Hormel, owner of Jennie-O Turkey Store, the second largest U.S. turkey producer, continues to benefit from consumers seeking greater value. According to a news release, the company's third quarter net income rose by 50% to $77.2 million, or 57 cents a share, while sales fell by 6.7% to $1.57 billion.
Jennie-O Turkey Store operating profit was up 97%, while volume was down 2% and dollar sales down 5%.
Lower feed costs helped to lift profits for the Minnesota-based company, which also saw strong demand for its grocery products such as Spam and Hormel chili.
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