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· Tyson Foods Plans Further Price Hikes
· Tyson hikes prices despite White House’s ‘profiteering’ allegation
Tyson Foods Plans Further Price Hikes
via Nasdaq - Nov 16, 2021
(RTTNews) - Tyson Foods Inc. is planning further increases in meat prices citing soaring costs as the biggest U.S. meat company works to recover inflation. The company announced the plans while reporting significant growth in its fourth-quarter earnings and sales, benefited by sharply raised meat prices.
On the company's quarterly earnings call, Tyson Foods CFO Stewart Glendinning said, "We expect to take continued pricing actions to ensure that any inflationary cost increases that our business incurs are passed along. Pricing has lagged inflation, but we expect to recover those cost increases during fiscal '22."
The meat giant raised prices across all of its major divisions in the quarter, noting that raw material cost, logistics, ingredients, packaging, labor increased its cost of production. Pork average sales price increased more than 40 percent, and chicken average sales price improved over 20 percent.
In the beef segment, offsetting higher sales prices were higher cattle costs, which was up more than 20 percent during the fourth quarter...
Tyson hikes prices despite White House’s ‘profiteering’ allegation
By Will Feuer, New York Post
November 16, 2021
Tyson Foods, one of the biggest meat companies in the country, announced Monday that it’s raising prices across the board as costs continue to build throughout the economy and American shoppers bear the brunt of inflation.
The latest price hike comes months after White House officials slammed the four biggest companies in the meat industry, accusing them of “profiteering” and “raising prices while generating record profits during the pandemic.”
The Springdale, Arkansas-based company said Monday in discussing its fourth-quarter earnings that chicken prices are up 19 percent compared with last year, while beef prices are up almost 33 percent and pork prices a whopping 38 percent.
Rising costs of labor and transportation have forced the company to raise prices, executives said, while bad weather has driven up the price of grain, a key product in the raising of livestock.
“I can’t think of a single thing that has either stayed the same or gone down,” Donnie King, Tyson’s CEO, said Monday on a conference call with reporters, according to the Wall Street Journal.
The company has addressed the nationwide labor shortage by introducing new employee benefits like sick leave, but that adds costs, executives lamented...
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