Retailers Pushback McCormick's Price Hike Proposal: Report

McCormick & Company Inc MKC Chief Executive Officer Lawrence Kurzius reportedly said the attempt to increase prices on spices and hot sauces has been facing pushback.
The pushback is similar to the one seen on the last round of price rises made in 2022. The company plans to hike its products' prices at retailers, including Walmart Inc WMT and Kroger Co KR, Reuters reported.
Walmart, among McCormick's biggest customers, has expressed concern about further price rises from consumer companies amid high levels of inflation.
"We like most companies are going to pass it through because it's really cost-based, and (retailers) see it in their own costs as well," the report quoted Kurzius.
Kurzius added that he was confident of winning the approval for the price increases.
Also Read: McCormick Q4 Earnings Miss Street View Impacted By COVID-Related Disruptions In China
Price Action: MKC shares closed lower by 0.29% at $75.53 on Tuesday.