US food group Hormel Foods has recorded an increase in first-quarter profit.
In the 13 weeks ended 27 January, earnings edged up 1% to US$129.7m, the company reported today (21 February). Operating profit grew 1.2% to $198.2m.
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Hormel, which last month acquired the Skippy peanut butter brand from Unilever, said growth was boosted by strong results from its speciality foods, grocery products and international segments. This offset weaker results by its Jennie-O Turkey Store division.
Net sales in the period amounted to $2.11bn, a 3.4% increase on last year.
