Protein provider Tyson Foods is ringing in merry cheer a little early as the company announced its fourth quarter and fiscal 2022 results. The company revealed it achieved $13.7 billion in sales for its fourth quarter, bringing its 2022 fiscal sales results to $53.2 billion.
“We delivered record sales and earnings for the full year, which was supported by our diverse portfolio and continued strength in consumer demand for protein,” said Donnie King, President and Chief Executive Officer. "Our results were supported by historically strong operations in our Beef segment and improved performance in our Chicken segment. We also experienced share gains in both our foodservice Focus 6 categories and retail core business lines, which include our Tyson, Jimmy Dean, Hillshire Farm, and Ball Park iconic brands.”
Beginning in fiscal 2022, Tyson launched a new productivity program, which is designed to drive a better, faster, and more agile organization that is supported by a culture of continuous improvement and faster decision-making, noted the release. The company continued, stating it is targeting $1 billion in productivity savings by the end of fiscal 2024, including more than $400 million in fiscal 2022, relative to a fiscal 2021 cost baseline.
“Our productivity program, announced one year ago and designed to deliver more than $1 billion in recurring annual savings by the end of 2024, has accelerated ahead of schedule and is now expected to be achieved by the end of FY23,” continued King. “The focus of this plan includes operational and functional excellence, digital solutions, and automation and advanced technologies.”
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