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Hormel’s retail volume woes continue

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Hormel’s retail volume woes continue

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.”

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“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.

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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.

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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.

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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.”

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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.

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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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TTWO Stock: Take-Two Previews ‘GTA 6’ Game

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TTWO Stock: Take-Two Previews ‘GTA 6’ Game

Rockstar Games, a unit of Take-Two Interactive Software (TTWO), whet the appetite of gamers for its highly anticipated video game “Grand Theft Auto 6” late Thursday with a 26-minute video preview. TTWO stock rose on Friday. “GTA 6,” the latest game in the gritty crime-themed franchise, goes on sale on Nov. 19 and will be playable only on the newest…

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Joyburst formulates creatine-infused soda | Food Business News

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Joyburst formulates creatine-infused soda | Food Business News

ONTARIO, CANADA — Joyburst is introducing a soda formulated with creatine.

The beverage is formulated with 2 grams of creatine, 340 mg of electrolytes and zero grams of sugar.

The soda is available in cotton candy, icy pop and orange cream crush flavors.

The soda may be purchased in a 15-can variety pack at Costco, Sam’s Club and Aldi stores or online through the company’s website. 

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(VIDEO) Nepal Police Arrest Two Men Accused of Stealing Gold Earrings From a Flood Victims Body in Viral Clip

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Nepal Police Arrest Two Men Accused of Stealing Gold Earrings

KATHMANDU, Nepal — Nepal Police have arrested two men after a viral video appeared to show them stealing gold earrings from the body of a woman swept away in this week’s catastrophic flash floods, an incident that has drawn widespread outrage as the country grapples with a mounting death toll from one of its deadliest disasters in years.

Authorities identified the suspects as Madan Gurung, 25, originally from Nawalparasi district, and Umesh Chaudhary, 38, originally from Sunsari district. Both men were living in Bharatpur Metropolitan City in Chitwan district and were arrested near the Pokhara Bus Park after police received a video showing the alleged theft, according to a press release from the District Police Office in Bharatpur.

The roughly 41-second clip, which spread rapidly across social media, showed the woman’s body being carried downstream by the Narayani River before the two men used wooden planks and, according to multiple accounts, her own hair to pull it toward the riverbank. Bystanders can be seen recording the scene as the men removed earrings from both of the victim’s ears and set them aside, making no apparent effort to retrieve the body from the water.

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Nepal Police shared footage of the arrests on social media platform X on Thursday, confirming that the two men had been taken into custody. In a statement, police said any act of looting or inhumane behavior directed at disaster victims would not be tolerated during the ongoing crisis.

The theft has become one of the most widely shared and condemned moments to emerge from this week’s flooding, which was triggered by the collapse of a glacier and a rocky ledge along the Nepal-Tibet border. The disaster sent a wall of ice, rock and water crashing down the Bhotekoshi River on Wednesday, obliterating villages and infrastructure across the border region before continuing downstream into the Trishuli and Narayani rivers.

The death toll in Nepal has continued to climb sharply in the days since. Nepal Police said Friday that at least 579 people have been confirmed dead, with more than 2,400 people still listed as missing across the country. Authorities in China, where the flooding also struck the Tibet Autonomous Region, have confirmed five deaths on their side of the border, though communication challenges and government restrictions on information have made it difficult to assess the full scope of the damage there.

Among those unaccounted for are large numbers of foreign nationals. The U.S. State Department has said roughly 90 Americans remain missing, while Australian officials have said at least 38 of their citizens are unaccounted for, many of whom were part of separate pilgrimage and tour groups traveling through the region at the time of the disaster. India’s Ministry of External Affairs has said hundreds of Indian nationals also remain uncontactable.

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Rescue operations have continued around the clock, with helicopters ferrying thousands of survivors to safety in Kathmandu and other locations. The Nepal Red Cross Society estimated Friday that roughly 90,000 people have likely been affected by the flooding in some way. Nepali Army units have also been working to free people trapped inside a hydropower tunnel in Rasuwa district, part of the Upper Trishuli-1 Hydropower Project, according to rescue officials.

