Sunday, January 29, 2023
HomeWorld NewsLive updates: Berkshire Hathaway's annual meeting, earnings, stock price info and more

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

Berkshire Hathaway owns a lot of consumer businesses. So it shouldn’t come as a surprise that inflation is a concern for Warren Buffett’s conglomerate. Jim Weber, CEO of Berkshire-owned running shoe and apparel maker, Brooks, said the company was hit by supply chain concerns in 2021. That led to a slight deceleration in sales.

Now Brooks is also dealing with higher costs of commodities and other raw materials, like rubber and plastic.

“We raised prices selectively where we thought we could,” Weber said, adding that higher energy expenses might be a permanent issue that will impact shipping costs.

But despite these challenges, Weber said sales were still strong in 2021 and that revenue growth should also be healthy in 2022. Brooks reported annual revenue of more than $1 billion last year, a record for the company.

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments