Hormel has fewer mouths to feed this summer.
Or fewer beaks, to be precise.
The Austin, Minn., food company issued its third-quarter report to shareholders today for the three months ending July 26. Proft surged 50 percent to $77.2 million, even as sales dropped 6 percent to $1.57 billion.
CEO Jeffrey Ettinger attributed the sales decline to the economy and the company’s intentional decrease in production of turkey, a commodity that’s been hit hard recently by oversupply and falling prices.
Fewer turkeys, it turns out, has helped the company save money on turkey feed, which is what helped preserve the company’s profit.