Tyson Foods has raised its full-year sales outlook.
Annual sales are now expected to come in between $52-54 billion, which is up compared to the previous $51 billion.
The shift comes as meat prices soar, with each product increasing by at least 10 percent. Many companies, like Tyson, say they have hiked prices to offset rising labor and input costs.
Tyson also announced it received a subpoena from the New York Attorney General’s Office, regarding its price hikes. Tyson is currently evaluating the scope of that action.
Related:
Retail meat sales remain higher than pre-pandemic levels
Economists expect higher prices and a shift in available meats
Most consumers blame high meat prices on COVID, according to survey
Tyson cooperating with Department of Justice investigation into poultry price-fixing
