Pilgrim's Pride: Frozen Tenders and Fast Food Chicken in High Demand -- Market Talk

Dow Jones05-02

1133 ET - The second-largest chicken processor, Pilgrim's Pride, says chicken demand is starting to outstrip supply, a year after a glut of chicken on the market squeezed processors. Sales of frozen, processed chicken, like tenders and nuggets, are in high demand at grocery stores. Sales at fast food chains are up 6% from the prior year even as foot traffic declines. Executives of Pilgrim's, which is owned by meatpacking giant JBS, say that consumers are trading down to chicken offerings on menus and to cheaper fast food chains from other restaurants. "What we are seeing is the bigger penetration of the chicken offerings, because I think they provide the value," CEO Fabio Sandri says on a call with analysts. He added chicken is a bargain to customers compared with pricer beef options. (patrick.thomas@wsj.com)

(END) Dow Jones Newswires

May 02, 2024 11:33 ET (15:33 GMT)

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Executives of Pilgrim's, which is owned by meatpacking giant JBS, say that consumers are trading down to chicken offerings on menus and to cheaper fast food chains from other restaurants. \"What we are seeing is the bigger penetration of the chicken offerings, because I think they provide the value,\" CEO Fabio Sandri says on a call with analysts. He added chicken is a bargain to customers compared with pricer beef options. 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