Hormel's sales slip on turkey shortage

摘要

Hormel Foods Corp. posted lower sales for the fiscal year and fourth quarter due to turkey supply shortages and price deflation in pork markets. But the Austin-based company achieved record earnings behind improved productivity and margin expansion. For the fiscal year ended Oct. 25, Hormel earned $686,088,000, equal to $2.60 per share on the common stock, up 14% from year-ago earnings of $602,667,000, or $2.28 per share. Net sales for the year declined 1% to $9,263,863,000, which compared with prior-year sales of $9,316,256,000. Contributing to full-year results were such products as Spam luncheon meat, Hormel pepperoni, Dinty Moore stew, Hormel Gatherings party trays, Hormel Natural Choice meats, Wholly Guacamole dips and Muscle Milk protein nutrition products.