Jennie-O Turkey Store delivered strong results during the third quarter of 2013, helping its parent company Hormel Foods achieve a 2 percent increase in net income. The quarterly results were announced on August 22.
"Our Jennie-O Turkey Store segment delivered a strong quarter, despite higher grain costs and lower commodity meat prices," said Jeffrey M. Ettinger, chairman of the board, president and CEO of Hormel Foods.
Jennie-O Turkey Store, one of Hormel Foods' five segments, saw a 17 percent increase in operating profits for the third quarter. Net Jennie-O sales for the quarter rose 4 percent, driven by a growth in sales of its ground turkey and turkey bacon.
Already pleased with the quarterly performance of Jennie-O Turkey Store, Ettinger is optimistic the segment will continue to do well in the fourth quarter. "We anticipate Jennie-O Turkey Store will continue to rebound from headwinds faced earlier in the year, which should benefit results through the rest of fiscal 2013," he said.
Hormel Foods earned $113.6 million for the quarter that ended July 28, compared to the $111.2 million earned during the third quarter of 2012.