program, quarter. the costs Selling, or which was and $X.X The driver for SG&A of the million

to as impact well consumer COVID-XX. of $X.X as increase doubtful allowance spending, to included in technology promotional accounts Other the and increase drivers spending our information on higher million the related increased for

operating ERP million. $X.X income I growth due points. income favorable declined million These million reduced line top XX or $X.X the two which drivers XX%, performance, items to of income mentioned, and the $X the include operating mix excluding investment growth by in totalled our COVID-XX Key these and savings percentage operating part Consolidated items items of the cost programs.

tax to XX%. tax estimated effective XX% to fiscal rate our rate from this in tax Our quarter derived XXXX. third state for credit, lower activities. fiscal stock-based tax estimate of adjustment the intangible benefit from higher increased an XX% We This compensation taxes reflects be quarter and the to increase quarter a foreign income fourth the

$X.XX business per and decline investment The to the due $X.XX. the diluted offset to rate COVID-XX items, earnings share tax was by quarter the underlying performance. higher Third partially the decreased in ERP

to regard project expenditures expenditures, our With $XX million. year fiscal be capital XXXX will we approximately

for project Our of Kentucky include Horse that roll dinner are capacity the was previously we year-to-date the facility payments that Cave, expansion that Omni $XX of frozen facility recently for investments the million purchase Baking leased. property additions in and completed

to third our ERP initiative, we capitalized quarter activities. specific our expenditures development Separately, also stage fiscal application in $X for million in

our return we in investing to also shareholders. addition to funds In business,

the $X.XX prior cash dividend an increase on year share, was XXst March per from quarterly Our X% paid amount.

December. years has this long-standing XX Our past of annual streak reached dividend increase

sheet. dividend finished of with the cash level balance $XXX of position quarter Despite we financial increased million our as investments the debt the on remains and strong free, higher payments, very

COVID-XX. in line of replaced its by of of was prompted The remains $XXX in company course The during not of previous the was the also million. to April and at facility credit expire impacts the the same the which ordinary facility XXXX. business revolving quarter, set The size replaced of of term

have borrowings We facility. against no the

my adjust the continues investing to So, to significant for the commentary, monitor and growth. featured the as strong some underlying COVID-XX wrap-up outbreak well from impacts longer-term to quarter COVID-XX, business performance while

Now, I'll closing back it remarks. you. Thank for Dave over his turn to

Dave Ciesinski

Tom. Thanks,

going to through mission. progress against we on to continue delivering quarter, our our fourth focus fiscal As we're

First, the for health, and welfare provide of our teammates. safety,

ensure our team we additional balance the seek and will country's for the our to add our to opportunities we strength to future to in Second, priority food better of continue position growth. our one chain, operating that sheet combined play ourselves leverage strategy in supply vital role

April, and by supported NPD In factors the our our by same results. the retail, IRI business continued is overall the be retail quarter by of data. service transaction third supported fiscal is shaped impacted this During supposition that and food service, month And data. to food in

changes forward QX, due consumer will COVID-XX. to increased other remainder segment attributed behavior we stay-at-home our Looking of the anticipate sales retail to from net continue and to orders the benefit in demand to

We also sales drug channels and channel and important segments expect our introduction product expansion to into recent retail remain dollar growth. contributors new our

negatively service industry overall food continue the by expect we impacted COVID-XX. to Separately, be will

of dining muted be pronounced most QSR be to segments impact negative the the and impact on and casual midscale expect the on segment. the We more

customer help soften our which to of impact to segment prior impact the has QSR, reference mix two-thirds was COVID-XX, For service continue and approximately business. will food our on the

I'll now projects an our of on provide couple for update a business. notable

back second call plans During capacity our quarter fiscal facilities. a project at in our one February; of our expansion for I earnings major referenced dressing

