AUSTIN, MINN. — Hormel Foods Corp. continued to see volume drop in its Retail operating unit — the company’s largest — during its fiscal third quarter, extending a decline from the first and second quarters this year.

“In Retail, as I mentioned last quarter, we expected a noisier top line in the back half of the year,” said John Ghingo, president and chief executive officer-elect of Hormel. “The divestiture of our whole bird turkey business and the exit from certain private label snack nut products weighed on year-over-year net sales comparisons.

“These actions, along with pricing elasticities and a challenging consumer environment, also affected volume during the quarter. While many of these factors were anticipated, the impact on volume was somewhat greater than we originally expected.”

Ghingo added that the consumer environment overall right now is “not improving.”

“Consumers are still feeling quite strained with low sentiment, and that strain, a lot of it comes from those cumulative effects of inflation, which we’ve talked about before,” he said. “I would add that high fuel prices have contributed further to that strain as this year has unfolded.”

For the third quarter ended July 26, net earnings fell to $59.6 million, equal to 11¢ per share on the common stock, compared with $183.7 million, or 33¢ per share, a year ago. Hormel’s net sales fell 2% to $2.96 billion from $3.03 billion the prior third quarter.

Hormel Chili was one of the company’s priority brands that delivered dollar sales growth during the third quarter. 

| Photo: ©BILLTSTER – STOCK.ADOBE.COM

Hormel’s overall volume declined 7% across its three operating units (Retail, Foodservice and International) compared with the third quarter last year.

Retail volume dropped 9% while Retail net sales declined to $1.77 billion, down 4.3% from $1.85 billion a year ago. Retail profit also fell, easing 3.7% to $118 million from $122 million the year prior.

Despite the decline in Retail volume, sales and profit, Ghingo said, “The work we are doing to strengthen our protein-centric offerings is translating into marketplace momentum for our priority brands, with several delivering net sales growth in the quarter and continuing to gain traction with consumers. Sales of Jennie-O ground turkey and the Applegate portfolio grew this quarter, benefiting from sustained demand for protein-rich offerings.

“Hormel chili and our refrigerated entrees also delivered dollar sales growth, reflecting consumers’ desire for convenient, versatile, and flavor-forward meal solutions. Planters also delivered a strong quarter, fueled by impactful in-store activations and continued investment behind the brand.”

Ghingo said other brands that saw growth for Hormel during the quarter included Herdez and Black Label bacon.

Foodservice volume fell slightly by 1.5%, while net sales rose 1.6% to $1 billion from $987 million last year. Foodservice profit increased 2.7% compared with the previous year’s third quarter, and the company saw a 12th consecutive quarter of organic net sales growth in the segment.

“Premium prepared proteins and branded pepperoni were particularly strong contributors (in Foodservice) during the quarter, reflecting our ability to align with operator demand for differentiated value-added solutions,” Ghingo said. “Importantly, our top-line results were achieved despite the impact of lower commodity-based pricing in portions of the business. Foodservice profit growth once again outpaced sales performance, driving another quarter of margin expansion.”

Hormel said its branded pepperoni was a “strong contributor” to the company’s positive results in its Foodservice segment during the quarter.  

| Photo: ©BILL – STOCK.ADOBE.COM

The International unit saw the biggest decrease in volume (11%) while net sales dropped 4.7%, and the segment lost $29 million compared with a profit of $19 million a year ago.

The company said the loss came from a combination of selling its operations in Brazil — which Ghingo said was a “subscale business in a challenging environment” — an impairment related to a minority investment in Indonesia, and certain Spam export sales adversely impacted due to a one-time legal entity transition.   

“We announced the definitive agreement to sell our operations in Brazil,” said Paul Kuehneman, interim chief financial officer and controller. “As a result, we recognized a loss during the quarter, which was recorded at the corporate level. The transaction closed early in the fourth quarter. As such, Brazil’s operating results will be excluded from our organic volume and net sales comparisons going forward.”

Based on its third-quarter results, Hormel adjusted its outlook slightly for the rest of fiscal 2026.

“We expect fiscal 2026 net sales to be in the range of $12.1 billion to $12.2 billion (previously $12.2 billion to $12.5 billion), which represents organic growth of 1% to 2%,” Kuehneman said. “We narrowed and raised our full-year adjusted operating income and adjusted earnings per share guidance ($1.45 to $1.51), which now represents growth of 6% to 10% year over year.”

