Lower sales at Swift & Company
The third largest processor of fresh beef and pork in the USA and the largest beef processor in Australia Swift & Company has reported net sales of $2.09 billion for its fiscal third quarter ended February 25, down 6.9% from $2.24 billion in the comparable prior-year period. The declines in the
Swift Beef's net sales declined 15.8% to $1.16 billion compared with $1.38 billion as selling price increases of 2.9% were more than offset by volume declines of 18.1%. Net sales at the company’s pork division increased 2.9% to $511 million from $497 million as average selling prices increased 7.3% in spite of a 4.1% decline in volume. Swift Australia's net sales increased 14% to $426 million compared with $374 million. Average selling prices in
Commenting on the results, president and chief executive officer, Sam Rovit, said, “The widely reported government raids on our domestic production facilities early in the third quarter reduced the sales and profitability of our
