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Published: 2023-02-28 16:16:45 ET
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hrl-20230228
0000048465false00000484652023-02-282023-02-28

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

HORMEL FOODS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-240241-0319970
(State or Other Jurisdiction of
Incorporation)		(Commission File
Number)		(IRS Employer Identification Number)

1 Hormel Place, Austin, Minnesota
55912-3680
(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:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock $0.01465 par value HRLNew York Stock Exchange

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 EndedThree Months EndedSix Months EndedThree Months EndedNine Months EndedThree Months EndedTwelve Months Ended
in thousandsJanuary 30,
2022		May 1,
2022		May 1,
2022		July 31,
2022		July 31,
2022		October 30,
2022		October 30,
2022
Volume (lbs)
Retail868,939 824,539 1,693,478 742,103 2,435,581 810,044 3,245,625 
Foodservice252,249 257,914 510,164 250,513 760,677 266,447 1,027,124 
International83,684 81,745 165,429 81,993 247,421 83,999 331,421 
Total1,204,872 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 
Foodservice854,194 909,872 1,764,066 917,671 2,681,737 1,009,672 3,691,408 
International194,268 185,992 380,260 192,190 572,450 207,350 779,799 
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 
Foodservice134,758 135,927 270,685 128,798 399,482 148,203 547,686 
International27,239 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 EndedThree Months EndedSix Months EndedThree Months EndedNine Months EndedThree Months EndedTwelve Months Ended
in thousandsJanuary 24,
2021		April 25,
2021		April 25,
2021		July 25,
2021		July 25,
2021		October 31,
2021		October 31,
2021
Volume (lbs)
Retail885,458 857,709 1,743,167 822,818 2,565,985 980,339 3,546,324 
Foodservice207,759 246,751 454,510 252,047 706,557 301,111 1,007,667 
International86,489 88,488 174,977 105,770 280,746 98,399 379,145 
Total1,179,706 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 
Foodservice572,588 696,169 1,268,757 817,783 2,086,540 1,043,634 3,130,174 
International198,692 190,750 389,442 218,426 607,868 230,068 837,936 
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 
Foodservice80,987 95,115 176,102 92,523 268,625 163,367 431,992 
International26,963 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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