Steak's off the table: Inflation-weary shoppers are switching to chicken [CNN]
Costco Wholesale Corporation (COST)
Last costco wholesale corporation earnings: 3/5 04:15 pm
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Source: CNN
Ad Feedback02:45- Source:CNNThis is why beef prices are through the roofNew YorkCNN Inflation-weary shoppers are pulling back on buying pricey steaks and switching to cheaper chicken at the grocery store.Tyson, the meat processing giant, said Monday that “demand for chicken is extremely strong,” while demand for its higher-priced cuts of beef has softened.The company said its average sales price for chicken grew during its latest quarter, while the average price for beef and pork fell as consumers balked at some premium cuts. Meat prices skyrocketed in 2021, but some items havefallen in recent monthsJeenah Moon/Bloomberg/Getty ImagesThe hidden makers of Costco's Kirkland Signature and Trader Joe's O'sConsumer demand for meat remained strong, Tyson said, but consumers are shifting between meats because of inflation. The company plans to launch new lower-priced options and also add new larger package sizes for consumers searching for value.Tyson is not the only company to note shifts in
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COST
Earnings
- 3/7/24 - Beat
COST
Sec Filings
- 4/18/24 - Form 4
- 4/17/24 - Form 144
- 4/10/24 - Form 8-K
- COST's page on the SEC website