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News Release

For more information, please contact:

Investors:

Dexter Congbalay

224-306-1535

dexter.congbalay@lambweston.com

Media:

Shelby Stoolman

208-424-5461

shelby.stoolman@lambweston.com

Lamb Weston Reports Fiscal Fourth Quarter 2020 Results; Provides Update for

First Quarter of Fiscal Year 2021

Fourth Quarter 2020 Highlights (includes the contribution of an additional sales week versus the prior year)

Net sales declined 16% to $847 million
Income from operations declined 79% to $31 million, and includes $58 million of net costs related to the COVID-19 pandemic’s impact on operations
Net income declined $112 million to a loss of $2 million
Adjusted EBITDA including unconsolidated joint ventures(1) declined 64% to $78 million, and includes
$74 million of net costs related to the pandemic’s impact on operations
Diluted EPS declined $0.76 to a loss of $0.01 from $0.75
Adjusted Diluted EPS (1) declined $0.75 to a loss of $0.01 from $0.74

Full Year 2020 Highlights (includes the contribution of a 53rd week)

Net sales increased 1% to $3,792 million
Income from operations declined 17% to $557 million, and includes $58 million of net costs related to the COVID-19 pandemic’s impact on operations
Net income attributable to Lamb Weston declined 24% to $366 million
Adjusted EBITDA including unconsolidated joint ventures(1) declined 12% to $800 million, and includes
$74 million of net costs related to the pandemic’s impact on operations
Diluted EPS declined 22% to $2.49 from $3.18
Adjusted Diluted EPS (1) declined 22% to $2.50 from $3.22
Cash flows from operations declined 16% to $574 million
Returned $144 million of cash to stockholders in the form of both dividends and share repurchases

First Quarter of Fiscal Year 2021 Business Update (for 7 weeks ending July 20)

North America shipments at approximately 85% of prior-year level, led by demand from quick serve restaurants and retail, while full-service restaurants have improved sequentially as states ease restrictions
Europe shipments at approximately 75% of prior-year level, and have improved sequentially as countries ease restrictions
China shipments at approximately 85% of prior-year level, while performance in other international markets has softened due to the effect of the continued spread of COVID-19 as well as inventory destocking

EAGLE, ID (July 28, 2020) – Lamb Weston Holdings, Inc. (NYSE: LW) announced today its fiscal fourth quarter and full year 2020 results and provided a business update for the first quarter of fiscal 2021.

“The final months of fiscal 2020 were some of the most challenging in our Company’s history. Government efforts worldwide to slow the spread of COVID-19, including restrictions on restaurants and other foodservice operations, as

1


The following information was filed by Lamb Weston Holdings, Inc. (LW) on Tuesday, July 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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