A $3 billion boost and a suite of senior leadership appointments? Now that’s a clear sign of ongoing growth. Revealing record net sales of $3 billion in its third quarter financial report, Hormel Foods is fortifying its operations even further to continue on this upward trajectory.
"We delivered another quarter of record sales and double-digit operating income growth," said Jim Snee, Chairman of the Board, President, and Chief Executive Officer. "In the current environment, delivering seven straight quarters of record sales and four consecutive quarters of earnings growth is a notable achievement and speaks to the effectiveness of our strategy and the importance of our brands in uncertain times. Our team's execution played a pivotal role in our growth this quarter, as together, we overcame significant challenges, including continued broad-based inflationary pressures, persistent upstream and downstream supply chain disruptions, limited turkey supply, and impacts in China from COVID-related restrictions and temporary plant shutdowns."
According to a press release, Hormel will be transitioning to three operating segments—Retail, Foodservice, and International—and will begin operating under the new model on October 31, 2022.
To back this ambitious new model, the supplier revealed the following leadership appointments:
"Our balanced model, strategic investments, and experienced management team have served us well in the past and will be key to our success in the coming years," Snee said. "Under the leadership of Deanna, Mark, and Swen, we expect to drive sustainable growth in line with our long-term growth goals. Each of these leaders has over 25 years of experience with the company and proven reputation for delivering results. I could not be more excited for the future of our company."
The meat maven also highlighted several other key growth aspects in its report, including:
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