COVID-XX and the uncertainties, near-term we on this decided cancel to related project. Based impact of have

our We will continue to business. to required the as growth support capacity of invest in

this it to outlook. near the However, prudent for had until intermediate halt felt better and project feel was we term we a

half implementation for project current are Ascent, Including to the environment frame XXXX. fiscal year of respect we back stay-at-home until restrictions, initiative project orders With ERP due work XXXX the travel to early the or the our and delaying time

In very our closing, the unfavorably the while results, our future we short-term impacts confident remain business. have in COVID-XX influenced of of

position and to competitive We with same delivered and Excluding entered grow the quarter we results. acquisitions. solid way impacts, COVID-XX pandemic opportunities we financial a of strength. of both through organically financial COVID-XX emerge the the And from to another expect

national food plans our chain of efforts and focusing this service. expansion. return as introductions pursuit face service In develop we in through they channel segment, of new assistance In to challenges, segment the interim, as are uncertainty support the will full our them and we offer our through retail our continue period deep to growth product our to customers

over And answer prepared have. concludes be we'd for questions remarks you. happy to This any may you our today. Ursula, to

Operator

comes first D.A. [Operator Brian Your Holland question Davidson. with Instructions] from

Brian Holland

morning, gentlemen. Thanks. Good

Dave Ciesinski

Brian. morning, Good

Brian Holland

chains, So, national food or sense high XX% from so, service Can if customers can down, to go more first And maybe you is I but side. I orders give out or business any just say question do those? us much to doors a on guess maybe have the at you and business quantify of had stay how either your of service home know you food you have exposure contribution closing? of

Dave Ciesinski

Sure.

maybe said that remarks, with two business QSR. the thirds Brian starting during prepared of is the our breakdown, So we

if at is than QSR. I types of had to that, product that. doing you, traffic of they're the our And be would service our terms for that's that in impacted XX% So, various food two I probably among sort And with sales, and thirds that seems to trade all by all some better that's say ballpark of least across this. segment down

But larger notable, of are for experiencing ring each these all customers transaction.

are flat say, chances down sales even somewhere and up. closer maybe So, XX%, to their April were let's probably through closer to

week April now end of looked April, the week sudden low mid-April week let's into each and the Look say April here watermark like in of with line the at getting of where all it the week dropped better of was second at basically off. May. a What trends demarcation March a first with its If the of was second that was sales low watermark. the found, X, we of April, passing

a couple is question, QSR. those a that’s of some dining. average little little is bit bit your And let’s closer to probably like by would say are XX% maybe of on hardest that. than less to of them are just operating two-thirds backup down those segment, little than to-date that. are off then business there off harder businesses XX% our The are mattering I part to probably somewhere that vary it's But say casual as change a going bit

and as the schools just would segments down. imagine, up submit had the have they segments shut shops you that the them. into they're drive-through. mom-and-pop may our venues, and are I tied because Other hardest not hit non-commercial the absolute altogether don't sheet to street withstand are, because might the And they hard that balance down are venues hit been have are the say that have

any we gone not to-date. have that’s But had customer us on bankrupt big

my one the happened. they're best but our something, has knowledge, national hasn't to chain of one announced customers. not Just there's of And that

Brian Holland

got very that’s Okay it, helpful.

of seeing probably sort are would guess channel, sort food trough, still forward I though the imagine So, of they your even service spinning down. off you're better better coming of breakdown getting or on trends mid-April the I you're

term than near if QX I to a year-over-year are to point Just be you were I here, on QX just not, kind food basis. service confidence? mean, for first, as to they think should be forward guess would trying of in worse expect sort sales materially we what of in And just

Dave Ciesinski

they That if couple would just be and to worse, weeks, Brian, for say, if reason. was you the about last intents I of don't I purposes, I it, QX following dimensionalize the all form would going right? are know really for think

COVID-XX I actually. you towards upon the think I horizon of the mean, February during horizon and talking it we together the with we the spoke We on about conference, was and end the beginning was Italy. about - impact no, if were of very talked coming - March of it

half the at happened March. you if But of in U.S. back what really closings, terms in look store was it of that's

a the the financial April. is quarter, to this through in states hit more And with going then to And you're taking So, to impact to then fourth think sequential in going improvement. of we’re water it's continue what see quarter. see just place, you're the to low openings but of now going entirety mark going see I various

