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- 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. Sales in the chicken segment, which struggled with excess supply during 2023, were down 8.3% in the quarter even though prices fell 2.1%. Volumes dropped by 6.1%.
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