HORMEL Foods has posted a 3.2% increase in net sales for the fourth quarter at USD2.17 billion, but fell short of analyst forecasts that the figure could be more like USD2.22 billion.
The firm, which produces the Spam canned meat brand, is still suffering from high grain costs, and thus higher feed prices. It is planning to reduce harvest levels in its pork and turkey businesses in expectation of volatile protein costs over the coming year.