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Overview

Thailand has been at the center of a wide range of global headlines recently, spanning energy policy, military diplomacy, economic indicators, security challenges, and cultural milestones. This summary highlights the most significant developments shaping the country’s trajectory across multiple sectors.

Energy Transition and Regional Cooperation

Thailand is accelerating its shift away from liquefied natural gas (LNG) toward renewable energy sources, a strategic pivot driven largely by geopolitical instability following the Iran conflict. According to Thailand to Shift From LNG Toward Renewables in Wake of Iran War, the country aims to reduce its vulnerability to volatile fossil fuel markets by diversifying its energy portfolio. This aligns with broader regional energy security efforts, including a landmark 35-year gas supply agreement between PTTEP and Petronas, which strengthens the Thailand-Malaysia energy partnership and ensures long-term supply stability for both nations.

Monetary Policy and Economic Indicators

The Bank of Thailand has held interest rates steady, reflecting a cautious approach amid mixed economic signals. Central Bank Governor commentary suggests officials are pushing back against market expectations for an extended pause in rate adjustments, signaling flexibility depending on incoming data. Meanwhile, Thailand’s exports surged 21.6% year-over-year in July, driven substantially by an AI-related electronics boom, according to Thailand July Exports Rise 21.6% Y/y on AI Electronics Boom. This export strength contrasts with slowing second-quarter GDP growth, which analysts attribute to weakening domestic consumption.

Foreign investment trends are mixed. While Thailand has secured over $30 billion in electronics investment commitments, demand for foreign-owned condominiums has dropped notably due to a pullback in Chinese buyers. The Economic and Environmental Cooperation Organization (EECO) has outlined four priorities to sustain investment momentum, emphasizing the need to derive greater value from capital inflows rather than simply attracting volume.

Military Diplomacy: USS Abraham Lincoln’s Port Call

A major diplomatic and military story involves the USS Abraham Lincoln docking in Thailand after an extraordinary 250-plus day deployment in the Middle East—one of the longest at-sea deployments in recent naval history. The port visit offers sailors their first extended rest-and-recreation opportunity in months before the carrier heads home, with the USS George Washington set to replace it in the region. This visit also carries symbolic weight for US-Thailand diplomatic relations, reinforced by cultural exchanges tied to the visit.

Security Concerns and Domestic Challenges

Thailand faces significant internal security pressures. The southern insurgency has reignited with renewed violence, including coordinated attacks that have wounded multiple people and left local villagers trapped in a persistent cycle of fear. Security forces have tightened measures in response, though the roots of the decades-long conflict remain unresolved.

Separately, the country continues to grapple with the aftermath of a tragic school shooting that claimed at least eight lives, including a 12-year-old victim who succumbed to injuries weeks after the initial attack. The incident, involving a teenage gunman who first killed his grandparents, has prompted national reflection on gun violence and school safety protocols.

In an unrelated but notable development, Thailand issued arrest warrants for 20 Israeli nationals amid a business crackdown on Koh Samui, following a zoo-related dispute that also resulted in a visa revocation—highlighting friction in an otherwise cooperative bilateral relationship.

Political Developments

On the political front, a new amnesty law took effect, though it notably excludes lese majeste offenses, reflecting the continued sensitivity around Thailand’s monarchy laws. Additionally, new deportation rules signed by Deputy PM Anutin are set to take effect August 28, signaling tightened immigration enforcement.

Sports and Regional Competition

Thailand’s football team fell short in the ASEAN Championship final, with Vietnam claiming the title 4-2 on aggregate despite a Thai comeback effort in the second leg. Coach Anthony Hudson maintained optimism about the team’s future prospects. In volleyball, Thailand delivered strong performances, defeating South Korea in the Asian Championship quarterfinals and advancing toward a semifinal clash with Japan.

Technology, Business, and Innovation

Thailand is positioning itself as a regional technology hub. The government has introduced a National AI Roadmap aimed at centering artificial intelligence in productivity gains across industries. Complementing this push, Siemens launched its Eigen Engineering Agent in Thailand, bringing purpose-built industrial AI tools to automation engineering, while ZTE and AIS unveiled “ZTE Day Thailand 2026” to advance intelligent network infrastructure.

China’s commercial space sector has also expanded its footprint through a new partnership deal, while workforce upskilling initiatives aim to prepare Thai talent for an increasingly tech-driven economy.

