Hormel Foods cuts annual sales forecast
Hormel Foods lowered its annual sales forecast after missing third-quarter revenue estimates. The packaged-food maker cited weak retail demand and broader inflationary pressures impacting consumer wallets.
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HORMEL FOODS CORP cut its annual sales forecast on Thursday morning after reporting a 2.4% drop in third-quarter revenue to $2.96B. The reduction reflects weak retail demand and lower commodity pricing in the United States. Investors reacted by sending shares down 1% in premarket trading.
