McCormick Stock Falls the Most Since March 2020 on Slow China Recovery

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McCormick shares fell as much as 11% on Tuesday in New York, adding to the stock’s 10% drop this year through end of trading Monday. Photo illustration: Bloomberg

(Bloomberg) — McCormick & Co. Inc. shares slumped the most since the start of the Covid pandemic after the maker of spices and seasonings reported sales that trailed expectations — in part due to a slower-than-expected economic rebound in China.

The company’s net sales missed analysts’ expectations, while the volume of goods shipped to retailers fell 2%, which was a bigger-than-expected decline. McCormick’s consumer business posted much slower growth than its company-focused unit, called Flavor Solutions, in the quarter ended Aug. 31, according to a statement. Operating income also missed estimates.