Hormel Reports Double-Digit Growth for Sales and Earnings in Q1
“We are pleased to report double-digit increases in both sales and earnings for the quarter,” said Jeffrey M. Ettinger, chairman of the board, president and CEO. “All five segments generated year-over-year sales growth. Earnings growth was led by excellent performance by our Jennie-O Turkey Store and Refrigerated Foods segments.”
“Our Jennie-O Turkey Store segment had an outstanding quarter, driven by favorable commodity meat margins and improved efficiencies across the entire supply chain and operations. It also experienced improved sales of value-added products. Our Refrigerated Foods segment had a strong quarter, as well, benefiting from continued high pork operating margins. We were pleased by the performance of our international business in the All Other segment, too. Both our Grocery Products and Specialty Foods segments were pressured by higher commodity input costs during the quarter,” remarked Ettinger.