Compounding the crisis, Nepal’s Disaster Management Authority has said it is monitoring two lakes that formed upstream of the flood zone after Wednesday’s glacial collapse, warning that further flooding remains a risk until the water is fully drained. Satellite imagery has shown both lakes growing in size, and Nepal Police issued a fresh alert Friday after receiving reports that a separate dam-like formation on the Tibetan side of the border was beginning to overflow. Rescue and security personnel were told to remain on high alert and to move to safer ground if conditions worsened.

Chinese state broadcaster CCTV reported Friday that flood risks from the overflowing lake in Tibet were considered manageable, according to Reuters, though authorities on both sides of the border have continued to urge residents to avoid the banks of the Bhotekoshi, Trishuli and Narayani rivers as water levels remain unpredictable.

The disturbing footage of the earring theft has intensified public anger already directed at reports of looting and exploitation following the disaster. Nepali officials have repeatedly stressed that such behavior will be prosecuted, even as the country’s police and military remain stretched thin by the scale of the search-and-rescue effort. Local authorities in Chitwan said the investigation into the earring theft remains ongoing, and it was not immediately clear what charges the two men would face.

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As recovery efforts continue, identifying victims has become increasingly difficult. Bodies and debris have been carried far downstream by the floodwaters, and officials have said the identification process could take weeks in some cases. Nepal’s government has activated emergency hotlines, including a toll-free number for families seeking information about missing relatives, as the search for survivors and the dead continues across the affected districts.

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Mondelez debuts Clif high-protein bar

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Mondelez debuts Clif high-protein bar

EAST HANOVER, NJ. — Mondelez International is launching a high-protein bar under its Clif brand. Each bar features 20 grams of protein and five grams of fiber.

The bar is formulated with rolled oats, nut butters, almonds, soy and whey protein. The product is available in peanut butter chocolate chip and cinnamon French toast flavors.

“Consumers are looking for protein-rich snacks to help fuel their busy lifestyles, and the Clif brand saw the opportunity to build on our energy bar portfolio with an innovation that offers a unique duality: 20 grams of protein with everyday energy,” said Joe Pellingra, senior director, Clif and Luna brands at Mondelēz International.

The bars may be purchased at retailers nationwide in a 4-count box for $7.49. 

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Stock Market New Issues Are Thriving. Here’s How To Find Them.

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Stock Market New Issues Are Thriving. Here's How To Find Them.

It might’ve been a rocky start for recent IPO SpaceX (SPCX) when it debuted on the stock market at 135 earlier this year. SpaceX did spike to 225.64 on its third day of trading, but the stock nose-dived after that, falling below 105 in less than two months. SpaceX notwithstanding, the IPO market has delivered plenty of recent stock market…

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Fed Chair Warsh Leans Hawkish In Jackson Hole Speech (Live Coverage)

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Fed Chair Warsh Leans Hawkish In Jackson Hole Speech (Live Coverage)

Federal Reserve Chairman Kevin Warsh said he’s focused on inflation and the 2% target amid strong economic signals. The S&P 500 rose slightly changed and the 10-year Treasury yield edged higher after release of the transcript at 10 a.m. ET. Recent developments since the July 29 Fed meeting raised the stakes for Warsh’s talk. Treasury Secretary Scott Bessent announced at…

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Rubrik Stock Is Falling After Earnings. Why the Reaction Doesn’t Make Sense.

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Rubrik Stock Is Falling After Earnings. Why the Reaction Doesn’t Make Sense.

Rubrik Stock Is Falling After Earnings. Why the Reaction Doesn’t Make Sense.

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U.S. Treasury yields rise amid Fed chief Warsh’s Jackson Hole opening remarks

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U.S. Treasury yields rise amid Fed chief Warsh’s Jackson Hole opening remarks

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Go-ahead for major housing scheme at former Revlon factory site

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The scheme in Maesteg will be delivered by the commercial arim of housing association Valleys to Coast and Tai Derw Developments

The former Revlon site in Maesteg.

