AUSTIN, MINN. – A tight labor market was a boon and a bane for Hormel Foods Corp. during the third quarter of fiscal 2021. On the positive side, the company’s foodservice strategy is proving successful as operators seek to do more with fewer people. On the negative side, a shortage of workers prevented Hormel Foods from meeting demand in some product categories.
“For the quarter, we saw an acceleration in our foodservice business as sales grew 45% compared to last year,” said James P. Snee, chairman, president and chief executive officer, during a Sept. 2 earnings call to discuss third-quarter results. “What is even more impressive is sales increased 17% compared to 2019 pre-pandemic levels.
