
Increasing workforce effectiveness and competency via technology
Technology can assist in improving the way employees complete jobs. It may speed up existing processes or open up new …
December 14, 2021: -Sales of canned meat Spam continue to grow, hitting a record high for the seventh consecutive year in parent company Hormel Foods’ fiscal 2021, CEO Jim Snee told CNBC on Thursday.
“That’s incredible. 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.
The chief executive’s appearance comes after the Minnesota-based company reported fourth-quarter and full-year results. Hormel’s quarterly revenue of $3.45 billion topped Wall Street’s forecast of $3.22 billion. Earnings per share of 51 cents beat estimates by 1 cent.
Hormel shares jumped 4.7% Thursday to close at $44.80 as investors cheered the results. The stock is down nearly 4% year to date.
For the year, Hormel saw net sales of $11.4 billion, up 19% compared with fiscal 2020. In June, the company completed its acquisition of the Planters snacking portfolio, and so far, Snee said it’s performing “on the high end of our expectations.”
Snee said he was incredibly pleased with the company’s results, given the challenging operating environment during the pandemic. Concerning inflation, Snee said Hormel had seen some moderation in the cost of its material inputs.
“But when you think about the labor increases we’ve had, increases in our packaging, other supplies, getting the product shipped. I mean that inflation, it’s real. It’s significant,” Snee said. “It’s being passed along in the form of higher pricing.”
Technology can assist in improving the way employees complete jobs. It may speed up existing processes or open up new …
Total Quality Management (TQM) is an organisational philosophy that small business owners and managers adopt rather than a particular management …
We all struggle with self-doubt, but this struggle can be especially difficult for those in leadership positions. Leaders are expected to be …
Diversity and inclusion (D&I) include more than just headcounts, rules, or initiatives. Equitable employers outperform their rivals by valuing each team …
Whether you’ve recently been promoted to the executive level or have been with the company for 10+ years, one thing will never change. Human nature, like …
Regardless of your job title or business, you can be obliged to participate in negotiations from time to time as a business professional. Chances are, you are currently …
March 31, 2023: Initial filings for unemployment insurance ticked higher in the previous week but remained generally low in a tight …
March 30, 2023: In February, Higher mortgage rates took a few of the juice out of the housing development. After a sharp gain, pending home sales …
March 30, 2023: Saudi Arabia’s cabinet allowed a decision to enter a China-led security bloc, which makes Riyadh’s eastern …
March 29, 2023: On Tuesday, Alibaba said that it would split its company into six business groups, each able to raise outside …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you