US: Swift posts Q3 decline, but beef sales up
US meat processor Swift, which is not a public company but has publicly traded debt, reported net sales of US$8.4m for its third quarter ended 26 February to the Securities and Exchange Commission. This represents a decline of 0.4% from the same period of the previous year. However, for the first time in a year beef sales for the quarter increased.
US Beef was the only of Swift's units to post gains in the quarter, with sales increasing by 3% over the third quarter of last year. The unit posted sales of almost $1.4bn for the quarter, an increase of $39.6m.
In a statement released on Friday (7 April), the company reported that the increase in beef profits was due to a price hike of 4.6% on sales volumes that were down about 1.6% from the previous year.
Swift's Pork interest reported the worst performance for the quarter, as profits were hit by an 11.9% drop in prices despite a 5.9% increase in sales volume. Swift's Australian Beef earnings fell due to a 3.5% decrease in prices and a 3.5% decrease in the exchange rate between the Australian and US dollar, the filing reports.
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Beef and pork processor Swift and Company has announced that executive vice president and chief financial officer Danny C Herron has decided to leave the company by 19 September 2006, the end of his c...
UK supermarket group Asda has said that its first four stores in Northern Ireland have beaten weekly sales targets....
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