Hormel Foods Delivers Strong Q2 Results, Reinforcing Commitment to Profitable and Predictable Growth
Hormel Foods Corporation has reported solid organic top-line growth and delivered second-quarter results in line with expectations. The company's commitment to delivering profitable and predictable growth remains unwavering, even in a dynamic operating environment.
Jim Snee, President and Chief Executive Officer, emphasized the importance of maintaining focus on their long-term strategy, executed with discipline, and delivering results consistent with expectations. In the Retail segment, Hormel Foods continues to hold leadership positions across its diverse portfolio, driven by providing stable, reliable brands and products that consumers can trust.
The Applegate brand has been a standout performer in the Retail portfolio, experiencing incredible sales growth while also growing households. The launch of the convenience breakfast platform has been well-received in the marketplace, with recent introductions, such as lightly breaded chicken products, further expanding its reach and relevance.
Jennie-O lean ground turkey continues to be a high-performing and strategically important offering within the portfolio, meeting today's consumer preferences. As demand for lean high-protein food grows, Jennie-O is a go-to choice for consumers, demonstrated by consistent consumption gains and strong category leadership.
The Mexican foods portfolio also delivered on growing demand for high-quality and flavorful meal solutions at home. The legacy Herdez Salsa business continued to see success in the second quarter, while refrigerated guacamole portfolios experienced double-digit consumption growth driven by Herdez and Wholly brands.
In a bid to provide another authentic convenient meal solution, the team expanded their refrigerated entrees line to include al pastor. Led by flagship and rising brands, Hormel Foods' broader retail portfolio is well-positioned to deliver quality, differentiation, innovation, and convenience that consumers demand in today's market.
