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“we had lower demand from quick service restaurant customers in several geographic areas. The most notable was China, where certain quick service restaurants have reported high-double digit declines in same-store sales. These declines are a result of consumers in China who are avoiding poultry in their diet due to bird flu concerns”
“We’re connecting directly with consumers through digital marketing and social media. In the U.S., we increased site recipe searches for our Gourmet dinner party program 32%, increased Facebook fans by 25% and achieved a 47% increase in unique visitors to our mccormick.com website”
“Based on our customers’ outlook, we expect the situation in China to improve in the fourth quarter of 2013.”[analyst comment] “if I maybe restate, what you’re saying is, is that while maybe the macro for QSR is good, it just didn’t turn out to be good in the places that you needed to be good in?” [analyst comment] “There have been 2 problems with McCormick from the — I guess, from Wall Street’s perspective. One is we have no visibility on your raw material basket, which, I think, Ken asked about. And then Industrial, you don’t really have, at the end of the day, a lot of control over the business.”
“What we’re actually seeing, which is an interesting dynamic in the data, is some customers moving away from opening price point, really deep discount products, at least in our category, and there’s a bit of a trade-up happening from that opening price point to private label and then up to brand.”