Over the last year, as meat prices have driven grocery inflation higher, meatpacker Tyson Foods has raked in massive profits. Tyson hiked its beef prices nearly 25% in its most recent quarter, compared to the same quarter last year, and it also raised pork and chicken prices more than 10%.
The company’s CEO, Donnie King, has even admitted that Tyson is “asking the customer and ultimately the consumer to pay for the inflation that we’re seeing throughout the supply chain.”
In February, Tyson reported bringing in $1.12 billion in net income in its prior fiscal quarter, and in 2021 the company paid its executives a total of $4.2 million more than in 2020, with its chairman receiving a $2.5 million pay increase.
What’s more, Tyson made record quarterly profits in its fiscal quarter that ended in October 2021 on the back of price hikes, despite selling less beef than the same quarter in 2020.
Tyson Foods Inc. in Q1 2022 also repurchased $348 million worth of shares, creating further value for its shareholders.