AUSTIN, Minn. – Hormel Foods Corp. on Tuesday reported that its profit for the fourth quarter of fiscal 2008 has declined five percent from last year. The company had a six percent increase in operation profit for the full fiscal year.
The company reported fourth quarter net earnings of $67.8 million, down 33 percent from earnings of $101.2 million a year earlier. Included in this year’s quarterly results is a $20.4 million investment loss in the company’s rabbi trust, compared with a $4.6 million gain a year ago.