- Earnings call transcript Q1 2023

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Operator

Good morning. My name is Rocco, 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 2023 First 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 Investor to President Colony now begin of Ganobsik, is Corporation. Corporate Vice Dale Finance and Relations Lancaster conference for call, here

Dale Ganobsik

you. joining today for XXXX Quarter for thank Year us Conference Fiscal Good Call. morning, Colony's Thank and First you everyone, Lancaster

XXXX. subject discussion morning to upon subsequent may based Securities subject a harbor safe the the risks this that include Private are and are materially, no statements Our events. could results provisions Reform the Litigation These number of of cause obligation Act to undertakes these Company to to forward-looking statements, statements and of uncertainties update which differ actual

in the filings note this and lancastercolony.com, detailed SEC. Also afternoon. replay the audio available the website, Company's will these discussion on is A of be that with later this risks of call and company's archived our contained uncertainties

with For results. today's update an Ciesinski, and for our of and then President call, will Dave quarter. financial Pigott, the will our a overview highlights provide CFO, business the Tom begin CEO

Dave conclusion will your remarks, we our your some then be current any we'll of to to participation happy respond prepared morning. questions. outlook. At Once regarding strategy of our and share again, this the appreciate comments

to I'll Colony's now Ciesinski. President the call Lancaster Dave? turn over and CEO, Dave

Dave Ciesinski

to and pleasure while Consolidated quarter which here with both we sales be quarter, consolidated X.X% sales higher we first XX, very profit It's you to our our million, fiscal X.X% $XX.X results net improved for to Thanks, were to a gross Dale, year everyone. profits. million. report September increased good and as review XXXX. record $XXX ended morning, pleased first today In

our our ERP strong which into versus for net compared prior The quarter. flat year on call, in of foreshadowed the of were million X an a impacted unfavorably retail growth quarter the year by XX% we fourth net sales of same shifted estimated sales go-live, our fiscal a $XXX and million segment's nearly July period first quarter sales $XX were our As QX ago.

Advance quarter. first ordering, million for fourth lines and ahead sales in into Top-performing in fiscal of our go-live estimated included that an caramel product $XX were Marzetti our refrigerated the retail accounted quarter shifted dips. dressings net ERP

During the their with licensing and new to size of a launch Chick-fil-A larger also Arby’s iconic Sauce we period, Sauce. and sauce, added our Horsey program growing new the launch the popular of exciting of

for our most of sales reflect of round actions were measured impacted decision taken pricing lines down and product primary pounds attributed go-live; August. shipped of demand sauces, to the pricing during which factors: effect Sales took recent cost to elasticity Retail some retail advanced less in the volumes ERP second, ordering including net benefit by three dressings early XX% our ahead offset inflationary fiscal third, exit and profitable inflationary to first, pricing. XXXX; year as in our

And performance segment and demand licensing ordering go-live. product brand and our to elasticity share actions, top line Marzetti of category for quarter was category strong showed increased frozen summary, our Rolls XX.X%. ordering, the results refrigerated pricing points X dressings. to rationalizations, which Marzetti were line demand the elasticity. dinner from QX line reflect dressings our of for first points for Dinner data expectations Schubert line Marzetti Schubert's XX.X%. our advanced Excluding rationalizations advanced IRI July for retail share of share and in In declined our ahead XXX retail and volume offset about which roll X%, XXX with our Sister sales gains ERP basis added to program our Sister basis product by refrigerated additions

in quarter in customers fourth ended of $XX along net actions, over segment, estimated go-live million by June sales for ERP an In of with forward for X net XX%, driven pricing select our Advanced our ordering national accounted Foodservice mix XX. Foodservice volume fiscal our that July our sales accounts. ahead grew into pulled our gains were

our fiscal to QX, for in restaurant percentage segment down period. Excluding industry ordering, compares volumes range to data low were showed the CREST the down Foodservice NPD transactions which the advanced in X% favorably point quarter, the were for which mid-single-digit

actions experience During impact inflation pricing last PNOC of or we've QX, and experienced unfavorable to the of great recover through favorable said, materials, some we our we've we year levels That the continued versus freight. net was packaging cost inflationary high begun commodities of pricing for raw where progress to prior as made our year.