Culture and Tourism

On the cultural front, Thailand selected “9 Temples to Heaven” as its official Oscars submission for Best International Feature, drawing attention to the country’s growing film industry. Meanwhile, tourism industry observers note diverging travel preferences between Gen Z and Millennial travelers, and Thailand continues pursuing a larger share of the global $9.75 trillion wellness economy.

Source : Google News – Search

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Ideas Fest will again be staged in Hertfordshire next month

Over the years, I have attended more business conferences than I care to remember. Many follow the same formula, with a windowless hotel function room, a succession of PowerPoint presentations, a buffet lunch, and people wearing name badges, all while trying to work out who might be useful to them.

Good conferences can inform, challenge and connect, but entrepreneurship is not a conventional activity, and entrepreneurs rarely flourish in conventional environments. That is why, five years ago, we created Ideas Fest, which will take place in September at the iconic Champneys Resort in Tring, Hertfordshire.

OPINION

OPINION

Inspired by our love of festivals such as Green Man, we set out to move away from the usual conference style and create an event in a field where founders could hear honest stories, make unexpected connections, test ideas, and spend time with people who understand the exhilaration and occasional loneliness of building a business.

This year, six thousand people will gather for two days of talks, conversations, workshops and informal meetings, and more than 500 speakers will participate across stages and tents covering start-up, growth, investment, leadership, and exits.

To keep the festival spirit alive, there will be food traders, bars, a wellness area, and music from Rick Parfitt Junior and the iconic DJ Fat Tony.

Alongside established entrepreneurs, there will be people at the beginning of their journey, investors, advisers and others who support growing firms. Yet the numbers matter less than the purpose, and in my experience working with entrepreneurs over the last thirty years, entrepreneurship is often presented as a largely technical process: write a business plan, identify a market, secure finance, and assemble a team.

Of course, all those things matter, but anyone who has built a company knows the real journey is far messier, as founders often face decisions with no textbook answer. They experience self-doubt, setbacks and periods when they must persuade others to believe in something that may exist only as a possibility.

Business support can help, but it cannot always provide the confidence that comes from meeting someone who has faced the same problem and found a way through it. That is where entrepreneurial communities matter, and at Ideas Fest, the most valuable conversation may happen on a stage, over coffee or while two founders walk between sessions.

Someone may meet their next customer, investor, mentor, or collaborator queuing for the toilet (yes, that did happen last year!) while others may hear the one piece of advice that stops them from giving up. In other words, this is not networking in its most transactional sense but about creating the conditions in which relationships develop naturally and useful collisions can occur.

There is also an important role for honesty, as too much of the narrative around entrepreneurship focuses on success, such as the funding round, the rapid growth, or the eventual sale and what is often omitted is the uncertainty behind those achievements.

Entrepreneurs benefit from hearing not only what worked but also what failed; not only how much money was raised but also how close a business came to running out of funds; and not only the successful exit but also the personal sacrifices made along the way. Those candid conversations across the stages at Ideas Fest make entrepreneurship more human and help founders understand that difficulty is not evidence that they do not belong.

Indeed, Ideas Fest is deliberately designed to encourage what we call “real talk”, and speakers are asked to share lessons rather than deliver polished corporate presentations. As a result, the best contributions are often those in which an entrepreneur explains a mistake they would never repeat or admits they did not always have the confidence others assumed they had.

The event also provides a platform for ambition from across the UK. Through our Start Up Awards and the Fast Growth Index, we encounter thousands of remarkable businesses each year. Many create jobs, develop new products, and transform their communities without receiving the attention they deserve, and bringing founders together from every part of the nation matters because ambition is contagious.

When an entrepreneur from Wales meets someone growing a company in Scotland, Northern Ireland, the Midlands, or the North of England, they often discover they share challenges and that their potential market is larger than they imagined.

This is particularly important for Wales, as we have no shortage of entrepreneurial talent, yet too many founders remain disconnected from the networks, finance and opportunities that could help them grow. If we want to build a more productive economy, we must help ambitious Welsh businesses build relationships beyond their immediate geography while maintaining strong roots in their communities.

Nor should events such as Ideas Fest be judged solely by what happens over two days, as their real value lies in what follows, such as the introduction that becomes an investment, the conversation that becomes a partnership, the idea that becomes a new product, or the renewed confidence that enables a founder to make one more attempt.

