Category: Consumer Defensive

On July 25, 2023, Cal-Maine Foods filed their annual 10-K report with the SEC. While the company reported record fourth quarter net income of $110.0 million and net sales of $593.0 million, a closer look at the filing reveals some concerning details. Cage-Free Conversion: A Costly Endeavor One of the most notable announcements in the report was the approval of a $55.3 million capital project to convert existing layer capacity to cage-free capacity for approximately 1.5 million cage-free hens. While this move towards more humane and sustainable practices is commendable, it comes at a significant cost to the company. The […]