SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                 FORM 10-Q

               QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF 
                     THE SECURITIES EXCHANGE ACT OF 1934


For quarter ended December 31, 1994    

Commission file number 1-9273   

           PILGRIM'S PRIDE CORPORATION           
(Exact name of registrant as specified in its charter)
 

             Delaware                      75-1285071   
(State or other jurisdiction of          (I.R.S. Employer
incorporation or organization)          Identification No.)


  110 South Texas, Pittsburg, TX                  75686-0093  
(Address of principal executive offices)          (Zip code)


                 (903) 855-1000                       
(Telephone number of principle executive offices)

 
               Not Applicable 
Former name, former address and former fiscal year, if
changed since last report.

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter periods that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X   No     


Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practical
date.

Common Stock $.01    Par Value---27,589,250   shares as of February 2, 1995




                               INDEX

DOCUMENT NO. 1 - 10-Q

              PILGRIM'S PRIDE CORPORATION AND SUBSIDIARIES


PART I.  FINANCIAL INFORMATION


     Item 1:   Financial Statements (Unaudited):

          Condensed consolidated balance sheets:

               December 31, 1994 and October 1, 1994

          Consolidated statements of income:

               Three months ended December 31, 1994 and January 1, 1994

          Consolidated statements of cash flows:

               Three months ended December 31, 1994 and January 1, 1994

          Notes to condensed consolidated financial statements--
               December 31, 1994



     Item 2:   Management's Discussion and Analysis of Financial Condition 
               and Results of Operations.



PART II.  OTHER INFORMATION


     Item 6.   Exhibits and Reports on Form 8-K


Signatures


DOCUMENT NO. 2 - EXHIBIT 27, FINANCIAL DATA SCHEDULE





PART I.  FINANCIAL INFORMATION PILGRIM'S PRIDE CORPORATION AND SUBSIDIARIES 
         CONDENSED CONSOLIDATED BALANCE SHEETS


Item 1:  Financial Statements (Unaudited):
                                                    December 31, 
                                                        1994      October 1,
                                                    (Unaudited)      1994    
ASSETS
Current Assets:
     Cash and cash equivalents                    $  26,990,000 $  11,244,000
     Trade accounts and notes receivable, net        46,528,000    53,264,000
     Inventories                                     86,392,000   100,749,000
     Deferred income taxes                            6,911,000     6,459,000
     Prepaid expenses                                 1,558,000     1,280,000
     Other current assets                             1,483,000     1,249,000
             Total Current Assets                   169,862,000   174,245,000

Other Assets                                         20,594,000    20,891,000

Property, Plant and Equipment                       388,188,000   379,752,000
     Less accumulated depreciation and amortization 141,687,000   136,205,000
                                                    246,501,000   243,547,000

                                                  $ 436,957,000 $ 438,683,000

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
     Notes payable - banks                        $          -- $          --
     Accounts payable                                35,930,000    38,675,000
     Accrued expenses                                31,936,000    31,353,000
     Current portion of long-term debt                5,598,000     4,493,000
             Total Current Liabilities               73,464,000    74,521,000

Long-Term Debt, less current portion                150,646,000   152,631,000

Deferred Income Taxes                                51,009,000    49,835,000

Stockholders' Equity:
     Common stock; $.01 par value                       276,000       276,000
     Additional paid-in capital                      79,763,000    79,763,000
     Retained earnings                               81,799,000    81,657,000

          Total Stockholders' Equity                161,838,000   161,696,000

                                                  $ 436,957,000 $ 438,683,000

See notes to condensed consolidated financial statements.




