Pilgrim’s US business saw improvement, thanks to Small Birds and Prepared Foods, the company said. Case ready drove growth above industry averages with key customers.
Of shoppers who are concerned about rising food prices, only 32% reported in February that they are buying fewer items as a strategy to address rising prices, down from 41% in October.
IFF recommends company shareholders do not tender their shares in response to an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase up to 1.5 million shares of IFF’s common stock.
Hormel Foods Corp. will increase advertising spend on its turkey portfolio in fiscal 2023 after raising prices in fiscal 2022. Highly pathogenic avian influenza (HPAI) should continue to impact the turkey category negatively in the next fiscal year, but to what degree remains unknown.
Inflation will carry over into 2023, and “it’s anybody’s guess” when it stops and allows Sensient Technologies Corp. to moderate its price increases, said Paul Manning, president and chief executive officer.