By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Celebrity NewsCelebrity News
  • Home
  • Beauty
  • Celebrities
  • Fashion
  • Lifestyle
  • Movies
  • Sport
  • World News
  • Contact
Search
Technology
  • Blog
  • Advertise
Health
  • Blog
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Tyson raises prices of chicken as demand shifts from expensive beef cuts
Share
Sign In
Notification Show More
Latest News
To support economic buoyancy, the small firms playing a crucial role in Ukraine’s economy are partnering to maintain a steady inflow of money
February 2, 2023
Celebrating January 24 Birthdays: A Look at Famous Figures Born on this Day
January 24, 2023
Keeping Up with Celebrity Scandals: A Look at the Top Websites for Gossip and News
January 18, 2023
PR Movies: A glimpse into the world of celebrity
January 2, 2023
10 Famous Women Who Have Openly Talked About Their Mental Health Problems
December 22, 2022
Aa
Celebrity NewsCelebrity News
Aa
  • Fashion
  • Sport
  • Movies
  • Beauty
  • World News
  • Celebrities
  • Lifestyle
Search
  • Fashion
  • Sport
  • Movies
  • Beauty
  • World News
  • Celebrities
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Blog
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Celebrity News > Blog > Tyson raises prices of chicken as demand shifts from expensive beef cuts

Tyson raises prices of chicken as demand shifts from expensive beef cuts

Robin Deberry
Robin Deberry August 9, 2022
Updated 2022/08/09 at 5:14 AM
Share
3 Min Read
SHARE

video

FOX Business Flash top headlines for August 8

Check out what’s clicking on FoxBusiness.com.

According to Tyson Foods, chicken has risen in popularity as consumers shy away from expensive beef cuts. 

During an earnings call on Monday, Tyson CEO Donnie King told analysts that despite the challenging economic environment, where costs of its goods continue to increase, "consumer demand for protein remains relatively steady."

However, some people are shifting away from high-priced meats as food prices continue to surge. Grocery prices alone increased 12.2% in June compared to a year ago, outpacing the overall Consumer Price Index.

On Monday, the meat producer reported that it saw "specific strength" in its chicken segment as well as with specific cuts of meat, such as breakfast sausage and bacon, throughout the three-month period ending on June 30, even though it raised prices on its meat to offset higher costs.

According to Reuters, the company raised chicken prices by slightly more than 20%.

PRICEY CHICKEN PUTS THIGHS ON RESTAURANT MENUS

The company reported that its sales gains "were largely driven by higher average sales price in chicken and prepared foods," underscoring the demand for the category.

A car passes in front of a Tyson Foods Inc. sign at Tyson headquarters in Springdale, Arkansas. (AP Photo/April L. Brown, File / AP Newsroom)

"We delivered substantially improved earnings in our chicken segment as well as higher earnings in prepared foods, which partially offset a decline in beef and pork earnings," King told analysts.

WINGSTOP CEO TOUTS FALLING CHICKEN WING PRICES, COMPANY BENEFITTING FROM DEFLATION

Meanwhile, the company reported that it faced "softer consumer demand for premium cuts of beef" amid the challenging economic environment. As demand shifted, prices for the beef dipped.

According to Reuters, beef prices were down 1.2% in the quarter.

Ticker Security Last Change Change %
TSN TYSON FOODS INC. 80.09 -7.40 -8.46%

Still, King said the company's "diverse portfolio" allows them to "meet customer and consumer needs across a broad range of products and price points even as consumers shift between proteins and products."

CLICK HERE TO READ MORE ON FOX BUSINESS

Overall, meat producers posted revenue of $13.5 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $13.31 billion.

The Associated Press contributed to this report.

Source: Read Full Article

The post Tyson raises prices of chicken as demand shifts from expensive beef cuts appeared first on Celebrity.

You Might Also Like

To support economic buoyancy, the small firms playing a crucial role in Ukraine’s economy are partnering to maintain a steady inflow of money

Celebrating January 24 Birthdays: A Look at Famous Figures Born on this Day

Keeping Up with Celebrity Scandals: A Look at the Top Websites for Gossip and News

PR Movies: A glimpse into the world of celebrity

10 Famous Women Who Have Openly Talked About Their Mental Health Problems

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Robin Deberry August 9, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article How the home nations compared to their previous best Commonwealth Games display
Next Article Joe Wicks shows off HUGE £4.4m five bed home – and huge garden | The Sun
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

To support economic buoyancy, the small firms playing a crucial role in Ukraine’s economy are partnering to maintain a steady inflow of money
Lifestyle February 2, 2023
Celebrating January 24 Birthdays: A Look at Famous Figures Born on this Day
Celebrities January 24, 2023
Keeping Up with Celebrity Scandals: A Look at the Top Websites for Gossip and News
Celebrities January 18, 2023
PR Movies: A glimpse into the world of celebrity
Movies January 2, 2023

You Might also Like

Lifestyle

To support economic buoyancy, the small firms playing a crucial role in Ukraine’s economy are partnering to maintain a steady inflow of money

February 2, 2023
Celebrities

Celebrating January 24 Birthdays: A Look at Famous Figures Born on this Day

January 24, 2023
Celebrities

Keeping Up with Celebrity Scandals: A Look at the Top Websites for Gossip and News

January 18, 2023
Movies

PR Movies: A glimpse into the world of celebrity

January 2, 2023
//

A celebrity is a person who works hard all of their life to become well known, and then wears dark glasses to avoid being recognized – Fred Allen

Top Categories

  • Home
  • Beauty
  • Celebrities
  • Fashion
  • Lifestyle
  • Movies
  • Sport
  • World News
  • Contact

Contact Us

If you have any questions you can contact us by email

Email: info@celebritynewsapp.com

Celebrity NewsCelebrity News
Follow US

© 2022. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?