Hormel Foods Corp 8-K, filed Feb 28, 2023
Hormel Foods Corp (HRL)
8-K
2023-02-28
For: 2023-02-28
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Added on
April 04, 2026
About this 8-K
Hormel Foods Corp filed this 8-K on February 28, 2023.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 28, 2023
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) | |||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(507 ) 437-5611
Registrant’s telephone number, including area code
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 7 – REGULATION FD
Item 7.01 Regulation FD Disclosure
Hormel Foods Corporation (the Company) is filing this Current Report on Form 8-K (Form 8-K) to provide investors supplemental information related to a change in segment reporting in fiscal 2023. The Company is providing certain unaudited historical financial information, which has been recast to align with the new segment structure. This recast financial information is being provided to aid in comparability and has no impact on previously reported consolidated financial statements for any period.
On October 31, 2022, the beginning of the first quarter of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven. The Company transitioned from four operating segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other to three operating and reportable segments: Retail, Foodservice, and International. The new reportable segments align with how the chief operating decision maker assesses performance and allocates resources.
The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.
The Foodservice segment consists primarily of the processing, marketing, and sale of food and nutritional products for foodservice, convenience store, and commercial customers.
The International segment processes, markets, and sells products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements.
For informational purposes, the Company's historical recast of certain segment data, reflective of the segment changes noted above, is included in this report.
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HORMEL FOODS CORPORATION
HISTORICAL RECAST OF SEGMENT DATA
Unaudited
| Fiscal 2022 | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| in thousands | January 30, 2022 | May 1, 2022 | May 1, 2022 | July 31, 2022 | July 31, 2022 | October 30, 2022 | October 30, 2022 | ||||||||||||||||
| Volume (lbs) | |||||||||||||||||||||||
| Retail | 868,939 | 824,539 | 1,693,478 | 742,103 | 2,435,581 | 810,044 | 3,245,625 | ||||||||||||||||
| Foodservice | 252,249 | 257,914 | 510,164 | 250,513 | 760,677 | 266,447 | 1,027,124 | ||||||||||||||||
| International | 83,684 | 81,745 | 165,429 | 81,993 | 247,421 | 83,999 | 331,421 | ||||||||||||||||
| Total | 1,204,872 | 1,164,198 | 2,369,070 | 1,074,609 | 3,443,679 | 1,160,490 | 4,604,169 | ||||||||||||||||
| Net Sales | |||||||||||||||||||||||
| Retail | $ | 1,995,896 | $ | 2,000,695 | $ | 3,996,591 | $ | 1,924,553 | $ | 5,921,145 | $ | 2,066,454 | $ | 7,987,598 | |||||||||
| Foodservice | 854,194 | 909,872 | 1,764,066 | 917,671 | 2,681,737 | 1,009,672 | 3,691,408 | ||||||||||||||||
| International | 194,268 | 185,992 | 380,260 | 192,190 | 572,450 | 207,350 | 779,799 | ||||||||||||||||
| Total | $ | 3,044,358 | $ | 3,096,559 | $ | 6,140,917 | $ | 3,034,414 | $ | 9,175,331 | $ | 3,283,475 | $ | 12,458,806 | |||||||||
| Segment Profit | |||||||||||||||||||||||
| Retail | $ | 169,702 | $ | 190,186 | $ | 359,888 | $ | 163,092 | $ | 522,980 | $ | 198,852 | $ | 721,832 | |||||||||
| Foodservice | 134,758 | 135,927 | 270,685 | 128,798 | 399,482 | 148,203 | 547,686 | ||||||||||||||||
| International | 27,239 | 27,130 | 54,369 | 24,464 | 78,833 | 28,810 | 107,642 | ||||||||||||||||
| Total Segment Profit | $ | 331,699 | $ | 353,243 | $ | 684,941 | $ | 316,354 | $ | 1,001,295 | $ | 375,865 | $ | 1,377,161 | |||||||||
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HORMEL FOODS CORPORATION
HISTORICAL RECAST OF SEGMENT DATA
Unaudited
| Fiscal 2021 | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| in thousands | January 24, 2021 | April 25, 2021 | April 25, 2021 | July 25, 2021 | July 25, 2021 | October 31, 2021 | October 31, 2021 | ||||||||||||||||
| Volume (lbs) | |||||||||||||||||||||||
| Retail | 885,458 | 857,709 | 1,743,167 | 822,818 | 2,565,985 | 980,339 | 3,546,324 | ||||||||||||||||
| Foodservice | 207,759 | 246,751 | 454,510 | 252,047 | 706,557 | 301,111 | 1,007,667 | ||||||||||||||||
| International | 86,489 | 88,488 | 174,977 | 105,770 | 280,746 | 98,399 | 379,145 | ||||||||||||||||
| Total | 1,179,706 | 1,192,948 | 2,372,654 | 1,180,634 | 3,553,288 | 1,379,848 | 4,933,136 | ||||||||||||||||
| Net Sales | |||||||||||||||||||||||
| Retail | $ | 1,689,867 | $ | 1,719,702 | $ | 3,409,569 | $ | 1,827,461 | $ | 5,237,030 | $ | 2,181,048 | $ | 7,418,079 | |||||||||
| Foodservice | 572,588 | 696,169 | 1,268,757 | 817,783 | 2,086,540 | 1,043,634 | 3,130,174 | ||||||||||||||||
| International | 198,692 | 190,750 | 389,442 | 218,426 | 607,868 | 230,068 | 837,936 | ||||||||||||||||
| Total | $ | 2,461,147 | $ | 2,606,621 | $ | 5,067,768 | $ | 2,863,670 | $ | 7,931,438 | $ | 3,454,751 | $ | 11,386,189 | |||||||||
| Segment Profit | |||||||||||||||||||||||
| Retail | $ | 184,567 | $ | 189,601 | $ | 374,168 | $ | 148,409 | $ | 522,576 | $ | 167,551 | $ | 690,127 | |||||||||
| Foodservice | 80,987 | 95,115 | 176,102 | 92,523 | 268,625 | 163,367 | 431,992 | ||||||||||||||||
| International | 26,963 | 23,787 | 50,751 | 26,865 | 77,615 | 38,970 | 116,585 | ||||||||||||||||
| Total Segment Profit | $ | 292,517 | $ | 308,503 | $ | 601,020 | $ | 267,796 | $ | 868,817 | $ | 369,888 | $ | 1,238,704 | |||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| HORMEL FOODS CORPORATION | ||||||||
| (Registrant) | ||||||||
Dated: February 28, 2023 | By | /s/ PAUL R. KUEHNEMAN | ||||||
| PAUL R. KUEHNEMAN | ||||||||
| Vice President and Controller | ||||||||
Dated: February 28, 2023 | By | /s/ JACINTH C. SMILEY | ||||||
| JACINTH C. SMILEY | ||||||||
| Executive Vice President and | ||||||||
| Chief Financial Officer | ||||||||
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