American multinational meat processor Tyson Foods Inc. has hiked prices across all of its major divisions due to higher costs of staffing and materials, WSJ reported.
- Tyson increased the prices of core offerings, with beef price averages up by nearly a third versus last year, pork prices jumped by 38%, and chicken prices increased by about 19%.
- Tyson cited increasing expenses such as logistics costs up 30%, higher prices of ingredients and packaging materials, and increasing wages and adding new benefits for staff.
- The increase in prices boosted the company’s top line by 12% to $12.8 billion in the firm’s fiscal fourth quarter, bringing earnings more than double to $1.36 billion to top analysts’ expectations.
The company expects meat production to remain constrained until 2022, as the US agriculture department expects beef and pork production to fall 2%. TSN is up 1.76%.