Hormel Foods cuts annual sales forecast as sluggish consumer demand weighs
The maker of Skippy peanut butter lowered fiscal 2026 sales guidance after retail sales fell 4% and volumes dropped 9%, the company said.
- On Thursday, Hormel Foods cut its fiscal 2026 sales forecast to $12.1 billion to $12.2 billion, citing weak retail demand for private-label snack nuts amid a pressured consumer environment.
- Third-Quarter revenue fell 2.4% to $2.96 billion, missing analyst estimates as volume contracted following two rounds of retail pricing actions implemented late last year and early this year.
- Strong performance in brands like Applegate, Spam, and Hormel Chili helped the firm raise adjusted earnings forecast to $1.45 to $1.51 per share, offsetting 9% retail volume declines.
- Hormel shares fell over 10% following the announcement, while the firm appointed former Tyson Foods executive Ash Bhumbla as CFO, effective in September, to strengthen financial leadership.
- Management continues focusing on protein-centric portfolio offerings to deliver consumer value, though analysts note the company's high payout ratio may complicate its Dividend King status long-term.
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Hormel Foods (NYSE:HRL) Posts Earnings Results
Hormel Foods (NYSE:HRL - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.02. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company had revenue of $2.96 billion during the quarter, compared to analysts' expectations of $3.03 billion.
Hormel Foods cuts annual sales forecast as sluggish consumer demand ...
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