Brian Holland

remaining operating anticipate do or then beyond should Is that how maybe guess you do anticipate on see I elevated COVID-XX. expenses, should drag quarter, another just sorts And - for we those to we specific Okay. QX? you long of

Dave Ciesinski

an $X state the do. Well, $XXX granted authority a stay on what back What April. in we we've would transitory, here's for that we we for done orders, idea orders, pull increase. mean, home and as charge once government bonus our put then actually what view its let done being the on frontline home a initially I more we've I Tom inventory. hour we've transit, lifts of we've of an the is $X comment hour strictly month employees for to a took place an maybe bit a local that that them I And I'll intend with that, increase tied at to event.

cases another So, I state-by-state some it's going a way. one that can vary way, little where bit have a calls, that state county it's in the those maybe making counties mean leading and to And in you jurisdiction-by-jurisdiction. are

put probably in two But quarter year. My another what essence we say employees forth that's in the and at can't about it I into least looks the they're of operating. good guess that our with like enough see is, way agreement just I that things of we have mean, fourth first that, quarter we'll quarter the fiscal the next

Brian Holland

the I'll Okay. on And just retail then for one side. one last me,

remarks, referenced You channel your you Obviously, big had X% the initiatives plans the underway. in growth and prior to search. prepared expansion demand obviously COVID-XX

the any I all well. whether guess going I'm it there's impact your sorts get although ahead Just of to and curious, in all heard, that and and surgeon we've place, like channels the impact dollar set of those Any sure have of specifically plans commentary these sounds that been club forward? some there's given flow through, there as those to timing demand ability or

Dave Ciesinski

I we shipping were in January some So products that began we far, February. mean cases fortunate in those and no.

pipes already those So starting were build. to

that’s products, narrowly more I is that what are sure the other has pretty beyond manufacturers as impacted focusing in in cam really likely works. future hearing on I'm Because your seen are retailers your you're execution. conversations, think

products I bring enough, everything saying, of about products relevant because that's in those there. true have Wings is I them even going Wild those on. the are like realm that about say things they’re And the enough Chick would mean hey, same fil-A and of been that sauce. are what talking just customers there, within unfortunately Buffalo you're But out for excited spite

Brian Holland

always, color I’ll the the back as get in queue. Appreciate

Dave Ciesinski

note I in cost. one you as the thing operating that comments, Brian, far prepared bit, it but little that a may Hey help wasn't my would understand algorithm our as

So, and about. is workers one place we've that bonuses put two done for obviously in And talked things. incentives we have I frontline

we or about that concerned employees are we're did thing that select concern, an other program age an allowing such a done, maybe have working. furlough of is underlying that may where they voluntary locations we've the But at enact health

employees to other savings program those we're hour out. we're voluntary And those doing that and that from actually what allowing using fund we're incremental the paying furlough And we're is, the that an employees. $X taking then to we’re opt for

on it's So, if doing basis, you're essentially voluntary incremental modelling is this labor a program furlough we're what a out push. The on the funding bonus.

Thomas Pigott

our way more Yeah, color to that Dave volume, we about. the talked add. Brian, absorb. going factory a tailwind service to just I'll in overhead piece little outlook. margin a less at the which a today look impact I'll facilities in it factory But that through you From Tom, and volume favorable you food to fixed will is the a have also have add have overhead reduction we mix absorption our This

but the You’ve with that And going the pay, sector the got front other there is incremental ship sure separation, that safely, operate we’re the mentioned, make to offset we other demands then furlough that and sanitation items, then some risks. just Dave program. try procedures and

a well are as of tailwinds we there forward. as as and look headwinds, at number going So, QX

