From WATTAgNet:
Canadian meat, poultry and plant-based protein company Maple Leaf Foods said it is considering raising prices for its prepared meats products as a way to offset the costs the company faces for raw materials.
The company said its prepared meats business experienced narrower margins in the second quarter of fiscal year 2017, which ended on June 30.
Despite those narrower margins, Maple Leaf Foods had a strong second quarter, as it reported net earnings of CA$37.3 million (US$29.9 million), an 18.8 percent increase when compared to the second quarter of fiscal year 2016. The company also reported an 8.3 percent increase in sales for the quarter on a year-over-year basis.
Maple Leaf Foods President and CEO Michael H. McCain said moving forward, the company is focusing on accelerating profitable growth, investing in its brands and continuing in its efforts to be the most sustainable protein company on Earth.
Maple Leaf Foods to raise prices due to rising meat costs
MISSISSAUGA, Ont. — Maple Leaf Foods Inc. (TSX:MFI) says it will look to raise prices in the third quarter to offset rising raw material costs in its prepared meats business. The company says margins narrowed in its prepared meats business, partially offsetting other favourable market conditions as it reported higher second-quarter profits.
Maple Leaf Foods looks to raise prices for prepared meats to offset rising costs
MISSISSAUGA, Ont. — Maple Leaf Foods Inc. (TSX:MFI) says it will look to raise prices in the third quarter to offset rising raw material costs in its prepared meats business. The company says margins narrowed in its prepared meats business, partially offsetting other favourable market conditions as it reported higher second-quarter profits.