our reflected XX.X%, fiscal XXX gross which our basis in fourth quarter. points sequential This progress of versus margin, a reached is QX improvement

to will Lancaster our growth performance. upon our and My entire efforts their this performance our improving productivity gains chain to contributions quarter focus for tremendous here at financial Colony We supply management. financial through to in thanks improved and continue team sincere their revenue the

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

Tom Pigott

and actions strong the inflationary were Dave. results The well as as costs, bottom that our quarter fundamentals. exceeded offset Overall, Thanks, driven successfully for by improved results top line expectations. the Company's implemented pricing

actions shipments of First to revenue of growth by fourth pull quarter The offset fiscal the by our ended partially June increased net into impact X.X% customer in the forward million. sales both quarter segments. growth consolidated was was XX. $XXX.X by pricing driven The

net points were orders X.X% first SAP growth, increased inventory quarter of XX.X they We $XX fourth you If decomposing adequate reduced estimate ensure their this sales will had end on our July our of by pricing. our by revenue percentage for to to recall, driven near X. shift prior implementation deliveries million; our the quarter customers shipments

driven revenue A and customer decline segments Foodservice favorable in growth the the Retail mix with forward by of volume, line sales estimated of percentage by by mix reduced less SKUs. in accounted offset exit which was pull businesses the was growth that our our balance. volume This for alone points. expectations an X.X The both and modest was profitable

$X.X favorable commodities of margin to Gross increase X.X% profit or million. profit The PNOC or $XX.X gross in by net increased profit million declined segments. basis both pricing XX Consolidated dollars points. gross in by reflects

QX If run you costs, negative in rapid in up we of Foodservice recall, as PNOC particularly had fiscal our segment. we 'XX, our lagged in the

losses. we've recover begun quarter, to those This

this performance. inflation While quarter, pricing offset actions shortfall approximately was our resulting in the commodity year XX% our prior improved of this majority in increase the the

Our financial three results in also reflect areas. improved fundamentals

business SKUs. have both eliminated First, profit segments and lower

count Second, was execution, versus for the through year the improved [indiscernible] scheduling quarter. and head planning, prior down quarter tactical

of more mix operating environment are Third, with is trends. with and helped better inventory hand inventory and demand was aligned items, along stable to down predictable ERP I versus days prior An on profit the cash our performance. of and our fourth these our revenue to a improve flow earlier. mentioned offset year quarter that gross of ahead favorable fiscal quarter, shift the go-live These our drivers into

million timing-related the to consumer $X.X million our profit that million. was or revenue in Project by changes $X in in general due expenses quarter quarter. spending. current impacted Selling, $X.X declined year shift. Ascent, unfavorably the for estimate by This X% the Expenditures driven in million We ERP versus gross year this prior primarily was decrease the $X.X quarter and administrative initiative, totaled

income growth SG&A the increased the operating gross reduction and in related $XX.X timing due profit $X.X Consolidated million million costs. to to

Our year to rate prior fiscal our the quarter. year be We XX.X% for tax estimate was tax the rate quarter XX%. versus in XX.X%

in $X.XX rate. The and by share growth to share was our quarter and diluted tax per this Ascent the year First increased quarter per $X.XX. EPS driven earnings related to increase operating quarter. in $X.XX the Project the income by lower Costs reduced prior

totaled quarter regard payments the million. With for capital to additions first expenditures, $XX.X in property

For Horse fiscal we are Cave forecasting that expansion project. completion year million million. approximately $XX includes the total capital $XXX forecast expenditures approximately the of This for remained 'XX, of

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

amount. increase cash September represented prior share dividend quarterly the of Our paid per $X.XX X% XX from a year on

at enduring streak years. currently of increases annual Our stands dividend XX

remains financial position we are balance strong debt the on Our of free $XX with million cash sheet. as

first by commodity offset So commentary, driven pricing our growth up revenue results to reflect quarter that wrap significant inflation. my

environment. and on addition, supply year, performance. some inflationary stable In an Company our continue management focus address improved to maintain on the a improving fundamentals costs in In chain coming growth we'll operating the program revenue ongoing more with the

for to will closing I back over turn remarks. you. his Thank Dave now it

Dave Ciesinski

Thanks, Tom.