Brian Holland

Dave, Thanks, context. that appreciate Tom and

Operator

question from next comes Consumer of Edge Bell Research. Your Ryan

Ryan Bell

- in in see current service to you opportunities current Do products the create helping food and the to everyone. the bring medium retail environment term short to more environment term? then maybe Hi, helping your

Dave Ciesinski

it’ll we Certainly, right I'd have over us as like I that intermediate license the help negotiated I now. agreement. the mean much to term, think say deals as

service and are that. are service food I food I it excited think about excited about customers retail believe customers our

them think period long to to to pertains it profit surmise Now source core stream operators going sort source us their because COVID-XX another let's focusing of any and COVID-XX to really as I the another service deals, and business. help diversified that a sustain business. is really are say. strength it of business their operators hopefully helps revenue just food create time, for not would another of a I just might of revenue encounter, this But their things help creates that through new or Ryan, of Over on

Ryan Bell

home thanks. that puts away thoughts each? And the at and as Great, environment, you business during food of your you two home especially recessionary between units did from in and food takes a operate speak have about consumption,

Dave Ciesinski

periods, natural would the they they Ordinarily and other you from did of are you home. away what economic see consumers to times ordinarily great QSR. uncertainty, When a away Yes. spending on home, And spend go pull back from would from recession spend is hedge. if in they tended to back

you see And in obviously, was home. strengthened well. for for shift QSR they our natural service would food period and And a would mix as So, that during a retail, there of bit a spend And at of that given was shift between more the time. then us hedge benefit. tailwind

away During from flow see periods expansion, when could other you of home, more way. spent economic it people the

what's of looking it's right at cases. to now. that is not if unique at in looked What a stop have that up that circumstances We we're at least in very prologue see is this just past slowdown a we're just so some set here. full But in just

of of the and I come rules back we come ordinary recession, this focus to of into a on look those thing starts orders, expect shelter maybe sorts would out again. take to As place an and

Ryan Bell

to your the of balance uncertainty would clarity. COVID-XX? as strong be Thanks get that for you you afford opportunities any would primary Do sheet out see related the that

Dave Ciesinski

comes that. monitoring felt out term near term just part large we We project. mentioned uncertainty we're capacity intermediate born of but issues. that and of that this I there's the the to in environment. and we market play way before we the had that canceled And asset solve was like that enough the a comments faster can the both out little Well, let certainly a on of committed, to expansion an a bit capacity That's always buy. scenario cheaper time we our

and we I on two that understanding of went our we - this then certainly, focused safe, to our our a from mission. onset, the factory most let's where let’s run when think we broke, Make is sure safety supply elements to this get albeit yes, why, food. into So, is mode all let's a of protocols, were make complete the implement and people that safely those, continue sure

not come a that balance we but of Now trying only suffice our we're at every sheet day we say, of big are external just there in way moving faster can that focus beyond a But to this kind at in world challenge. looking and that continuing now, to and do out just we're looking of it factories the our the if growth stronger, the out for figure position we're future. to and out come really this, that's

Ryan Bell

for me. Great, thank it you. That's

Operator

and next comes Brooks C.L. Todd Your with question King from Associates.

Todd Brooks

Hey, hope good all morning, everybody. you're I well.

Thomas Pigott

Todd. morning, Good

Dave Ciesinski

Todd. Good morning,

Todd Brooks

to about Few the of through you was how call related when retail data quick outbreak. date? How you questions you into through for COVID-XX it outbreak you, prior the start of have or Do to tracking one, kind think was COVID-XX either to the onset going talked any the food want service dressings? tracking February you

Dave Ciesinski

to Closer flat.

