Brazil's BRF bullish on outlook for Christmas food sales
Reuters
Published Oct 02, 2023 05:39PM ET
By Ana Mano
SAO PAULO (Reuters) - BRF SA (NYSE:BRFS), one of Brazil's biggest food companies, is bullish on its sales prospects ahead of the holiday season, a company executive said at a press conference on Monday.
Marcel Sacco, vice president of marketing, said the company projects 5% to 6% growth in Christmas sales revenue from a year ago, citing improvements in the local economy and a broad range of product offerings.
"We work with a range of products for all budgets, balancing supply, price and practicality," Sacco said. He also said BRF's Christmas products portfolio gives the company better margins compared to the traditional lines.
Sacco cited inflation trending lower and expected improvements in per capita consumption as factors driving Brazilian households to spend more this year, including on food.
BRF, which competes with rivals including JBS SA (OTC:JBSAY) and privately owned Aurora, processes pork and poultry and owns well-known Brazilian brands like Sadia and Perdigao.
Brazil accounts for most of BRF's sales revenue.
Under the leadership of Miguel Gularte, a former Marfrig executive who took the helm in August 2022, the company is trying to improve internal processes to be more efficient and competitive. Still, BRF has yet to turn a quarterly profit this year, as it and other food companies grapple with a global chicken glut and high feed prices.
This year, BRF's shares are up about 25%.
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Written By: Reuters
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