date:May 25, 2012
Grocery products also saw growth, with a 10% increase in operating profit, which Hormel put down to lower pork and beef input costs. Net sales increased 1%, with strong results of spam offset by soft sales of microwave products.
In contrast, refrigerated foods performed poorly, with proft down 25% as a result of lower pork operating margins. Net sales were relatively staic, with lower pork sales ofsetting stronger sales of the companys deli meats and party trays.
Jeffrey Ettinger, chairman o