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Tyson suggests high beef prices face long recovery
['Sarah Zimmerman']
Supply Chain Dive - Latest News
Please let us know if you have feedbackDive Brief:Tyson Foods lowered its annual profit outlook as the meat processing giant acknowledged that high beef prices are unlikely to come down anytime soon.
The Arkansas-based company's beef segment reported an operating loss of $138 million, according to third-quarter earnings released Monday.
Tyson’s efforts to close beef plants and optimize its network have not been enough to offset the drag on profits.
Consumers have shifted away from beef as prices continue to soar, with the average retail beef price reaching an all-time high of $9.64 in April.
In June, world's largest meat company JBS closed two beef plants as it grappled with lower profits.