                PILGRIM'S PRIDE CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF INCOME
                                (UNAUDITED)

                                                      Three Months Ended  
                                                   December 31,   January 1,
                                                       1994         1994      

Net sales                                         $ 227,000,000 $ 221,851,000 
Costs and expenses: 
     Cost of sales                                  206,235,000   192,497,000 
     Selling, general and administrative             12,023,000    12,952,000

                                                    218,258,000   205,449,000 

               Operating Income                       8,742,000    16,402,000 

Other expense (income):  
     Interest expense, net                            4,327,000     4,950,000 
     Foreign exchange (gain) loss                     2,345,000      [106,000]
     Miscellaneous, net                                [247,000]     [472,000]

               Total other expense, net               6,425,000     4,372,000 

Income before income taxes                            2,317,000    12,030,000 
Income tax expense                                    1,761,000     3,609,000 
               Net Income                         $     556,000 $   8,421,000 

Net income per share                              $         .02 $         .31 

Dividends declared per common share               $        .015 $        .015 

Average shares outstanding                           27,589,250    27,589,250 

See Notes to condensed consolidated financial statements.




                          PILGRIM'S PRIDE CORPORATION 
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)                        

                                                       Three Months Ended  
                                                   December 31,    January 1,
                                                       1994           1994      

Cash Flow From Operating Activities:
     Net income                                   $     556,000 $   8,421,000 
     Operating Activities:
               Depreciation and amortization          6,271,000     6,248,000 
               Provision for losses on accounts
                 receivable                          [2,202,000]      533,000 
               Deferred income taxes                    722,000     2,880,000 
       Changes in operating assets and liabilities:
               Accounts and notes receivable          8,938,000    [7,072,000]
               Inventories                           14,358,000     3,102,000 
               Prepaid expenses and other current
                 assets                                [515,000]      171,000 
               Accounts  payable and accrued 
                 expenses                            [2,162,000]    3,222,000 
               (Gain) loss on property disposals        [69,000]     [120,000]
               Other                                    876,000      [139,000]
                    Cash Provided By Operating
                      Activities:                    26,773,000    17,246,000 

Investing Activities:
     Acquisitions of property and equipment          [8,826,000]   [6,409,000]
     Proceeds from property disposals                   113,000       249,000 
     Net change in other assets                          66,000       [35,000]
                    Net Cash Used In Investing
                      Activities                     [8,647,000]   [6,195,000]

Financing Activities:
     Proceeds from notes payable to banks                    --            -- 
     Re-payments of notes payable to banks                   --    [7,000,000]
     Proceeds from long-term debt                        30,000        31,000 
     Payments on long-term debt                        [948,000]   [3,169,000]
     Cash dividends paid                               [413,000]     [828,000]
                    Cash Used In Financing
                      Activities                     [1,331,000]  [10,966,000]
Effect of exchange rate changes on cash and cash
  equivalents                                        [1,048,000]      [31,000]
                    Increase in cash and cash 
                      equivalents                    15,747,000        54,000 
Cash and cash equivalents at beginning of year       11,244,000     4,526,000 
                    Cash and cash equivalents at 
                       end of quarter             $  26,991,000 $   4,580,000 

Supplemental disclosure information:
     Cash paid during the period for
          Interest (net of amount capitalized)    $   1,509,000 $   5,003,000 
          Income Taxes                            $     989,000 $   3,302,000 

See notes to condensed consolidated financial statements.




NOTES TO CONDENSED CONSOLIDATED FINANCIAL  STATEMENT (Unaudited)

NOTE A--BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with
generally accepted accounting principles for interim
financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X.  Accordingly, they
do not include all of the information and footnotes required
by generally accepted accounting principles for complete
financial statements.  In the opinion of management, all
adjustments (consisting  of normal recurring accruals)
considered necessary for a fair presentation have been
included.  Operating results for the period ended December
31, 1994 are not necessarily indicative of the results that
may be expected for the year ended September 30, 1995. 
For further information, refer to the consolidated financial
statements and footnotes thereto included in Pilgrim's
annual report on Form 10-K for the year ended October 1,
1994.

The consolidated financial statements include the accounts
of Pilgrim's and its wholly owned subsidiaries.  Significant
intercompany accounts and transactions have been
eliminated.  Certain prior year amounts have been
reclassified to conform to current year presentation.

