Like other companies in the meat industry, the loss comes despite sales increases. Sanderson reported net sales of $466.9 million for the quarter compared to $394 million for the same period a year ago.
"Our results for the third quarter of fiscal 2008 reflect difficult market conditions for our industry," said Joe F. Sanderson, Jr., chairman and CEO. "While retail and export demand for chicken remained relatively strong during the quarter, casual dining and food service customers have been affected by a significant decline in restaurant traffic due to weak economic conditions and higher fuel prices.”
According to Sanderson, overall market prices for poultry products were mixed in the third quarter of fiscal 2008 compared with prices a year ago. As measured by a simple average of the
Source: Sanderson Farms Inc.