Minnesota-Based Hormel Warns of Turkey Supply Disruption
AUSTIN -- Hormel Foods reported record profits but is watching the effects of Avian Influenza carefully.
In its quarterly report to stockholders, Austin, Minnesota-based Hormel Foods, the parent company of Jennie-O Turkey, Spam, Dinty-Moore, Skippy, and Planters reported record net sales of 3.1 billion, a 19% increase over last year.
Other highlights include:
- Volume of 1.2 Billion pounds of product
- Record net sales of 3.1 Billion, up 19%
- Organic net sales up 10%
However, CEO Jim Snee warns investors of supply gaps in turkeys due to Avian Influenza.
After an excellent first quarter and significant profit growth in the second quarter, our Jennie-O Turkey Store team is facing an uncertain period ahead. We are actively managing the impacts from highly pathogenic avian influenza (HPAI) on turkey supply. Beginning in the third quarter, we anticipate large supply gaps in the Jennie-O Turkey Store supply chain, caused by flock losses to date.
Snee says the company is working to make sure there’s enough turkey in stores by Thanksgiving.