Hormel Does Well as Spam Sets Records

Dec. 15, 2021
Hormel has seen good results, prompted in part by a string of record-setting years for sales of Spam, the CEO said recently.

Hormel has seen good results, prompted in part by a string of record-setting years for sales of Spam, the CEO said recently.

Sales of Spam, Hormel’s signature canned meat paste, have hit a record high for the seventh consecutive year, Jim Snee told CNBC’s Jim Kramer.

“We’ve had to announce new capacity that we’re going to bring online in 2023 to meet the demand, so Spam is as strong as it’s ever been,” Snee said.

Hormel saw full-year sales of $11.4 billion, a 19% jump from 2020. Its quarterly sales were $3.45 billion, which topped Wall Street estimates of $3.22 billion. Hormel grew sales in every segment and channel in the fourth quarter, Snee said in an investor conference call. The biggest growth for the quarter was in foodservice, up 73% over last year and 33% over pre-pandemic levels.

Sponsored Recommendations

4 shipping challenges that a dedicated carrier can solve

Navigating the logistics industry is challenging. Find out how a dedicated transportation solution can solve some of the most common shipping challenges.

Recipe for successful growth: Schneider’s dedicated fleet services helps bakery rise

Learn how a large bakery company complimented their private fleet with Schneider Dedicated freight services to increase freight capacity, amplify visibility & reduce costs.

Produce grower optimizes network and delivery consistency

An organic produce grower's fractured transportation model resulted in a lot of empty miles and brokered freight for a producer. Learn how they were able to optimize their transportatio...

Schneider Dedicated grows refrigerated transportation for organic grocer

An organic grocery retailer with locations nationwide needed a shipper that could match its reach and volume. Schneider created a custom refrigerated transportation solution to...