Egg Company Reports $74M Loss Due to Vegan Alternatives
Giant egg company Cal-Maine Foods’ CEO says vegan alternatives are responsible for the company’s first big loss of profits in over a decade. Large egg company Cal-Maine Foods (CMF) released its earnings report for 2017, and the numbers looked dire. For the first time in over one decade, the company reported a loss of $74.3 million for the last fiscal year. The company’s profit plummeted by $24.5 million in its fourth-quarter alone—a stark contrast to the $367,000 that the company lost in the same time period last year.