Plans for a £41.8m housing scheme at the site of the former cosmetics Revlon factory in Maesteg have been approved.

The development will see more than 192 homes built at the brownfield that has been vacant for more than 12 years. It will be delivered by Sylfaen, the commercially driven development subsidiary of Bridgend-based housing association Valleys to Coast, in partnership with housebuilders Tai Derw Developments, an Edenstone Group company.

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The site has become construction ready following £3.5m remediation funding from Bridgend County Borough Council and the Cardiff Capital Region.

Located adjacent to the Oakwood Estate and a short walk from Ewenny Road railway station, the project represents Sylfaen’s first scheme.

It will consist of 35 homes for social rent, 19 affordable rent homes, 54 shared ownership properties and 84 homes for open-market sale.

Work on-site is scheduled to commence in October, with the first homes expected to be ready by April 2027. Phased construction will continue through to target completion in 2031.

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James Griffiths, managing director of Sylfaen, said:“For more than a decade, this site has stood empty, but soon it will be a vibrant, thriving neighborhood. By offering a true mix of social rent, affordable ownership, and open market sale properties, we are creating opportunity and meeting a range of local housing needs.

“Our goal is to build communities where people can grow, work and belong and we look forward to working closely with key partners and local residents as we turn this long-awaited vision into reality.”

The scheme will provide a contribution of more than £100,000 to support local initiatives. Revenue generated from the open-market sales will be reinvested to help strengthen Valleys to Coast’s ongoing investment in delivering and maintaining social homes across South Wales.

Sylfaen is also inviting local residents and customers to help shape the identity of the site by submitting naming suggestions for the development, its six new streets, and its eight house types, honoring the rich industrial heritage of the former Revlon factory.

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Asda says sales set to return to growth for first time in two years

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The private equity-backed retailer said it is still in the “foothills of recovery” as it continues to push ahead with a major turnaround plan, with like-for-like sales now rising for the first time in two years

Waterlooville, UK - May 2, 2018: Asda Stores Ltd. trading as Asda, is a British supermarket retailer. The logo is prominent above the glass fronted store-front. 
Advertising, products and Sshoppers are all visible.

An Asda store(Image: MMassel via Getty Images)

Supermarket giant Asda has acknowledged that the challenging economic climate has put pressure on household budgets, but has revealed sales are poised to return to growth for the first time in two years.

The Leeds-based retailer stressed it remains in the “foothills of recovery” as it presses on with an ambitious turnaround strategy. Chief executive Allan Leighton suggested the business is approximately a third of the way through its transformation programme.

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Speaking to reporters, he said the group is broadly where he anticipated it would be following his return to Asda’s top role in late 2024, having previously steered the retailer 25 years ago.

“We have been very consistent with the fact the turnaround will take between three and five years,” Mr Leighton said. “Whenever someone says that they think it is taking a long time, I make it clear that for something of this scale, this is just how long it takes.”

His remarks came as Asda disclosed that sales have moved back into positive territory for the current quarter for the first time in two years.

Like-for-like sales for the opening seven weeks of the current quarter, stripping out fuel, have increased by 0.2%. The retailer said it is consequently closing the gap on its biggest supermarket competitors, having watched its slice of the UK market shrink in recent years.

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On Friday, the Leeds-headquartered chain posted revenues of £5.1bn for the second quarter of 2026. It said like-for-like sales fell 2.3% for the quarter, with food sales declining 1.9% over the period.

Mr Leighton added: “We saw momentum build in Q2 with stable market share, and we’re now seeing that translate into more customers choosing Asda. While this progress is encouraging, we are still in the foothills of recovery.

“There’s still more work to do as we focus on building a stronger business for the long term.”

Michael Gleeson, Asda’s chief financial officer, said: “A challenging geopolitical and economic backdrop continued to weigh on consumer confidence and household budgets during Q2. Despite these pressures, our continued investment in price and the overall customer proposition means we continue to make steady progress in our turnaround journey.”

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In May, Asda unveiled plans to join forces with retail technology giant Ocado in an effort to enhance its online grocery offering for customers.

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