Tyson Foods had higher sales income in its third fiscal quarter, but rising costs kept overall profits flat.
Tyson showed $13.5 billion in sales for the quarter, an increase of 8.2% over the same period last year. Chicken sales were $4.37 billion, an increase of 26% year-over-year, despite a loss in unit volume of 2.1%. Tyson charged an average of 20% more this quarter for its chicken products, accounting for the sales increase.
Tyson’s prices for beef and pork, by contrast, dropped slightly compared with the third quarter of last year. This reflected lower retail demand, especially with beef, as consumers turned to less expensive protein sources.
Net income was for the quarter was $753 million, identical to the third quarter of last year.