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Sales drop for Swift & Co

Swift & Company reported a net sales decrease of $0.3 billion in the last fiscal year, ended May 28, 2006.

In the figures, released earlier this week, the world's second-largest processor of fresh beef and pork products Swift & Co said net sales were $9.35 billion, compared to net sales of $9.67 billion in the prior fiscal year.
The net sales decrease primarily reflected lower selling prices in Swift Pork and lower volumes in Swift Australia, partially offset by a 0.5% increase in the Australian dollar to US dollar exchange rate compared to the prior-year period.
Swift Pork's fiscal year net sales declined 7.7% to $2.07 billion compared to $2.24 billion in the previous year. Average selling prices declined 10.1% while sales volumes increased by 2.7%. Decreases in selling prices were attributable to continued pricing pressure, primarily in the retail channel.
"Business conditions during the fiscal year ended May 28, 2006 were among the most difficult in the history of our industry," said Sam Rovit, Swift & Company's president and CEO.
"Swift's US pork segment delivered profits more in line with historical norms after posting its second-best year ever in fiscal 2005."

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