M&A from strength of to chain the our while licensing retail expand our from grow with fiscal focused in of continued customers. QSR support ahead, strategic our growth continue will and leverage core Colony Lancaster we business volume expect look in our growth cost to second licensing. our our program, of anticipate our our expanding simple team, two, quarter, some benefit sales In supply combined our operating sheet and will pillars we three, Foodservice, and margins; we of the three our growth; As our to reduce accelerate balance simplify and core One, strategy plan.

inflation cost Kentucky savings second dressing but remain our facility costs, newly help note I'd our and our financial previous initiatives actions headwind to start-up cost. Horse sauces with reflect product quarter a the of our will will month. some like to our results this increased as begin Cost offset to section we also later expanded will producing results, in along in Cave, pricing

brief to with Project initiative, Finally, you ERP implementation on a like of Ascent. update our provide the I'd phase

Dinner which October, Roll we X Wave we pleased implemented we California ERP added I'm As and and our initiative. Milpitas, early to to shared network. our Wave share in July facility in Sister ERP implemented Horse X, Schubert's Kentucky, Marzetti in our our plant of sauce on X, Frozen dressing previously, successfully that new Cave, successfully

continues of as and more for would warehouses add this with throughout strategic fiscal all important initiative. progress Ascent to to plants my our thanks to sincere extend Project we look to to proceed I plans, XXXX. our year teammates line ongoing network forward in their the like Overall, continued efforts in we and

remarks we'd might This any for you today, have. that happy answer concludes and questions our to be prepared

Operator

Brian first Cowen and question [Operator Today's Instructions] Company. comes Holland from with

Brian Holland

QX. for If just a I few -- on plant that modeling how with a give us start the questions framework stellar you or be? could would quantify Tom. in start-up Congratulations results. much Dave number Maybe costs mentioned the what should Can that boring

Tom Pigott

at We for a going we're specific number you, would we QX. say, don't for modest look to but on that give be, outlook our QX will I have results the it as headwind a

Brian Holland

were last expecting, thinking XQ just the of where a gross year, here, about than then which going your QX year. myself we included. over margin I many look above be better gross folks in And -- Okay. through balance came in the to think in was certainly If was you're broadly it's QX -- out where lot margin more it

So inflation. is largely to the start-up from aside obviously, up caught cost, pricing

from year the the margin we're Just -- year, would et of cetera transitory, or about this seasonal a step 'XX over if why me anything your -- over help the as base? balance balance there's think the gross that on of whether down using

Tom Pigott

Brian. Okay,

great question. So

as quite comp you were easiest at was QX, offset QX, to about. helped supply an results. chain on headwinds And the the From look the our you our talked the frankly, as So the really some overall look we of on year. we really, pleased PNOC of standpoint, with at side execution

So obviously, lagging pricing and as impact. we negative significantly impacts, a PNOC the were year, last you had recall, we

the So benefit supply as look able at drive to at year. little the bit throughout same chain the going of of comps have year, those get the improved then now But harder. time, you performance we're a being the to balance

forward. if results, I anything we're David, our that cognizant PNOC So that? with was obviously standpoint, we're easiest go QX the to from also add to a want as comp don't you know, but we pleased

Dave Ciesinski

is, Yes. is, supply chain more What the benefit productivity the we're is execute on XXX% Tom to what to that add of of initiatives. to in going And being right half, then our would have PNOC. I back able

changes to up, volume For are to a the into think and the going business. drive facility be Cave being in that example, co-packed Horse some margin with make other improvement that's bring to able back starting I we're going

The sort material see dollar So last the amount raw high and We're it XX% as at was to it fact at of only just whole quite that inflation the is that thing we're headwind the about range as inflation packaging other for structural when of inflation, continuing that business. not as much. the talking year. on look is you

headwind So the between where there of. price we aware as well of you're for will structural a point pricing be that dollars, sort

Brian Holland

million for Foodservice. real forward going Is that Tom, good one $XX on run That's quick rate that business? a EBIT

Tom Pigott

Yes.

recovering delighted they we're that the some obviously, Foodservice of as as profitable of segment, managing strong the the and well performance. both with less from So which performance out benefited allowed business, for PNOC

a few As you time, $XX earning go go Foodservice to you million. at that was back back in similar if a level years,

to back go we XXXX, if it think was of I million income. around operating $XX

is monitor. think, the environment to outlook now I interesting So for be this to going Foodservice, in

