Hormel Foods Corp. (HRL) said, in the fourth quarter, the company delivered earnings per share comparable with record results last year, which included an additional week of sales. Pretax earnings were $357 million, up 1% from a year ago. Organic net sales were up 2%, excluding the impact of an additional week last year. Organic volume and organic net sales growth were led by center-store grocery portfolio as well as another solid performance from foodservice businesses, the company stated. Looking forward, Hormel Foods expects to operate in a volatile, complex and high-cost environment again in fiscal 2023.
"We enter the new fiscal year well-positioned in the retail, foodservice and international channels, and expect to drive top-line growth. We anticipate earnings growth to be driven by our Foodservice and International segments, and improvements across the supply chain," said Jim Snee, CEO.
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