A $327 million boost was revealed as Tyson Foods pulled back the curtain on its performance for the first quarter of 2023. As the company’s sales climbed to over $13.26 billion, we got a look at some key areas of growth.
“We executed our strategy in Q1, growing volume, improving staffing levels, investing in automation, and building inventory to meet customer demand, all while maintaining a focus on liquidity and financial health,” said Tyson Foods President and Chief Executive Officer Donnie King. “The strength of our retail brands, including Tyson®, Jimmy Dean®, Hillshire Farm®, and Ball Park, was demonstrated by the growth in Prepared Foods, most notably with Jimmy Dean ending the quarter at its all-time highest volume share. Our advantaged brands in advantaged categories uniquely position us to win in the marketplace.”
According to the meat provider’s recent report, Tyson’s sales for the first quarter of 2023 reached $13.26 billion, compared to $12.93 billion the prior year. This growth in sales comes amidst some challenging market dynamics as the industry still faces struggles related to inflation, transportation, and more.
“We faced some challenges in the first quarter. Market dynamics and some operational inefficiencies impacted our profitability,” King continued. “We expect to improve our performance through the back half of fiscal 2023 and into the future, as we strive to execute with excellence and work to become best in class in our industry.”
Other highlights from the report include:
“We are optimistic about the long-term outlook for Tyson. We have the world’s greatest protein brands, an incredible team, and a sound strategy to serve our customers and delight consumers with high-quality, sustainable, affordable protein,” concluded King.
Click here to read the report in full.
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