Hormel hails FY 2011 success
Feb. 1, 2012
by Meat&Poultry Staff
AUSTIN, Minn. – Hormel Foods Corporation celebrated the growth of MegaMex Foods, its 50/50 joint venture with Herdez del Fuerte, plus the growth of all five of its operating segments during fiscal year 2011 on Jan. 31.
MegaMex Foods increased sales by more than 150 percent since its inception two years ago. Jeffery Ettinger, chairman of the board, president and chief executive officer, also cited other successes regarding the company’s recent growth. During FY 2011, Hormel recorded record dollar sales of $7.9 billion, up 9 percent from the previous year; increased net earnings per share by 15 percent over 2010; and registered net sales increases in all five operating segments year over year: Grocery Products were up 2 percent; Refrigerated Foods, up 10 percent; Jennie-O Turkey Store up 12 percent; Specialty Foods up 7 percent; and All Other (International) up 26 percent.
"In looking at the full year, we delivered significant sales growth of 9 percent, ending the year at a record $7.9 billion, with all five segments registering increases,” Ettinger said. “We were able to accomplish this by enhancing our support of key Hormel and Jennie-O Turkey Store brands in fiscal 2011 with effective advertising campaigns.”