Economic development sometimes tends to assume that entrepreneurship can be manufactured through programmes and processes. Government has a crucial role in creating the right conditions, providing appropriate support, and removing barriers, but successful ecosystems are ultimately built around people, trust and relationships, and that is what Ideas Fest is trying to achieve.

It’s certainly a celebration of entrepreneurs, but it is also a practical two days designed to give founders access to knowledge, networks, inspiration, and, perhaps most importantly, one another.

Entrepreneurs build businesses, create employment, and bring new ideas into the economy, yet they also need somewhere to learn, connect, speak honestly, and feel part of something larger than the company they are building.

That is why we created Ideas Fest and why I believe its greatest contribution will not be measured by the size of its audience, but by the businesses, friendships and opportunities that emerge long after everyone has gone home.

WESTERVILLE, OHIO — The addition of the Bachan’s Japanese barbecue sauce brand helped drive sales to a fourth consecutive year of record highs at Marzetti Co. Texas Roadhouse dinner rolls also continued to build momentum, even while dealing with a tough year-over-year comparison to the previous year’s rollout.

For the 2026 fiscal year ended June 30, Marzetti posted net income of $191.61 million, equal to $6.986 per share on the common stock, up 14% from $167.35 million, or $6.08 per share, in fiscal 2025. The most recent year included a net income benefit of $16.6 million from restructuring, impairment and other charges related to the sale of the company’s property in Milpitas, Calif. Net sales in 2026 rose 1% to $1.93 billion from $1.91 billion a year ago, driven by a 2.4% gain in the Foodservice segment to $927.05 million, which helped offset a narrow decline in Retail sales, which fell to $1.002 billion from $1.003 billion.

David Ciesinski, president and chief executive officer of Marzetti Co., told analysts during an Aug. 25 conference call that the company expects stronger top-line growth for recently-acquired Bachan’s in the back half of fiscal 2027, driven by continued investments in marketing and advertising to build the brand’s awareness and trial. He said the company has two “exciting innovations” on tap.

“First is Bachan’s wing sauce, which will be produced at our own Horse Cave, Ky., facility,” Ciesinski said. “Crafted by the Bachan’s team in conjunction with our culinary team, the wing sauce features craveable tamari-based flavors that deliver rich, savory depth.

In the course of last year, retail sales for Texas Roadhouse rolls grew to almost $60 million.

| Photo: T. Marzetti Co.

“The second is Bachan’s Japanese mayo that offers a smooth, silky umami flavor. We expect the addition of the Bachan’s business to our portfolio to be a key growth driver for Marzetti in fiscal ’27. And we’re also pleased to share that the integration of this business remains on track.”

He said the mayo, in particular, presents “a really big category expansion opportunity.”

In the case of Texas Roadhouse dinner rolls, Ciesinski said Marzetti is “exceedingly happy” with the performance of the product since its launch in 2024.

“In the course of the last year, it grew to almost $60 million in retail sales, was up 70%,” he said. “Velocities are two times the category average or thereabouts. We’re launching a second item into Walmart, and honestly, there’s more room just through better distribution on the core items for it to grow. So, if you go back 1.5 years ago, when we began to talk about that item, I estimated that it could be a $100 million in retail sales item. And I still believe that it most certainly has the potential to do that.”

Ciesinski said one of the reasons for optimism around additional growth for the Texas Roadhouse brand is household penetration. He said the brand only has about a 2.5% household penetration, which is a “really, really small” number. By comparison, he said the company’s Sister Schubert’s roll brand has household penetration of close to 10%.

“So, I think with good execution and good trial, that core has the potential to get there ($100 million in retail sales),” he said. “You add that new item, I think it should give us even more confidence that we ought to be able to get there.” 

The billionaire Sports Direct and Frasers Group founder has written to the Prime Minister accusing him of failing to tackle the cost of living crisis

Retail magnate Mike Ashley has lambasted Andy Burnham’s plans to breathe new life into Britain’s high streets, branding them “populist” and “too little too late”.

The billionaire founder of Sports Direct and Frasers Group has penned a letter to the Prime Minister, accusing him of failing to address the cost of living crisis with what he describes as “delusional” policies.

The factors driving the UK’s soaring cost of living “have not been assisted by recent government policies and are not going to be helped by your recent populist proposals,” he said, in a letter seen by City AM.

Ashley accused Burnham of chasing headlines rather than delivering meaningful solutions for hard-pressed households and businesses, taking particular aim at the Prime Minister’s “disastrous” stance on business rates.

