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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.
The SPAM® brand continues to thrive, achieving record sales for seven consecutive years, with heightened popularity reflected in trendy eateries and events like the Waikiki SPAM JAM® festival. Returning after a two-year hiatus, the festival, held from April 22 to May 1, is expected to attract over 25,000 guests. The brand's cultural significance spans decades, initially supporting troops during World War II. The SPAM® Museum in Austin, Minn., invites fans to connect over its rich history, further showcasing its lasting relevance in the food industry.
Hormel Foods Corporation (NYSE: HRL) announced it aims to match 100% of its domestic energy use with renewable sources by the end of 2022 as part of its 20 By 30 Challenge. This initiative includes multiple wind and solar energy projects, such as the Western Trails wind project in Texas and a solar array at the Jennie-O Turkey Store plant in Minnesota. Hormel's commitment to green energy aligns with the UN Sustainable Development Goals. The company has received accolades for its corporate responsibility and continues to focus on reducing its environmental footprint.
Hormel Foods Corporation (NYSE: HRL) discussed emerging pizza trends following its participation in the International Pizza Expo. Brand Manager Anthony Panichelli highlighted five key trends: the rise of plant-based pizza toppings, the use of citrus garnishes, the popularity of fried pizza, unique potato and pizza pairings, and Nashville's growing reputation as a pizza hub. Hormel's Happy Little Plants® pepperoni-style topping offers consumers a flavorful plant-based option, available at notable pizza establishments.
Skippy Foods, LLC is voluntarily recalling 9,353 cases (161,692 pounds) of specific SKIPPY® peanut butter products due to the potential presence of stainless steel fragments. The affected products are Reduced Fat Creamy and Chunky Peanut Butter spreads along with Creamy Peanut Butter Blended With Plant Protein, with specific 'Best If Used By' dates ranging from May 2023. Notably, there have been no consumer complaints related to this recall, and the company is taking precautionary measures to ensure consumer safety.
Hormel Foods Corporation (NYSE: HRL) announced a quarterly dividend of $0.26 per share, approved by the Board of Directors on March 28, 2022. The dividend will be paid on May 16, 2022, to stockholders of record by April 11, 2022. This marks the 375th consecutive quarterly dividend paid by the company since going public in 1928, demonstrating its commitment to returning income to shareholders and financial stability.
Jennie-O Turkey Store has confirmed the presence of Highly Pathogenic Avian Influenza (HPAI) within its supply chain, affecting one farm in Minnesota. This virus, primarily carried by migratory waterfowl, has already impacted numerous poultry farms across the region. While no cases had been reported in farms supplying Jennie-O until now, the company is taking extensive precautions to protect its turkeys. Collaborating with USDA and local health authorities, Jennie-O reassures consumers that HPAI does not pose a food safety concern.
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