I think a top forward. enabler. a of the performance in line, some kind of terms and I'll Dave the bit we're keenly is of the volumes which at focused looking about Foodservice we're talk key little on let things going

Dave Ciesinski

point able coming actions really EBIT, And Yes. back back against. to of our would way with EBIT just really we that margin. sort to two-year the pricing a of the that feel but dug Tom's out we've to on EBIT the a I cover is there, not like we've of what margins just we've been taken, And bit drag what was point

As outlook. far the as dollars, we the feel EBIT good about

there economy of only Brian, with in question right? terms bigger I what's the the out traffic, think happen is to going

correlated very time consumers' visit restaurants. we highly the particular closely here talked discretionary We income to of We've in this about because of a lot it's gasoline watching with think and ability price together. spend

only the is be of gas and happens our it's on likely happens economy. outside that's headwind control, what the prices other a broader we think So and headwind what to on

And if some think to diminution in result we going it on business. it's Foodservice softens,

Brian Holland

I consumer getting pricing, promotion behind just want the at Tom. pullback I costs understand rising. XQ, just there, hanging If I spend, sneak And guess, more are Dave, kind the the looking in rationale the of I Dave one could just about sure you're appreciate elasticities thinking that, in I make but and are here, in balance that. to in,

an pricing promotion that's to pricing in lid more We're two, the term, needed. on And spend other through as consumer offset that hearing that should a two-part cost guess companies either now? response expect food you near coming a keep take you are I What the in doing inflation? your elasticities can if is the with confidence So right we just to or question.

Dave Ciesinski

it. maybe here's about I how Well, Yes. would think

our at there strictly with the benefit. that's associated go operating a timing a reduction income marketing. you down the timing benefit line, in If G&A hit was that But

you're to it's expect that against right? We to that benefit be seeing stick That's in year. the back in for that, think don't there spending going a QX we

And continuing with to marketing. we're support brands relevant to committed our

promoted necessarily you I tell is, trade Now we promoting at back points. price levels prepandemic. What promoting, like up that promotions, the are taking promotions. would were But not where we we are maybe we're

lesser from holiday a important maybe see and So of businesses, to particularly what you're our as price we're degree, you're for rest in Schubert York, moving of New our points the promoted lot is going big entering season our seeing Sister up to peers. the a are with line what

and we that's where making margin capturing business. average remaining promoted But at set most we're sure And to versus we're that customers our price, peers, we that to important area want price, at an our we're the consideration we looking at base the we're we're where price our think looking make can. are sure in the for looking we're

Operator

with Consumer Connor comes today from Edge Rattigan Research. next question Our

Connor Rattigan

the So in 'XX about you think quantified fiscal as guys for we quarter. XX% I think inflation year, about an expectation last margins throughout

And so much were towards really margin And down about at like mean, if I correctly. to that sounds fair? trending quarter. would heard guess, versus expansion that it I is I XX%, imply more we where seem last that's

Dave Ciesinski

of we're consistently dollar around -- at but looking and XXs, the when XX I XX. packaging, higher, raw we've pretty -- low course. be we're in amount that's been saying would No, material The

where we're to that, our aggregate. those when sequentially have transportation, the been not are the running higher. they Now that's a inflation seeing XX in of necessarily other out you quarter inflation year, things in ago, there, not versus business are But closer labor, -- prior would warehousing, look at some those like versus

Tom Pigott

would that just from commodity on -- the a of we're -- I keenly focused some add Yes. the prices.

that As higher impact line QX, inflationary wheat things trending going quarter. that we're in get into seeing But impacts you and our with to overall, expectations. eggs are particular are in

Dave Ciesinski

but price. didn't how we to you seeing to about just Maybe inflation, it the feel question, ask our do the we add. Connor, gets back really are I'll -- ability

in view and that the in future like Our business our have covered have pricing feel in that we place. immediate see now for we we we the inflation the is, foreseeable

see is talking go pricing. there's we otherwise, back to event, wheat about the and things conversations eggs, customers our room to we Given continue like that more about, Tom feel and run to have

Connor Rattigan

was That helpful. for Perfect. just really Okay. And one then more me.

