Here Is This Dividend King's Top Priority in 2022
When the pandemic hit in 2020, Hormel Foods (NYSE: HRL) was impacted more than many of its peers because its businesses sold protein products to restaurants. Although this business came back strongly in 2021, management thinks it has more room to run. In fact, it is the company's top priority for 2022. Here's why you need to pay attention to this sales channel even though many investors don't even know it is part of Hormel.
Hormel's food service sales were down by a massive 23% in the fourth quarter of fiscal 2020, which ended in October of that year. Fiscal first-quarter 2021 food service sales were not as bad, down "just" 17%. However, things got going in the fiscal second quarter of 2021 with food service sales rising an impressive 28%. Growth through this sales channel has been strong since that point.
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Source Fool.com
