Summary Box: Hormel's 4Q profit slides

AP News
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Posted: Nov 22, 2011 11:33 AM
Summary Box: Hormel's 4Q profit slides

EARNINGS FALL: Hormel Foods Corp.'s fiscal fourth-quarter profit slipped 3 percent to $117.3 million, or 43 cents per share, on weak sales and higher ingredient costs.

REVENUE HIGHER: The company's revenue edged up 2 percent to $2.1 billion on higher prices, but it sold 7 percent less of its products.

SHOPPER SQUEEZE: It was the second quarter in a row that the prepared foods maker dealt with slower sales volume as a result of higher prices. Like many food makers, Hormel has raised prices on its products to offset rising costs for everything from grain to packaging.