The assets and liabilities of the foreign subsidiaries are
translated at end-of-period exchange rates, except for
inventories and non- current assets which are translated at
equivalent dollar costs at dates of acquisition using
historical rates.  Operations of foreign subsidiaries are
translated at average exchange rates in effect during the
period.  The translation adjustments are reflected in the
statements of operations.


NOTE B--NET INCOME PER COMMON SHARE

Earnings per share for the periods ended December 31,
1994 and January 1, 1994 are based on the weighted
average shares outstanding for the periods.


NOTE C--INVENTORIES

Inventories consist of the following:

                            Dec 31, 1994      Oct 1, 1994

Live broilers and hens     $  35,157,000    $  47,743,000
Feed, eggs and other          30,635,000       22,529,000
Finished poultry products     20,600,000       30,477,000
                           $  86,392,000    $ 100,749,000

NOTE D--IMPACT OF MEXICAN PESO DEVALUATION

Included in results of operations for the period ended
December 31, 1994 is a $2.3 million foreign exchange loss
resulting from the devaluation of the Mexican peso against
the U.S. dollar.  Also included is a $2.0 million lower of
cost or market adjustment to inventories in Mexico
resulting from the affect of such devaluation on operations. 
These adjustments are presented in the December 31, 1994
Condensed Consolidated Balance Sheetand Consolidated
Statement of Cash Flows as components of the specific line
items affected with the exception that the exchange rate
effects on cash and cash equivalents has been separately
stated on the Consolidated Statement of Cash Flows.  See

Management's Discussion and Analysis of Financial
Condition and Results of Operations - Impact of Mexico
Peso Devaluation.



Item 2:   Management's Discussion and Analysis of
Financial Condition and Results of Operations

The following table presents certain items as a percentage
of net sales for the periods indicated.

                                           Percentage of Net Sales 
                                              Three Months Ended  
                                         Dec 31, 1994     Jan 1, 1994    

Net sales                                    100.0%          100.0%    

Costs and expenses:
  Cost of sales                               90.9%           86.8%    
  Gross profit                                 9.1%           13.2%    
  Selling, general and administrative          5.3%            5.8%     

Operating Income                               3.9%            7.4% 
Interest expense, net                          1.9%            2.2%

Income before income taxes                     1.0%            5.4% 

Net Income                                     0.2%            3.8%

     
First Quarter 1995, Compared to First Quarter 1994

Consolidated net sales were $227.0 million for the first
quarter of fiscal 1995, an increase of $5.1 million, or 2.3%,
over the first quarter of fiscal 1994.  The increase in
consolidated net sales resulted from a $9.1 million increase
in domestic chicken sales to $156.2 million offset by a $3.0
million decrease in Mexican chicken sales to $45.9 million
and a $1.0 million decrease in sales of other domestic
products to $24.8 million.  The increase in domestic
chicken sales was primarily due to a 7.4% increase in the
dressed pounds produced offset by a 1.1% decrease in total
revenue per dressed pound produced.  The decrease in
Mexican chicken sales was primarily due to a 19.4%
decrease in total revenue per dressed pound produced
caused primarily by the devaluation of the Mexican peso in
December offset by a 16.5% increase in dressed pounds
produced.  

Consolidated cost of sales was $206.2 million in the first
quarter of fiscal 1995, an increase of $13.7 million, or
7.1%, over the first quarter of fiscal 1994.  The increase
primarily resulted from a $7.8 million increase in cost of
sales of domestic operations, and a $5.9 million  increase in
the cost of sales in Mexican operations.  

The cost of sales increase in domestic operations of $7.8
million was due primarily to a 7.4% increase in dressed
pounds produced offset partially by a 8.9% decrease in feed
ingredient cost.

The $5.9 million cost of sales increase in Mexican
operations was primarily due to increased dressed pounds
produced and the effects of a $2.0 million inventory lower
of cost or market adjustment caused by the Mexican peso
devaluation in December 1994 and the effects of higher
pre-devaluation peso inventories being sold.  See Impact of
Peso Devaluation discussed below.  

