REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
Hormel Foods Corporation
We have audited the accompanying consolidated statements of
financial position of Hormel Foods Corporation as of October 28,
2000 and October 30, 1999, and the related consolidated statements
of operations, changes in shareholders' investment and cash flows
for each of the three years in the period ended October 28, 2000.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial position
of Hormel Foods Corporation at October 28, 2000 and October 30,
1999, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended October 28,
2000, in conformity with accounting principles generally accepted
in the United States.
November 20, 2000