So has from lot difficult both volume, on for all the like well-documented the really I alternatives consumer? think looks the licensed more retail cost-efficient data accelerated the pressure really throughout consumers and portfolio draw to your been price versus to across guess a continues despite that given it growth portfolio we really what quarter see, compares. sales at licensed maybe brands you the on do

Dave Ciesinski

begin They fact they they're enjoy when I'd home. that brands. really the when the consumers eating restaurants like with them. they finding same but is to really, visit sauce at like we're products consumer-relevant What can't, can, the they

I begin what the price, right? are of value early you and consumers, sort bifurcation in tends where in fall the I to we're that down look far consumers of it a to the categories And more as that So seeing, in of If with seeing our comes of would that. as our and right? middle terms think, be that those at the are those up those of across are affluent struggling, volume consumers struggling, all we're stages are and

in volumes a and other a think all brands more than falling Wild than in elasticities are more By Wings, affluent general much large, higher brands skew Garden affluent our to The grocery Buffalo in tend I Olive brands, or they licensed Chick-fil-A, these and just and out. there portfolio, be store. bit little

hit continue in you believe inflation, we would And explains I the that really in and We've that but in run that's in why say, share rate size sauce. case it's of, the the I face limited great that think to Kroger business. you're grow. by that encouraged early them the a let's of even the We've Chick-fil-A marketplace launched seeing So Walmart. on results, with out in We're now. principally large distribution,

going innovation to really back is of start Most in our hit to the half.

is As to to the drive aggressively. Horse able much we're Cave online, going be more facility

your Chick-fil-A, large and on Olive for Arby’s, we're national and barbecue on Sweet to for be to value to Spicy it the continue Sriracha, distribution more there's their on at national original consumers Garden consumer-relevant think elevated But back Caesar, a so think brands, I to in of driving finding size Chick-fil-A price sauce are room already distribution we press. and even So but question, distribution points.

Operator

our question comes next CL And Wolf from King. Andrew at

Andrew Wolf

And really strong, sequentially. of kind congratulations and clarification, some they're wanted SG&A a also on the down, I follow-up on being obviously. year-over-year trends, just both

it you was only the bit basically Just little consumer of [indiscernible] spend. said lower a

cost there to component So I'm to more trying is out some some were headcount there able the there in that... control? understand, in or reduction now you're better variable Or that of

Tom Pigott

Yes.

to are investing spend and driver overall. the to in spending. as that main the our of good committed consumer feel timing that the timing the because was consumer about So We we communicate wanted

the licensing to to as back amortization SAP think SAP. gone will on the you to of some it go way have base business past, about we've costs As the forward, in the costs, we've and the is software the of live started the as shared revert

And than it million $X million We've that's forward. about this going less indicated headwind be roughly will quarter, to $X

increase add and SG&A restore is incremental single-digit for the outlook as SAP overall that low spending on forward cost initiative. the the consumer a going So we

tightly outlook in I this But some were that that on our in spend trying favorable SG&A, manage this to range. particular things environment. that were is there keenly broadly of are would focused say we overall, And quarter. in terms

Andrew Wolf

helpful. That's Great.

$X that did it's of it it about to start understand amortization to starting SAP, Q, to at go your the quarter I a yet, second not looks but going forward. like quarter on the looking million million So $X be in Did right?

Tom Pigott

costs. report we out break then way project the SAP SG&A we we is in our -- the cost, cost of the and the report So our rest Q,

in little project live. costs as did we into the about transparent because million What's project the cost that not So the absorb year of the year-over-year. a that business over last same base is was the $X sitting were went SAP there

up that And the and If netted so million, the not, we base business million absorb SAP. makes through into excluding and in then it. is quarter $XX afterwards $XX.X had take Hopefully, the costs, our SG&A could sense you you. that that for to follow

Andrew Wolf

Okay. people should of for cost, benefit not exclude take may Project If But Or we is by or so, count? so or $X who we million, should I out don't double the following adjusted the guess we net... have EBITDA Ascent that up. $X-plus lower million the we

