Pilgrim's Pride suffers $228M loss in quarter
February 09, 2009
by Bryan Salvage
PITTSBURG, TEXAS — Pilgrim’s Pride Corp. suffered a $228,782,000 loss in the first quarter ended Dec. 27, which compared with a loss of $32,329,000 during the same period of the previous year. The chicken processor, which filed for Chapter 11 bankruptcy protection on Dec. 1, 2008, cited high feed prices and poultry product prices below historical levels as reasons for the results.
Sales for the quarter were $1,876,991,000, a decline compared with the previous year when the company recorded quarterly sales of $2,047,353,000.
In its quarterly filing, the company said, "We continue to review and evaluate various restructuring and other alternatives to streamline our operations, improve efficiencies and reduce costs. Such initiatives may include selling assets, idling facilities, consolidating operations and functions, relocating or reducing production and voluntary and involuntary employee separation programs."