Thomas Pigott

That flattish. was

Dave Ciesinski

Yes. that less in earnings. more had what we was QX our foreshadowed or And

Todd Brooks

Okay, into discount had success of drug that of I Any any of Not you planned and reviewed channels new Olive great. brand the extending about as discussion on into did extension of know and channel. - And the successes at early distribution? Garden you if the - happen product that new you retail. much reads some

Dave Ciesinski

an a And on a chart athlete I and is. great sort watched the velocity way and has, question it's It's of it new on track the the get like it item. it them the you team almost we would you is, of and characterize depth

that see already got every have to dressings and Italian continue out of leaders the when confidence it's it the to And growing obviously just And on it grow the But was building was fastest we in retail. pass it's the there, like shelf. going in registering one that segments. becoming as barely has first can it we

been test demand the retail. disappears. time Florida, success We're is on. hard and so very In having that, about Chick has been and at excited very shelf on fantastic. The honestly just has shelf, just a a it consumer very, far tremendous the keeping and honestly, - So going fil-A it

our partners Chick-fil-A So, excited are at it. about it excited very we're about and

just we're national response. prepare to that and continue to nurture So, going plan for and a

Todd Brooks

think dressing how where the Olive point you to about or about the Garden pilot, opportunity on the I talked Chick opportunity early was opportunity? one the results And of are fil-A sizing equivalent maybe thinking of you that based size the is out

Dave Ciesinski

I we it's Olive $X was, would say about larger, smaller. Ranch just Garden so it's $XXX is predominantly the the backed look I of into which of is about million, at sub - you think plays this if when that size. the Italians But way category, Italian big which overall salad north segment, in is dressing half space, billion.

you a mustard at occasions. play plays sauces. occasion like honey include that something the play the that Chick ketchup the in say same play, opportunity dipping I in, for dipping If occasions would sauce, might might fil-A that there sauce range whole would in Ranch look - it might of occasions

opportunity that of think field here billion a the dollars. I playing So, be north the couple could easily

has I think retail team, me would this not a just sizing very I our opportunity. - job So, the team and nice done

Our sales job. a has great team done

how much believed to is see believe tend addressable we’ll Olive retailers that Garden thing, begin what and same all just the the larger with opportunity larger. Our than we here

Todd Brooks

about the just the sales talk we drop of x Great. production around down kind through an facilities that in color example this of that some about marking efficiencies. percent. how flows get food some to margin to my can And thinking volume impact should be How final service of standpoint, we volume of either being number drop. the and and ignorance one, pick is around then just But manufacturing my

Thomas Pigott

question. volume. our Overall So, it’s great two-thirds is service a of food

you look fixed. I specifics portion that's and regard. factory at our want on costs that to and get a there's So, into don’t

a impact able of as factories as much is goes down, margins absorb sold. through absorption out cost volume our to that we're the So, that to in negative cost-to-goods there not

it's right end a being that towards on volumes. recovery dependent say now be of service packed considerably will highly and at month. difficult down the of David as very the month food It's the the some saw because mentioned, to input we And beginnings what

So, numbers kind any terms we're specific of impact, in I but it's something you of monitoring. to hesitate that give that

the to incremental temporary we're also offset implementing of try reducing hiring, doing this furlough potential austerity or program costs reducing to measures things to voluntary manage and other is the labor impact. overtime, Some the to we're

Todd Brooks

out of So, won't to thumb give in you there X% or the margin rule type can of size. is food any equates some detail, That we give X% a line? at of maybe drop to but in any can not service way a kind operating the equation to that start drop us we components, know drop but

Dave Ciesinski

put Certainly, a is we number impacts much visibility through would I get of able quarter, what now say taking out this we're as want have number right right situation try share be we'll that Well, specific actions is those because to dynamic the a and now. so and you. to to minimize better to with impact. don't I

Todd Brooks

for Okay, time. Thanks great. the

Dave Ciesinski

Todd. Thanks,

Operator

back we further for will no questions, are call there If his remarks. concluding to the now Mr. Ciesinski turn

Dave Ciesinski

We forward results look Thank each that to you you. with quarter Ursula. for and morning. we this August And you in sharing fourth our you in Thank everyone meantime, participating of you, wish stay thank safe. the

Operator

Thank you. Thank in you today's participating for conference.

You now disconnect. may

Lancaster Colony (LANC) 5 May 202020 Q3 Earnings call transcript