The biggest U.S. meat company by sales has shuttered six U.S. chicken plants since the start of last year, laid off corporate employees and announced plans...
- Tyson Foods surpassed Wall Street expectations for second-quarter profit on Monday, as it begins to reap the benefits of shutting some chicken processing plants to reduce costs.
However, it has been grappling with slowing demand over the last few quarters as price-conscious customers cut back on expensive purchases and look for affordable options amid still-high food prices and borrowing costs.Tyson's second-quarter net sales fell 0.5% to $13.07 billion, compared with estimates of $13.16 billion.
In the quarter, the operating margin in Tyson's beef business dropped by 0.7%. The business has grappled with limited U.S. cattle supplies since last year. James Baldwin famously said, "Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor." In January 2014, long after the Great Recession but before the pandemic,...
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