Sanderson Farms Inc. reported results for the first fiscal quarter ended January 31, 2013. Net sales for the first quarter of fiscal 2013 were $595.8 million compared with $517.8 million for the same period a year ago. For the quarter, the company had a net loss of $6.9 million, or $0.31 per share, compared with a net loss of $8.0 million, or $0.36 per share, for the first quarter of fiscal 2012.
"Our results for the first quarter of fiscal 2013 reflect improving, but still challenging, conditions for our industry," said Joe F. Sanderson, Jr., chairman and CEO of Sanderson Farms, Inc. "While we experienced higher poultry market prices than the same period a year ago, our grain costs were also higher. Retail demand for chicken has remained steady, but we continue to see weak food service demand. We believe food service demand will remain under pressure until the national employment environment improves. While grain prices have retreated from the highs they set last August, we experienced higher feed costs during the first quarter, and these higher costs continue to affect our profitability."
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