Gross profit as a percentage of sales decreased to 9.1% in
the first quarter of fiscal 1995 from 14.0% in the first
quarter of fiscal 1994.  The decreased gross profit of the
Company's Mexican operations was primarily the result of
a 19.4% decrease in total revenue per dressed pound and
the increased amounts of cost of sales resulting from the
peso devaluation discussed above.  The increase in gross
profit for domestic chicken operations was a result of
decreased average cost of sales per dressed pound offset
partially by a decrease in total revenues per dressed pound.

Consolidated selling, general and administrative expenses
were $12.0 million for the first quarter of fiscal 1995, a
decrease of $.9 million, or 7.2%, when compared to the
first quarter of fiscal 1994.  Consolidated selling, general
and administrative expenses as a percentage of sales
decreased in the first quarter of fiscal 1995 to 5.3%
compared to 5.8% in the first quarter of fiscal 1994; these
decreases were primarily due to decreased accrued
retirement and bonuses costs which are dependent upon
consolidated profits.

Consolidated operating income was $8.7 million for the
first quarter of fiscal 1995 a decrease of $7.7 million, or
46.7%, when compared to the first quarter of 1994.  The
decrease was due primarily to lower margins in Mexican
operations described previously.

Consolidated net interest expense was $4.3 million in the
first quarter of fiscal 1995 a decrease of $.6 million, or
12.6%, when compared to the first quarter of fiscal 1994. 
This decrease was due to lower outstanding debt offset
slightly by higher interest rates when compared to the first
quarter of fiscal 1994.

Consolidated income tax expense as a percentage of income
before income taxes increased in the first quarter of fiscal
1995 to 76% compared to 30% in the first quarter of fiscal
1994.  This increase is due primarily to the effects resulting
from having positive taxable income in the United States
offset by losses in Mexico which are not available for tax
benefit due to the tax laws for Mexican income tax
reporting.


Liquidity and Capital Resources

Liquidity in first quarter 1995 remained strong.  The
Company's working capital at January 1995 decreased
slightly to $96.4 million from $99.7 million at October 1,
1994.  The current ratio at December 31, 1994 decreased
slightly to 2.31 to 1 from 2.34 to 1 at October 1, 1994 and
the Company's stockholder's equity increased to $161.8
million at December 31, 1994 million from $161.7 million
at October 1, 1994.  The Company reduced its ratio of total
debt to capitalization to 49.1% at December 31, 1994 from
49.3% at October 1, 1994.  The Company maintains a $75
million revolving credit facility with available unused lines
of credit of $61.7 million at February 3, 1994.

Trade accounts and other accounts receivable were $46.5
million at December 31, 1994, a $6.7 million decrease from
October 1, 1994.  This 12.6% decrease was due primarily to
faster collections experienced in the quarter when
compared to the year ended October 1, 1994. 

Inventories were $86.4 million at December 31, 1994, a
$14.4 million decrease for October 1, 1994.  This 14.3%
decrease was due primarily to reductions in finished poultry
products due to increased sales in further processed and
prepared foods, decreased feed costs which are included in
live broiler and hen inventories, seasonal variations in sales
of poultry and feed products to the Company's principal
stockholder, and adjustments to Mexican inventories
resulting from the peso devaluation.

Accounts payable were $35.9 million at December 31,
1994, a 7.1% decrease from October 1, 1994, primarily due
to decreases in feed ingredient costs.

Deferred tax assets recorded in accordance with FAS 109
were $14.4 million as of October 1, 1994.  The Company
believes that all of these deferred tax assets will be realized
through the reversal of existing temporary differences and
anticipated future taxable earnings.

Capital expenditures for the first three months of 1995 were
$8.8 million and were primarily incurred to improve
efficiencies and for the routine replacement of equipment. 
The Company anticipates that it will spend $29.0 million or
less for capital expenditures in fiscal year 1995 and expects
to finance such expenditures with available operating cash
flow and leases.


