Hormel profit squeezed by competition, lower prices in turkey

Hormel Foods Corp. sold more turkeys during the holidays but made less money due to low prices, its latest quarterly results showed Thursday.

Turkey prices fell to a seven-year low, “much lower than we expected,” chief executive Jim Snee said. The company lowered its full-year profit outlook as a result, and investor in turn sent the company’s down 5 percent.

http://www.startribune.com/hormel-profit-squeezed-by-competition-lower-prices-in-turkey/414609593/