Hormel surpasses ambitious sales goalPublished 9:00am Tuesday, November 27, 2012
Hormel Foods Corp.’s investment in new products is continuing to pay off.
The company announced Monday that it met its ambitious “Go for $2B by 2012” goal by achieving $2 billion in total sales from new products created since 2000 by the end of fiscal year 2012.
By attaining this goal, Hormel continues its successful track record of creating innovative, new products to grow the company’s brand portfolio. The “Go for $2B by 2012” goal built upon the company’s success with its earlier Billion Dollar Challenge, which was to generate $1 billion in sales from new products launched in the decade, beginning fiscal year 2000 and ending fiscal year 2009. By the end of fiscal year 2007 — two years early — Hormel reported total sales of $6.19 billion with more than $1 billion generated from new product sales.
“Our company was founded on innovation and that spirit continues to guide us today,” said Hormel CEO and President Jeff Ettinger. “Generating more than $2 billion in sales from products that didn’t exist 12 years ago is a remarkable accomplishment.”
The most successful new products include Hormel party trays, Hormel Natural Choice deli meats, Hormel Compleats microwave meals and Jennie-O Turkey Store oven ready items and turkey burgers.