Tyson Foods is setting its sights on more branded packaged foods, the company told investors yesterday.
During a meeting at the Barclays Global Consumer Staples Conference, Tom Hayes, Tyson Foods’ Chief Commercial Officer and President of Food Service, reiterated that a key area of focus will continue to be offering consumers “differentiated food experiences.” This strategy, he explained, will prove crucial in the coming years as protein continues to outpace the growth rate of the total food and beverage category at retail.
“In the coming years, we have our sights set on selling more branded, protein-centric food, than any other company in the world,” he said, according to a press release. “Our focus is to accelerate profitable growth through best in class brand building and innovation in the fastest growing categories in food.”
Dennis Leatherby, Executive Vice President and Chief Financial Officer, echoed these statements, telling investors that the company will continue to produce more stable earnings and consistent growth.
“Our goal is to average at least 10% annual earnings per share growth over time,” said Leatherby. “Our projected three-year compounded annual growth rate is approximately 17% from fiscal 2012 to 2015.”
Despite challenges in the beef industry, Tyson’s strong performance in its prepared foods and chicken segments have reinforced its strategy moving more of its product portfolio into value-added, higher-margin categories, the company said.
In other recent news, Tyson Foods has pledged to donate $50 million in cash and in-kind donations to fighting hunger over the next five years, building on its partnership with hunger relief organizations including Share Our Strength, Feeding America, and the Food Research and Action Center.
Donnie Smith, President and CEO of Tyson Foods, said he knows the company can't solve hunger alone. He gave thanks to the many organizations that help fight hunger nationwide.
“It’s the organizations and heroes in communities all over the country who are doing the real work. We’re proud to support those who are fighting hunger across the country and shine a spotlight on individuals making a big difference in innovative ways,” said Smith.
Since 2000, Tyson has donated more than 100 million pounds of food to hunger organizations across the U.S.