McCormick & Company (NYSE:MKC) is facing resistance to price hikes from major retailers like Walmart (WMT) and Kroger (KR), CEO Lawrence Kurzius told Reuters in an interview on Tuesday evening.
In particular, Kurzius said that the company’s latest rounds of price hikes on products including sauces and spices received “pushback” from major retailers, many of whom are concerned about margins and the consumer’s ability to bear yet more price increases. Nonetheless, Kurzius told Reuters that he remains confident that the latest price increases will be approved.
McCormick (MKC) shares moved fractionally lower during Wednesday’s premarket trading.
Read more on Walmart’s latest results.