Impact of Mexican Peso Devaluation

On December 22, 1994, following a week of speculation in
Mexico's financial markets, the Mexican government
abandoned its policy of defending the peso against the U.S.
dollar and allowed it to float freely on the currency
markets.  These events resulted in the Mexican peso
exchange rate declining from 3.39 to 1 U.S. dollar at
October 1, 1994 to 5.20 at December 31, 1994, a
devaluation of approximately 50-percent.  Since December
31, 1994, the Mexican peso has continued to erode against
the U.S. dollar, closing as low as 6.33 on January 30, 1995. 
On January 31, 1995, the President of the United States
finalized a $53 billion international credit arrangement for
Mexico.  The result of this arrangement appears to have had
significant stabilizing effect on the Mexican peso currency
exchange rate, which was 5.46 to 1 U.S. dollar on February
2, 1995.  While no assurance can be given as to the effects
the international credit arrangement will have on the results
of the Company's operations in Mexico, the Company
anticipates further stabilization of the Mexican peso as a
result.

As discussed in Note A -- Basis of Presentation, translation
adjustments resulting from changes in currency exchange
rates on net current assets are reflected in the statements of
operations.  Classification of the effects in the statement of
operations is dependent upon the nature of the underlying
asset and, in general, exchange rate effects on net monetary
assets  are reflected as "Other expenses (income) - Foreign
exchange (gain) loss."  During the period ended December
31, 1994, the peso devaluation resulted in a $2.3 million
foreign exchange loss on net monetary assets and a $2.0
million adjustment to the carrying value of inventories. 
The adjustment to the carrying value of inventories was
necessary to record inventories at amounts consistent with
the Company's valuation method which is the lower of cost
or market.  While the $2.0 million adjustment was
sufficient to meet the lower of cost or market standard, it
will not sustain Mexican operating margins at pre-
devaluation levels.  Accordingly, on a constant average
selling price basis, operating margins in Mexico during the
second quarter of fiscal 1995 would be lower than those
reported in the first fiscal quarter as these pre-devaluation
valued inventories are sold.  Since the end of the first fiscal
quarter, however, the Company has also experienced a
decline in average peso selling prices due to a softening of
demand for its products in Mexico.  The Company
attributes the decrease in demand for its products to be due
to the recessionary impacts on the Mexican economy
resulting from the peso devaluation.  As a result of the
decline in average selling prices being experienced since
December 31, 1995 coupled with pre- devaluation valued
inventories being sold in Mexico, the Company is currently
experiencing significant operating losses in its Mexican
operations.  The Company anticipates that losses will
continue until all pre-devaluation valued inventories are
sold and average selling prices rebound.



P
ART II
Other Information


Item 6.  Exhibits and Reports on Form 8-K

The Company did not file any reports on Form 8-K during
the three months ended December 31, 1994.




SIGNATURES          

Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.

     PILGRIM'S PRIDE CORPORATION




Date    2/2/95       Clifford E. Butler
                     Vice Chairman of the Board,
                     Chief Financial Officer and
                     Secretary and Treasurer
                     in his respective capacity 
                     as such 





<TABLE> <S> <C>

<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                          26,990
<SECURITIES>                                         0
<RECEIVABLES>                                   46,528
<ALLOWANCES>                                         0
<INVENTORY>                                     86,392
<CURRENT-ASSETS>                               169,862
<PP&E>                                         388,188
<DEPRECIATION>                                 141,687
<TOTAL-ASSETS>                                 436,957
<CURRENT-LIABILITIES>                           73,464
<BONDS>                                        150,646
<COMMON>                                           276
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     161,562
<TOTAL-LIABILITY-AND-EQUITY>                   436,957
<SALES>                                        227,000
<TOTAL-REVENUES>                               227,000
<CGS>                                          206,235
<TOTAL-COSTS>                                  218,258
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 3,621
<INTEREST-EXPENSE>                               4,327
<INCOME-PRETAX>                                  2,317
<INCOME-TAX>                                     1,761
<INCOME-CONTINUING>                                556
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       556
<EPS-PRIMARY>                                      .02
<EPS-DILUTED>                                      .02
        

</TABLE>