Hormel pushing forward into 2022
Published 5:56 pm Friday, January 28, 2022
That was the overarching theme of Tuesday night’s annual Hormel Food Corps. Stockholders meeting, held virtually for the second consecutive year because of the COVID-19 pandemic.
CEO James Snee, during his opening address, acknowledged the struggles the company has endured over the past two years including a staffing shortage and supply chain issues caused by the pandemic, however, he also stressed the company’s resilience.
“The last couple of years, your company has not only kept pace, it has set the pace as a food forward, responsible global branded food company,” Snee said. “In 2021 we shifted focus from solely managing the pandemic to finding ways to move onward.”
Snee reported to the stockholders that the company achieved record net sales in 2021 of $11.4 billion representing 19% sales growth. This included the two highest net quarters in the company’s history.
In return, Hormel returned $532 million in dividends to shareholders, an increase of 6%, which will be carried over into this year.
However, the pandemic still managed to leave it’s mark with Hormel raising prices on its turkey products in February, as well as Skippy Peanut Butter, according to a March 31, 2021 story in the Wall Street Journal.
Looking forward, Snee laid out six strategic priorities for the future. These included:
• Expanded leadership in food service;
• Protect and core brands;
• Aggressively develop global presence;
• Amplify scale in snacking and entertaining;
• Enhance growth of ethnic and food forward portfolio; and
• Continue to transform the company.