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World NewsSpam sales hit record high for seventh straight year in 2021, says...

Spam sales hit record high for seventh straight year in 2021, says Hormel Foods CEO

Sales of canned meat Spam proceed to develop, hitting a record high for the seventh consecutive year in dad or mum firm Hormel Foods’ fiscal 2021, CEO Jim Snee informed CNBC’s Jim Cramer on Thursday.

“That’s incredible. We’ve had to announce new capacity that we’re going to bring online in 2023 to meet the demand, so Spam is as strong as it’s ever been,” Snee mentioned in an interview on “Mad Money.”

The chief government’s look comes after the Minnesota-based firm reported fourth quarter and full-year outcomes. Hormel’s quarterly income of $3.45 billion topped Wall Street’s forecast of $3.22 billion. Earnings per share of 51 cents beat estimates by 1 cent.

Hormel shares jumped 4.7% Thursday to shut at $44.80 as buyers cheered the outcomes. The inventory is down practically 4% year thus far.

For the year, Hormel noticed internet sales of $11.4 billion, up 19% in contrast with fiscal 2020. In June, the corporate accomplished its acquisition of the Planters snacking portfolio, and thus far, Snee mentioned it is performing “on the high end of our expectations.”

Snee mentioned he was extremely happy with the corporate’s outcomes, given the difficult working surroundings in the course of the pandemic. With respect to inflation, Snee mentioned Hormel has seen some moderation in the price of its materials inputs.

“But when you think about the labor increases we’ve had, increases in our packaging, other supplies, getting the product shipped … I mean that inflation, it’s real. It’s significant,” Snee mentioned. “It’s being passed along in the form of higher pricing.”

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