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Hormel Foods Corporation (NYSE: HRL), headquartered in Austin, Minnesota, is a globally recognized Fortune 500 company, noted for its extensive portfolio of consumer-branded food and meat products. Renowned for quality, taste, and nutrition, Hormel Foods has built a strong reputation among consumers, retail grocers, foodservice, and industrial customers. The company’s diverse product range includes hams, bacon, sausages, franks, canned luncheon meats, stews, chilis, hash, meat spreads, shelf-stable microwaveable entrees, and salsas.
Historically meat-focused, Hormel Foods has broadened its offerings to include various protein sources, becoming a comprehensive branded food company. Its major brands like Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy hold dominant market positions in their respective categories. In fiscal 2023, U.S. retail accounted for 64% of sales, U.S. food service for 30%, and international sales for 6%, with 70% of sales from perishable food and 30% from shelf-stable products.
Recently, Hormel Foods has demonstrated strong performance across its business segments, particularly in the first quarter of fiscal 2024. The company’s strategic initiatives in transformation and modernization have shown promising results. Highlights include broad-based volume growth, robust demand for foodservice products, and significant progress in their Planters® snack nuts business. CEO Jim Snee emphasized the team's focused execution of strategic priorities and improvements in the supply chain, which have positively impacted the company’s growth trajectory and shareholder returns.
The company's ongoing projects include the redesign of the HORMEL® NATURAL CHOICE® product packaging, reducing packaging material by 337,000 pounds annually, and introducing HORMEL® Ribbon Pepperoni, aimed at improving pizza preparation efficiency for foodservice operators. Additionally, Hormel Foods continues to support young innovators through its 10 Under 20 Food Heroes program, recognizing and mentoring youth driving positive change in the food system.
Hormel Foods Corporation reported strong financial results for the second quarter of fiscal 2024, with continued growth in the Foodservice and International segments, improvements in the supply chain, and stable volumes across its business. The company remains focused on strategic initiatives to drive long-term growth and shareholder returns, reaffirming its commitment to excellence in quality, sustainability, and community impact.
For more information, visit www.hormelfoods.com.
Hormel Foods has launched a new flavor of CORN NUTS® – Mexican Street Corn. The flavor is inspired by elotes, featuring chili and citrus notes that complement the signature crunch of the snack. Robbie Koons, the brand manager, emphasized the excitement for this new addition, which aims to broaden the flavor portfolio since Hormel's acquisition of the brand in 2021. The eye-catching packaging will attract consumers looking for snacks at stores, gas stations, and convenience outlets. CORN NUTS® already has classic flavors like original, ranch, and barbeque in its lineup. The new flavor is expected to resonate with fans and can be found in various retail locations.
Hormel Foods Corporation (NYSE: HRL) launched The Originate Initiative on April 21, 2023, aligning with United Nations World Creativity and Innovation Day. This initiative aims to enhance companywide innovation by showcasing insights-driven processes and collaborations with partners. Scott Aakre, Senior VP of Brand Fuel, emphasized the importance of innovative thinking within the company’s culture, which contributed to the introduction of approximately 600 new products in 2022. The initiative also highlights the role of Brand Fuel, Hormel’s center of excellence, in guiding decisions through market analysis. Hormel Foods’ history of over 130 years of success is driven by its commitment to innovation, as echoed by Aakre’s quote, 'Originate. Don't imitate.'
Hormel Foods Corporation (NYSE: HRL) recently highlighted significant pizza topping trends emerging from the International Pizza Expo in Las Vegas. The company, recognized for its leadership in foodservice pizza toppings, noted five key trends:
- International Flavors: A surge in Mexican, Thai, and Vietnamese-inspired toppings.
- Non-Traditional Ingredients: Increased popularity of plant-based and dairy-free options.
- Cupping Sausage: New product launch, Fontanini cup-and-char sausage, successfully introduced.
- Spicy Flavors: A consumer preference for complex and bold flavors.
- Cup-and-Char Pepperoni: A trend for layering pepperoni post-bake for added flavor.
With over $12 billion in annual revenue, Hormel is committed to food innovation and meeting evolving consumer preferences.
The HERDEZ® brand, recognized as the top-selling salsa brand in Mexico, has launched a new line of refrigerated salsas in mild, medium, and chipotle flavors. This innovation aims to meet consumer demands for robust flavors and convenience, with ingredients such as tomatoes, onions, garlic, and jalapeño peppers. The HERDEZ® Traditional Refrigerated Salsas can be enjoyed with chips, added to recipes, or used as toppings. Available in 15-ounce cups nationwide, the new salsas will be increasingly distributed this summer. The products are gluten-free and kosher, promising to become a staple in consumers' refrigerators. HERDEZ® is part of MegaMex Foods, boasting a commitment to authentic Mexican flavors.
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