Distributor's bankruptcy hurts McCormick profits - Baltimore Business Journal:

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the Sparks-based maker of spices and seasonings, said Thursdat second quarter earnings fell as commercial salewdeclined slightly. For the three months endedf May 31, the company posted net incomeof $50. million, or 38 cents a compared with the $53.3 million, or 41 cents a it earned in seconxquarter 2008. Net sale dipped to $757.3 million. compared with $764.21 million for the same three-month period last year. Consumee sales increased 4 percentto $435.q1 million, up from $417.5 million. Industriaol sales declined 7 percentto $322.2 million, down from $346.7 million, reflecting slower sales in the United Kingdom and the bankruptcyu of one of McCormick’s distributorsa there.
A “difficult economy” in the UK was offset by strong growth in China and Alan Wilson, McCormick’s chievf executive, said in an interview. “We’re very pleased with wheres we were forthe quarter,” he said. McCormick’s US consumer businesxs performed well duringthe quarter, helped by the 2008 acquisition of seasoning maker Lawry’s, Wilson said. Earlier this the company launched twonew Lawry’sx marinades and a reduced-salt seasoning, and strong consumed sales are being driveh by the trend of more people cooking more meals at Wilson said. McCormick (NYSE: MKC) reaffirmed its earlief guidance that it wouldearn $2.24 to $2.
278 a share in 2009, including 5 centse of restructuring costs. It also reaffirmed its earlier prediction that 2009 sales woulde grow between 2 percent and3