Pilgrim’s Pride is enjoying the results of consumers trading down to chicken during inflation, posting strong numbers for its third fiscal quarter.
Net sales were $4.47 billion, an increase of 17% over the same period last year. Adjusted earnings were $460.5 million, a 33% increase.
Pilgrim’s, which is majority-owned by JBS SA, had particular success domestically, with its flagship Pilgrim’s and Just Bare chicken brands growing more than 45% year-over-year. The European business also had increased profits, while sales and profit in Mexico declined.
“Although overall protein consumption was challenged, consumers transitioned to chicken and pork given their relative affordability and versatility,” CEO Fabio Sandri said in remarks to stock analysts.
About the Author
Pan Demetrakakes
Senior Editor
Pan has written about the food and beverage industry for more than 25 years. His areas of coverage have included formulations, processing, packaging, marketing and retailing. Pan worked for Food Processing Magazine for six years in the 1990s, where he was operations editor (his current role), touring dozens of food plants of every description. He has also worked for Packaging and Food & Beverage Packaging magazines, the latter as chief editor, during which he won three ASBPE awards. He is a graduate of Stanford University with a BA in communications.