# EDGAR Filing Document

**Accession Number:** 0000048465
**File Stem:** 0000048465-23-000005
**Filing Date:** 2023-2
**Character Count:** 9807
**Document Hash:** a7d6080d7cafd720391689e6657c87ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000048465-23-000005.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000048465-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Regulation FD Disclosure

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HORMEL FOODS CORP /DE/
- **CENTRAL INDEX KEY:** 0000048465
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEAT PACKING PLANTS [2011]
- **IRS NUMBER:** 410319970
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1030

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02402
- **FILM NUMBER:** 23685590

**BUSINESS ADDRESS:**
- **STREET 1:** 1 HORMEL PL
- **CITY:** AUSTIN
- **STATE:** MN
- **ZIP:** 55912-3680
- **BUSINESS PHONE:** (507) 437-5611

**MAIL ADDRESS:**
- **STREET 1:** 1 HORMEL PLACE
- **CITY:** AUSTIN
- **STATE:** MN
- **ZIP:** 55912-3680

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HORMEL GEO A & CO
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? hrl-20230228

**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)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-2402** | **41-0319970** |
| (State or Other Jurisdiction of<br>Incorporation) | (Commission File<br>Number) | (IRS Employer Identification Number) |

---

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| | |
|:---|:---|
| **1 Hormel Place, Austin, Minnesota** | **55912-3680** |
| (Address of principal executive offices) | (Zip Code) |

---

**(507) 437-5611** 

Registrant's telephone number, including area code

<u>None</u>

(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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Common Stock $0.01465 par value** | **HRL** | **New 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. ☐

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**Section 7 – REGULATION FD**

**Item 7.01 <u>Regulation FD Disclosure</u>**

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**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Three Months Ended** |<br>**Three Months Ended** |<br>**Six Months Ended** |<br>**Three Months Ended** |<br>**Nine Months Ended** |<br>**Three Months Ended** |<br>**Twelve Months Ended** |
| **<u>Fiscal 2022</u>**<br>*in thousands* | **January 30,<br>2022** | **May 1,<br>2022** | **May 1,<br>2022** | **July 31,<br>2022** | **July 31,<br>2022** | **October 30,<br>2022** | **October 30,<br>2022** |
| **Volume (lbs)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 868939 | 824539 | 1693478 | 742103 | 2435581 | 810044 | 3245625 |
| &nbsp;&nbsp;&nbsp;Foodservice | 252249 | 257914 | 510164 | 250513 | 760677 | 266447 | 1027124 |
| &nbsp;&nbsp;&nbsp;International | 83684 | 81745 | 165429 | 81993 | 247421 | 83999 | 331421 |
| **Total** | **1204872** | **1164198** | **2369070** | **1074609** | **3443679** | **1160490** | **4604169** |
| **Net Sales** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $1995896 | $2000695 | $3996591 | $1924553 | $5921145 | $2066454 | $7987598 |
| &nbsp;&nbsp;&nbsp;Foodservice | 854194 | 909872 | 1764066 | 917671 | 2681737 | 1009672 | 3691408 |
| &nbsp;&nbsp;&nbsp;International | 194268 | 185992 | 380260 | 192190 | 572450 | 207350 | 779799 |
| **Total** | $**3044358** | $**3096559** | $**6140917** | $**3034414** | $**9175331** | $**3283475** | $**12458806** |
| **Segment Profit** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $169702 | $190186 | $359888 | $163092 | $522980 | $198852 | $721832 |
| &nbsp;&nbsp;&nbsp;Foodservice | 134758 | 135927 | 270685 | 128798 | 399482 | 148203 | 547686 |
| &nbsp;&nbsp;&nbsp;International | 27239 | 27130 | 54369 | 24464 | 78833 | 28810 | 107642 |
| **Total Segment Profit** | $**331699** | $**353243** | $**684941** | $**316354** | $**1001295** | $**375865** | $**1377161** |

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**HORMEL FOODS CORPORATION**

**HISTORICAL RECAST OF SEGMENT DATA**

**Unaudited**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Three Months Ended** |<br>**Three Months Ended** |<br>**Six Months Ended** |<br>**Three Months Ended** |<br>**Nine Months Ended** |<br>**Three Months Ended** |<br>**Twelve Months Ended** |
| **<u>Fiscal 2021</u>**<br>*in thousands* | **January 24,<br>2021** | **April 25,<br>2021** | **April 25,<br>2021** | **July 25,<br>2021** | **July 25,<br>2021** | **October 31,<br>2021** | **October 31,<br>2021** |
| **Volume (lbs)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | 885458 | 857709 | 1743167 | 822818 | 2565985 | 980339 | 3546324 |
| &nbsp;&nbsp;&nbsp;Foodservice | 207759 | 246751 | 454510 | 252047 | 706557 | 301111 | 1007667 |
| &nbsp;&nbsp;&nbsp;International | 86489 | 88488 | 174977 | 105770 | 280746 | 98399 | 379145 |
| **Total** | **1179706** | **1192948** | **2372654** | **1180634** | **3553288** | **1379848** | **4933136** |
| **Net Sales** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $1689867 | $1719702 | $3409569 | $1827461 | $5237030 | $2181048 | $7418079 |
| &nbsp;&nbsp;&nbsp;Foodservice | 572588 | 696169 | 1268757 | 817783 | 2086540 | 1043634 | 3130174 |
| &nbsp;&nbsp;&nbsp;International | 198692 | 190750 | 389442 | 218426 | 607868 | 230068 | 837936 |
| **Total** | $**2461147** | $**2606621** | $**5067768** | $**2863670** | $**7931438** | $**3454751** | $**11386189** |
| **Segment Profit** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail | $184567 | $189601 | $374168 | $148409 | $522576 | $167551 | $690127 |
| &nbsp;&nbsp;&nbsp;Foodservice | 80987 | 95115 | 176102 | 92523 | 268625 | 163367 | 431992 |
| &nbsp;&nbsp;&nbsp;International | 26963 | 23787 | 50751 | 26865 | 77615 | 38970 | 116585 |
| **Total Segment Profit** | $**292517** | $**308503** | $**601020** | $**267796** | $**868817** | $**369888** | $**1238704** |

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**<u>SIGNATURES</u>**

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.

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| | | |
|:---|:---|:---|
| | **<u>HORMEL FOODS CORPORATION</u>** | **<u>HORMEL FOODS CORPORATION</u>** |
| | | (Registrant) |
| Dated: February 28, 2023 | By | <u>/s/ PAUL R. KUEHNEMAN</u> |
| | | PAUL R. KUEHNEMAN |
| | | Vice President and Controller |
| Dated: February 28, 2023 | By | <u>/s/ JACINTH C. SMILEY</u> |
| | | JACINTH C. SMILEY |
| | | Executive Vice President and |
| | | Chief Financial Officer |

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