2Q26 ‘All Consumer‘ EPS Preview

研报英文原文证据摘录

2Q26 ‘All Consumer‘ EPS Preview

’d note

that at our Chicago Packaged Food Fieldtrip back in May, management characterized FY27 as

another year of stabilization, built on the improved market share position and operational

steadiness achieved in FY26. While LW has yet to provide any specific guidance for FY27, it

appears to us as though expectations center on continued volume growth in North America,

offset by a more disciplined approach to managing the International top line, where the

company has also recently announced a plant closure (see our note: Lamb Weston Holdings,

Inc.: A Step in the Right Direction, 06/04/2026). Furthermore, we think pricing pressure is likely

to persist next year, though cost dynamics could still be a headwind of note, with COGS inflation

tied primarily to oil-driven packaging costs and labor expected to be mitigated by carryover

benefits from the cost savings program and ongoing SG&A efficiencies. Importantly,

management expressed confidence that the stability seen in FY26 should carry into FY27,

allowing the organization to focus on working through key strategic decisions while maintaining

baseline performance. This outlook assumes broadly stable traffic trends, with potential upside

tied to macro factors such as US election-related stimulus or improving consumer conditions,

particularly in the foodservice channel. Overall, our sense is that FY27 is viewed less as a year of

acceleration and more as a constructive period to test customer strategies, assess regional

demand health, particularly in Europe and Latin America, and position the business for more

durable growth and margin expansion beyond the near-to-medium term. While we think

Consensus estimates already broadly reflect this outlook as well, with Consensus looking for