Our fiscal year begins onJuly 1 and ends onJune 30 . Unless otherwise noted, references to "year" pertain to our fiscal year; for example, 2020 refers to fiscal 2020, which is the period fromJuly 1, 2019 toJune 30, 2020 . The following discussion should be read in conjunction with our condensed consolidated financial statements and the notes thereto, all included elsewhere in this report, and our 2019 Annual Report on Form 10-K. The forward-looking statements in this section and other parts of this report involve risks, uncertainties and other factors, including statements regarding our plans, objectives, goals, strategies, and financial performance. Our actual results could differ materially from the results anticipated in these forward-looking statements due to these factors. For more information, see the section below entitled "Forward-Looking Statements." OVERVIEW Business OverviewLancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Over 95% of our products are sold inthe United States . Foreign operations and export sales have not been significant in the past and are not expected to be significant in the future based upon existing operations. We do not have any fixed assets located outside ofthe United States . Our business has the potential to achieve future growth in sales and profitability due to attributes such as: • leading Retail market positions in several product categories with a
high-quality perception;
• recognized innovation in Retail products;
• a broad customer base in both Retail and Foodservice accounts;
• well-regarded culinary expertise among Foodservice customers;
• recognized leadership in Foodservice product development;
• experience in integrating complementary business acquisitions; and
• historically strong cash flow generation that supports growth opportunities.
Our goal is to grow both Retail and Foodservice segment sales over time by: • introducing new products and expanding distribution;
• leveraging the strength of our Retail brands to increase current product sales;
• expanding Retail growth through strategic licensing agreements;
• continuing to rely upon the strength of our reputation in Foodservice product development and quality; and
• acquiring complementary businesses.
With respect to long-term growth, we continually evaluate the future
opportunities and needs for our business specific to our plant infrastructure,
IT platforms and other initiatives to support and strengthen our operations.
Recent examples of resulting investments include a significant capacity
expansion project for our Sister Schubert's frozen dinner roll facility in
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