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.
