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Pilgrim’s Pride second quarter net sales up 29% from 2020

Net sales for Pilgrim’s Pride grew to $3.64 billion in the second quarter of 2021, a 29% increase over the same time period in 2020, a sign that consumers are returning to normal retail and foodservice behavior after the COVID-19 pandemic.

“As the world emerges from the COVID-19 pandemic, more of the population gets vaccinated and activities gradually return to normal, we are optimistic that dining out, gathering with friends and family for meals and eating lunch at work or at school will once again become routine,” stated Fabio Sandri, Chief Executive Officer of Pilgrim’s during an earnings call on July 29.

“Our second quarter results reflect a shift to more normal patterns in the U.S. as we saw a slight increase in retail store trips and more foodservice locations reopened.”

The company’s big bird business and foodservice numbers exceeded expectation, he noted, which boosted demand above 2019 levels. Pilgrim’s also expanded in retail during the March-June 2021 period with investments in its Just Bare and Pilgrim’s brand.

Quarterly financial results

Sales in all three geographies where Pilgrim’s operates – the U.S., Europe and Mexico – were also up on a year-over-year basis. Both the U.S. and UK regions struggled with labor challenges this quarter and Pilgrim’s UK was also affected by low hog prices and rising grain costs, Sandi said.

“Meanwhile, our Mexico business had another strong quarter, driven by a balanced supply/demand equation and continuous improvements in operational performance, while effectively managing higher grain pricing and supplying our customers with Fresh and Prepared Foods under the Pilgrim’s, Del Dia and Alamesa brands,” he added.

Headquartered in Greeley, Colorado, Pilgrim’s Pride is the second largest broiler producer in the United States. According to the Top Companies Database, the company produced 161.66 million pounds of ready-to-cook chicken on a weekly basis. It operates 25 slaughter plants, 32 hatcheries and 25 feed mills.

In addition to its operations in the U.S., Pilgrim’s Pride also has facilities in Mexico and in Europe.

Par Elizabeth Doughman (29/07/2021)

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