Berkshire Hathaway’s annual meeting, earnings, stock price info and more

Berkshire Hathaway’s annual meeting, earnings, stock price info and more

See’s Candies President and CEO Pat Egan, speaks to Fox Small business reporter Liz Claman

Berkshire Hathaway’s annual meeting, earnings, stock price info and more
See’s Candies President and CEO Pat Egan, speaks to Fox Small business reporter Liz Claman about Warren Buffett’s preferred See’s products, Peanut Brittle, through the Berkshire Hathaway shareholders meeting, on Friday, April 29. (John Peterson/AP)

Berkshire Hathaway traders who necessary a sugar rush at Saturday’s annual conference had been in luck. Berkshire-owned See’s Candies and Dairy Queen equally experienced common booths on the show floor.

“Folks will need their candy,” mentioned See’s Candies president and CEO Pat Egan. But inflation is a problem.

Egan famous that See’s has elevated prices for some products and solutions due to bigger costs for components and packaging. But he included that a ton of what the firm needs to deliver its sweet is sourced from The united states, which signifies that there are much less worries about increased overseas shipping prices.

Egan explained final calendar year was the company’s best yr for product sales at any time, with profits up 26% from pre-Covid levels of 2019. He extra that e-commerce sales have been specially robust.

Dairy Queen CEO Troy Bader stated the ice cream chain is also performing well, particularly due to the fact it has added chicken strips, burgers and other lunch items to the menu.

Nonetheless, inflation is a massive problem for its customers.

“Inflation is scorching. Individuals are paying a lot more on housing, gas for our motor vehicles, utilities. heath treatment, on and on and on. The discretionary profits we have is smaller sized,” Bader stated.

He additional that greater labor and devices costs are a problem for Dairy Queen franchisees far too. Which is why quite a few have preferred to elevate rates for some menu goods.

But Bader reported Dairy Queen franchise operators have to “thread the needle” simply because the chain will not want to drop prospects. Rate hikes are required to secure financial gain margins. The threat even though is that consumers could get turned off, which would hurt income.