Burnham has committed to reviewing the way business rates are calculated for pubs and hotels, and has previously backed a levy on warehouses to fund tax relief for high street retailers, as reported by City AM.

Retailers have long cautioned that a warehouse tax could drive up costs for consumers and Ashley, who leads the Derbyshire-based Frasers group, told Burnham the measure would be “delusional”.

“Rather than address the real underlying issues of how the country’s financial affairs are managed, and supporting growth and entrepreneurialism in business, it is easier for you to pick topics which provide good media soundbites and the old salve of yet more regulation – which is not what the country needs to become competitive,” he wrote. “Shortsighted or populist reactions to underlying business challenges are not the answer. You have the chance to make a difference or get it horribly wrong.”

The retail billionaire ridiculed Burnham’s commitment to deliver “everyday fixes” on the cost of living, which have included a £2 bus fare cap and the removal of VAT on household electricity bills.

“This is a certainly a time for pragmatism and brave solutions but applying that to the underlying issues – not jumping on “everyday fixes” or band wagons that only address part of the problem,” he wrote.

Ashley’s comments arrive as businesses increasingly push back against Burnham’s cost-of-living promises while their own overheads continue to climb.

On Monday, a coalition of prominent business figures including billionaire political donor John Caudwell and retail heavyweight Lord Stuart Rose condemned the “creep of taxes” affecting companies nationwide.

In an open letter, the City veterans called on the government to rule out new taxes on founders, including levies on dividends, capital gains and business assets.

On Wednesday, Burnham told the Financial Times that he will address the “challenging” cost of doing business as he seeks to dispel concerns that October’s Budget will usher in another punishing tax assault on British enterprises. In his letter to Burnham, Ashley also took aim at the Prime Minister’s commitment to tackle what he describes as “fake” discounts.

Aldi chief executive Giles Hurley has thrown his weight behind this initiative, accusing rival supermarkets of misleading customers with loyalty pricing schemes.

Ashley said: “The driving down of prices through discounting is what helps the consumer by giving them better value and helps with their cost of living. Driving down prices through discounting against an RRP can’t be what you really mean when you talk about “rip off Britain”.

Before expanding into luxury fashion through Frasers Group’s takeover of Harvey Nichols and building a stake in Hugo Boss, Ashley built his reputation by offering affordable sportswear at Sports Direct.

Yatharth Hospital shares surged to a fresh 52-week high of Rs 1,024.85 apiece on the NSE. India’s second-largest hospital chain is looking to consolidate amid a buyout spree by large private equity groups, people familiar with the matter told The Economic Times.

The existing promoters may retain a sliver of ownership, but final negotiations are still underway, the report said, adding that there is no guarantee that the talks will lead to a transaction. Yatharth, however, denied it is in any sale discussions.

Headquartered in Noida and Greater Noida, Yatharth has about nine hospitals with a total bed capacity of over 2,800. The company is targeting a total capacity of over 5,000 beds in the next three years through new facilities and expansion. Its footprint also covers Jhansi-Orchha in Madhya Pradesh and Faridabad in Haryana.

Advent has been a big backer of Indian pharma companies but has, so far, not made an investment in the hospitals sector other than a 2012 investment in Care Hospitals. Aster DM Quality Care, meanwhile, was formed by a mega merger of Moopen family-founded Aster DM Healthcare and Quality Care India, unifying four healthcare brands — Aster DM, CARE Hospitals, Evercare and KIMSHEALTH. It also saw two of the biggest PE groups, TPG and Blackstone, join forces to create the country’s second-largest healthcare chain.

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Also read | Yatharth Hospitals draws interest from Aster, Advent as healthcare consolidation heats up

Yatharth Hospital share price

Yatharth Hospital shares jumped more than 18% in one week and 21% in one month, with the stock overall jumping around 50% in 2026 so far. The shares of the company have overall jumped 43% in three years.In the longer term, Yatharth Hospital shares have delivered multibagger returns of more than 167% in three years. The company currently has a market capitalisation of around Rs 9,676 crore.

For the first quarter ended June, Yatharth reported a 51% year-on-year increase in consolidated revenue to Rs 392.70 crore. Average revenue per occupied bed was at Rs 34,758, up 7% from a year ago. Whole-time director Yatharth Tyagi recently told analysts on an earnings call that the hospital chain grew at 37% in FY26 and is set to “easily surpass that growth” this year.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)