The past fiscal year was one of solid achievement and progress
and represented another advance in Hormel Foods Corporation's
long progression of growth. The company introduced extensions
of existing successful product lines in categories where
it possesses unique strengths and developed new meat and
food items for market niches that offer promising opportunities.
This ongoing product development effort reflected a commitment
to meeting the changing tastes and desires of today's
consumer for products offering a richer, more full-bodied
flavor and convenient, easy-to-prepare benefits that fit today's
busy lifestyles. Many established brands and new products
enjoyed strong consumer loyalty as evidenced by new highs
in volume or market share.