US food company Hormel Foods has reported a 6.8% fall in first-quarter net income to US$46.9m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company posted net sales for the quarter to 25 January of $1.02bn, up 3.6% year-on-year.

Hormel said its refrigerated-foods unit continued to see profitability challenges from a worldwide glut of meat on the market, as well as contract prices for hogs that continued to exceed open market prices. The company said this problem was partially offset by positive results from its foodservice operation and margin contributions from other products.

Hormel said it expects US protein and commodity markets to gradually return to normal levels in the second half of fiscal 2003, reported Dow Jones Business News.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now