Reported 2 days ago
Hormel Foods has adjusted its annual profit forecast downwards as the company grapples with supply chain challenges and decreased retail demand, which overshadow the advantages of previous price increases. Despite efforts to maintain margins in response to high commodity prices, the company reported a 7% drop in sales volumes in the second quarter across retail and food service segments. Consequently, Hormel expects organic net sales growth to be between 2% and 3%, while adjusting its profit forecast range to $1.58 to $1.68 per share.
Source: YAHOO