Hormel Foods reported lower volumes sold in its retail segment for the first half of fiscal year 2024, and the company’s chief financial officer (CFO) attributes much of that decline to lower whole bird turkey sales.
Hormel CFO Jacinth Smiley commented about the company’s Jennie-O Turkey Store operations during the Hormel Foods second quarter earnings call on May 30.
For the first six months of the year, Smiley said that while the company saw volume growth in its foodservice and international segments, its retail segment experienced a volume decline of about 29 million pounds.
“Of the 29-million-pound decline in retail, approximately two-thirds of the decline was related to lower sales across whole bird turkeys,” Smiley said.
Despite lower volumes of whole turkeys, Smiley was upbeat about other aspects of the turkey business.
“In turkey, supply disruption this spring from HPAI (highly pathogenic avian influenza) was minimal and we remain in a strong position to service our customers and attract new business opportunities,” Smiley said. “We are projecting growth across several parts of our Jennie-O branded business, including lean ground turkey in retail, and value-added turkey in foodservice.”
