Tyson Foods CEO says 'on track' for another record year for earnings
"We believe we are fundamentally different than other food companies," Sally Grimes, Tyson's group president, prepared foods, told investors today at the annual Barclays Global Consumer Staples Conference. Grimes said competing effectively in growing spaces has been a primary driver for Tyson Foods. Grimes said the raw, chilled and freshly prepared foods in the perimeter of the store have become "retail's growth frontier" as consumers seek fresh, less processed foods, ease and simplicity. "The perimeter of the store - and what it represents - is the center of our business," she said. "Our sales growth in the perimeter is 70 basis points ahead of the categories in which we compete and 270 basis points ahead of the total perimeter. A mix advantage and a performance advantage are powerful tailwinds propelling us toward continued growth." Tom Hayes, Tyson Foods' president and CEO, said the company is on track for another record year for earnings as it nears the end of its 2017 fiscal year. "Looking to fiscal 2018, we expect topline sales growth of about 6 percent to approximately $41 billion as we grow volume, improve our sales mix to higher value products and benefit from a full year of AdvancePierre Foods in our portfolio."