Tom Pigott

include business. an would just that, I going include ongoing cost because follow-up. I Thanks that an that ongoing to No, amortization -- the make the of that's that be for becomes cost. to want sure

costs. line So what more project-related in is you see that project the

So what's we're is say, to trying ongoing, be split out here's temporary. what here's to and to going then

reason the capitalize And they of doing you companies implemented it lot way or they that SAP, because related accounting system, have cloud-based we're -- it. to the expense is the we're the on lot is SG&A the with lot because capitalize cost the the customize sheet guidance implement of to a balance that of them cost, the a a

is of costs give and ongoing. then cut project-related So to is the what we're trying investors what a

Andrew Wolf

shift Great. I segments. the to demand to the just to two also ask wanted elasticities by

how of trending pricing how the internal versus particular? they and volume kind Just are expectations in versus declines

Dave Ciesinski

Yes.

retail. that, trending very tell So with I'll can with up I let's shot our Tom and a They're you, take start line much follow expectations. at would afterwards. in But

data or forward adjust discontinued when pull the X% and in first the volume line see overall portfolio. about with that's when the out and of very very [SCAN] within down at in takes the the line that's and talked So aggregate, much In is items the you that's expectations. about, we all, with in our puts look much that and so, -- there, -- for the you'd what you

at how Andrew, pleased see since there us don't with for it inflation we've hanging for any and tracking on the been we've that to been we've really reason it's horizon. the -- is change And this seen least in And term. in immediate pleasantly come

we Now on corollary of look the restaurant which our maybe side, a for transactions, in proxy is is the at, terms volume, right? Foodservice what what's happening

Historically, volume. have was the growth and led go back several pricing if much really years we didn't you ago, by

us moved passing are and we've themselves. into season the pricing Now on given are concepts pricing like a manufacturers where inflation,

So sales of kind way are you really what's look and consumer. to hard understand the to down all go at the as happening

look continuing the a drive little than and would are they're down, That is concepts what Taco being recent you if the then low are them, are say there part the what find see others. low are Bell some in in you overall. the And remainder is ones said, mid. you better that growth, Chick-fil-A for And among that among to transactions down down and mid-single layer one the low transaction them at digits pulling to I more they'd to most period, a single probably be QSR is in bit aggregate, doing then the that. you're digits.

customers mix of and to QSR, our continuing we're for then given within that hang So there us. QSR see our in mix,

spiked. transactions see what's we downturn of up, I independent over a look March, then April, the you correlated peaked would in rolled as prices customer, gas the June, prices. go on almost most could gas at every gas back closely perfectly prices across and their that, I in start tell point that as May is Now if And and you summer with gas watch you trends what prices, happening

start we to traffic resume. prices And and receded, as then saw gas

But we're watching. what in pressure we're would think happening I understanding of gas feeling closest the looking you is are this out. It for us proxy So and it's encourage track an because on the what's what consumers what prices. is day we to day that's gives

Andrew Wolf

on actually, headcount on follow-up Quick the Excellent. reduction.

So within it lines and and SG&A. within not all COGS was like sounds within that the production

Dave Ciesinski

I'll you a that. on just Yes. bit And of little texture give

and remember up were XX%. dramatic XX%, XX%, recovery we QSR transactions. up uptick were year a transactions customers, were dining post-pandemic Mid-scale in XXX%, saw where you XXX%. in a In a If ago, back they casual to we

industry, So service We that in customers. volume. We the whole added us chased included, added to headcount. order shifts our

we what started the that economy transaction then the opened as up, And found the normalize. back volume rest is of to

a in going look period we period realized to to quickly began with was wasn't and rest comparison, that appropriate. something into normalize. we So and And that against up be surge demand as to keep we work overtime on to and we thought long the it industry back of lasting. at headcount that then down going swelled we It that the was

Tom's to adjustment. just look that comments sure appropriate at when we've not made the little But sales the had like in head we there, felt business much, service too point, to we earlier the sustainably. trimmed you it make We to that period-on-period, count, too not

Operator

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

Dave Ciesinski

with calendar you morning, everyone. QX and to to together share the next you, year early results. thank Well, this we you in look forward It's been a getting pleasure spend some our with to time

we upcoming meantime, So stay that and safe, a the very have holiday season. happy hope in you

Operator

all concludes Thank for gentlemen, today's call. and you today's you, presentation. conference ladies this And sir. We thank attending

have now your may a lines, day. You wonderful disconnect and

Lancaster Colony (LANC) 3 Nov 222023 Q1 Earnings call transcript