Hormel Foods Lowers 2026 Sales Forecast Amid Weak Demand

Hormel Foods lowered its annual sales forecast for fiscal 2026 to a range between $12.1 billion and $12.2 billion, down from its previous estimate of $12.2 billion to $12.5 billion. The company reported a 2.4% decline in third-quarter revenue to $2.96 billion, missing analyst expectations.

Management attributed the sales slump to subdued consumer demand driven by higher living costs and inflationary pressures, which particularly affected private-label snack nuts and the retail segment. Despite the lower revenue outlook, the company raised its full-year adjusted earnings per share forecast to between $1.45 and $1.51.

To streamline operations, the company completed the divestiture of its Brazilian business, CERATTI. Hormel also announced leadership changes effective in September, appointing John Ghingo as CEO and Ash Bhumbla as CFO. Ghingo noted that the financial results reflected portfolio-shaping actions and a consumer environment that remains under pressure.