Posted 4/4/2024, 10:16:00 PM
Lamb Weston Earnings Miss on ERP Woes, Cuts Full-Year Outlook
- Lamb Weston missed earnings estimates this quarter, blaming a new ERP system implementation
- The ERP issues reduced visibility into finished goods inventories, affecting order fulfillment
- Net sales grew 16% year-over-year to $1.458 billion, but adjusted net income dropped 18%
- Lamb Weston has made adjustments to normalize fulfillment and saw soft restaurant traffic trends
- As a result, Lamb Weston reduced its full-year outlook for sales and earnings per share
