SEGMENTS (Tables)

6 Months Ended

Nov. 24, 2019


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 24,		November 25,		November 24,		November 25,
(in millions)	2019		2018		2019		2018
Net sales
Global	$	539.6	$	470.0	$	1,057.2	$	936.8
Foodservice		304.9		279.7		610.3		577.5
Retail		132.1		123.9		261.4		240.1
Other		42.6		37.8		79.3		71.9
Total net sales		1,019.2		911.4		2,008.2		1,826.3
Product contribution margin (a)
Global		128.9		112.4		231.6		206.9
Foodservice		111.3		97.4		213.8		199.4
Retail		28.5		25.9		57.4		48.6
Other (b)		10.4		7.2		20.1		12.2
		279.1		242.9		522.9		467.1
Advertising and promotion expenses (a)		6.0		6.1		10.8		12.5
Gross profit		285.1		249.0		533.7		479.6
Selling, general and administrative expenses		91.6		75.0		170.2		153.0
Income from operations		193.5		174.0		363.5		326.6
Interest expense, net		25.4		26.2		53.6		53.0
Income tax expense		42.7		34.0		79.4		68.3
Equity method investment earnings		15.0		10.2		25.6		30.1
Net income		140.4		124.0		256.1		235.4
Less: Income attributable to noncontrolling interests (c)		—		5.0		—		8.6
Net income attributable to Lamb Weston Holdings, Inc.	$	140.4	$	119.0	$	256.1	$	226.8

(a)

Product contribution margin represents net sales less cost of sales and advertising and promotion expenses. Product contribution margin includes advertising and promotion expenses because the amounts are directly associated with segment performance; it excludes general corporate expenses and interest expense because management believes these amounts are not directly associated with segment performance.

(b)	The Other segment primarily includes our vegetable and dairy businesses and unrealized mark-to-market adjustments associated with commodity hedging contracts.

(c)	In November 2018, we entered into an agreement to acquire the remaining 50.01% interest in Lamb Weston BSW. Our Consolidated Statements of Earnings includes 100% of Lamb Weston BSW’s earnings beginning November 2, 2018.