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30 April 2017 01:27 (South Africa)

No business for chickens

On the back of a market slump and rise in grain costs, Tyson Foods, the NYSE-listed food giant, reported lower than expected margins for its chicken business on Monday. The company reported a net loss of US$455-million for the fiscal fourth quarter, ended on October 3rd, compared with a US$48-million profit posted over the same period in 2008. Donnie Smith, a long-time employee of the company and new chief executive, told the New York Times that the chicken business should improve next year, but added that Tyson Foods would need to increase volume and do a better job of managing inventory. Read more: New York Times

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