Tyson Foods Warns Low-Income Consumers Are Cracking Under Inflation Storm [zero hedge]
Tyson Foods, Inc. (TSN)
Last tyson foods, inc. earnings: 2/6 07:30 am
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Source: zero hedge
Tyson Foods Warns Low-Income Consumers Are Cracking Under Inflation Storm Tyson Foods, the second-largest producer of animal protein globally, plunged the most in one year after cautioning that heightened inflation is severely impacting its working poor customers, leading them to reduce their purchases of ready-to-eat products from its brands. This ominous warning comes one week after McDonald's and Starbucks warned that low-income consumers are starting to crack. During an earnings call on Monday, Melanie Boulden, who oversees Tyson's Prepared Foods business, was asked by BofA's Peter Galbo about "commentary around quick-service, casual dining and non-commercial." Boulden responded: "So, Peter, in both retail and foodservice, as you know, the consumer is under pressure , especially the lower-income households . And in retail, we're seeing roughly 20% cumulative inflation over the last three years ." "Now the inflation impact coupled with historically low savings rates has created a m
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TSN
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