Biden Fries

Bidenomics hits the French fry industry:

Lamb Weston Holdings, Inc. president and CEO Tom Werner cited “soft” restaurant traffic and frozen potato demand in an October 1 press release detailing the business’s failures in the first quarter of Fiscal Year (FY) 2025. Compared to the first quarter of FY 2024, Lamb Weston’s net income declined by 46 percent to $127 million, the company highlighted. According to Werner, “key actions” to restructure the business include closing its “older, higher-cost” facility in Connell, Washington, which would reduce its total workforce by approximately four percent. That means 375 workers will be out of a job, Fox Business reported. “We delivered first quarter financial results that were generally in line with our expectations, driven by sequentially improved volume performance, solid price/mix, and strict management of operating costs,” Werner said. “However, restaurant traffic and frozen potato demand, relative to supply, continue to be soft, and we believe it will remain soft through the remainder of fiscal 2025.”

You don't want fries with that...