Jennie-O Turkey Store profits increased 1.6 percent to $52.8 million in the second quarter of fiscal year 2014, its parent company, Hormel Foods announced. Jennie-O Turkey Store was helped by strong commodity turkey prices and lower feed costs, but was hindered by lower live production performance and higher fuel expenses from the extended harsh winter.
Sales for Hormel Foods' Jennie-O Turkey Store segment were down 1 percent for the quarter, but sales of value-added products increased during the second quarter, including Jennie-O fresh lean ground turkey tray packs, turkey breakfast sausage and and turkey bacon, reported Jeffrey M. Ettinger, chairman of the board, president and CEO of Hormel Foods..
Jennie-O Turkey Store accounted for 17 percent of Hormel’s net sales and 24 percent of the total operating profit. As a company, Hormel Foods had a strong quarter, with its operating profit increasing 14 percent and sales reaching a record $2.2 billion, a 4 percent increase from the second quarter of 2013.