Latest news with #Skippy
Yahoo
6 days ago
- Business
- Yahoo
Hormel Foods says consumers are ‘strained' as they trade down or hunt for value, but maintains outlook for the year
maintained its full-year 2025 net sales guidance at $12.2 billion despite economic uncertainty and tariff-related pressures, noting that consumers are feeling strained and adjusting their spending habits for maximum value. While tariffs have not significantly impacted Hormel yet, the company narrowed its growth and earnings forecasts slightly and emphasized strength in value-oriented and premium product lines like Applegate. In its second earnings call of the year, Hormel Foods held its guidance steady despite a shifting macroeconomic outlook. Hormel, known for kitchen staples such as Applegate, Skippy, and SPAM, narrowed its expectations during its earnings call Thursday but maintained its top-line expectation of $12.2 billion in net sales for the FY 2025. The extensive offerings and categories Hormel operates in enables the Austin, Minn.-based brand unique insight into the spending habits and sentiments of consumers. To this effect, executives noted shoppers are 'strained' amid a 'choppy environment.' Much of this uncertainty stems back to President Donald Trump's tariff regime, which has upended everything from Wall Street's outlook to inflation expectations. With consumers potentially bracing for higher prices as a result of the foreign policy, Hormel said some are trading down on their shops while others are focusing on maximum value. Consumers and analysts alike have whiplash from the news out of Washington D.C.: In the past few weeks alone, Trump's team has reduced sky-high tariffs on China for 90-days, then accused Beijing of breaking the agreement, threatening 50% tariffs on the EU which were then delayed, and successfully appealed a court decision which banned the administration from introducing any of its 'Liberation Day' measures. 'I would describe the consumer sentiment as not great, meaning they're feeling the cumulative effects of inflation and at the same time feeling uncertainty in the macro environment,' John Ghingo, executive vice president of Hormel's retail division, told analysts on the call. 'I would describe that as a strained consumer sentiment. And what's interesting is you do see some trading down from consumers to lower prices.' He continued: 'Some of our categories actually play very well for affordability, but if we pull back even from that and say, 'where is the growth coming from?' … we can see some very different pockets of strong growth because consumers are still looking for solutions. 'They're still looking for what they would classify… as value. And so within our own portfolio, we see strong growth still in the premium … with our Applegate brand.' Ghingo added that because consumers are stretched, they want to get maximum value and flexibility out of products—which is where protein products from Applegate and turkey specialists Jennie-O are flourishing. Of course, businesses aren't only impacted by tariffs because of the effect on customers, but also on their supply chain and relative costs. Most businesses say they are going to pass costs onto consumers, as the Federal Reserve noted in its May meeting: 'Many participants remarked that reports from their business contacts or surveys indicated that firms generally were planning to either partially or fully pass on tariff-related cost increases to consumers. 'Several participants noted that firms not directly subject to tariffs might take the opportunity to increase their prices if other prices rise.' Some brands, like Walmart, have already warned they may have to increase their prices—earning the ire of the Oval Office. Hormel, a Fortune 500 company, noted its portfolio has not been impacted by tariffs 'to date' (though let's not forget, the sharpest end of tariff threats are yet to come to fruition), with Jacinth Smiley, executive vice president and CFO at Hormel adding: 'Although our business has not been materially impacted by the tariff landscape to date, based on what we know today, we have assumed a range of $0.01 to $0.02 of tariff impacts in the back half of the year in our outlook.' With that in mind, the brand narrowed its organic net sales growth outlook to a range of 2% to 3% and likewise narrowed its adjusted diluted net earnings per share expectations to $1.58 to $1.68. That being said, Smiley added: 'We remain confident in our outlook for bottom-line growth for each segment in the second half of the year and remain committed to delivering long-term value through strategic execution.' Overall, Hormel reported Q2 2025 net sales of $2.9 billion with organic net sales up 1%. In the retail category, net sales were flat with volumes down 7% year-over-year, with segment profits climbing 4%. In the foodservice category, organic volumes were down 1%, and the segment profit was down 4%, though volumes increased 4%. In the international segment, volumes were up 9%, net sales up 7%, though segment profit fell 21%. Hormel's share price is up 3.8% over the past five days, down approximately 3% for the year to date. This story was originally featured on
Yahoo
21-05-2025
- Business
- Yahoo
Commentary: Trump can't make companies 'eat' his tariffs
The automaker Subaru said recently that it plans to raise prices on several models by $750 to $2,055. Everybody knows why: President Trump's tariffs have raised the cost of imported products and parts — and businesses are passing along the pain to their own customers. That's not what Subaru said, however. The company cited "current market conditions" and said "the changes were made to offset increased costs." No mention of tariffs. Case closed. This is the formula many companies will use to justify raising their prices during the coming months as import costs rise by 10% to 30% because of the new taxes Trump has levied on basically all imported goods. Businesses won't blame tariffs by name. They certainly won't mention Trump. But they'll use wink-and-nod language to communicate what's going on, and most people will get it. Oblique language is now necessary because Trump has threatened retribution against companies that do the logical thing and pass the higher costs Trump is forcing upon them onto the next customer in line. After Walmart CEO Doug McMillon said recently that "the higher tariffs will result in higher prices," Trump went after Walmart with his usual bravado. Walmart should "eat the tariffs," Trump posted on social media, "and not charge valued customers anything. I'll be watching and so will your customers." "I'll be watching" sounds like a threat to use a variety of federal regulatory agencies to harass Walmart and any other company that calls out Trump's tariffs. Trump could probably do it, or at least try. After toymaker Mattel said it was raising prices because of the tariffs, Trump said, "We'll put a 100% tariff on his toys, and he won't sell one toy in the United States." Read more: The latest news and updates on Trump's tariffs No company wants to be singled out for punishment by the US president — especially by the touchy and vindictive Trump. But US businesses have way more experience passing along costs than Trump has imposing tariffs, and they're not going to "eat the tariffs" any more than somebody with a peanut allergy would gorge on a jar of Skippy. Trump's impulsive defense of his tariff policy has revealed that he knows exactly what a tariff is: a tax on American businesses and consumers. Trump has spent years insisting falsely that foreign businesses pay the tariffs. In reality, it's American importers who get the tax bill and send the payment to the US government. If foreigners paid the tariffs, then American businesses such as Walmart and Mattel would have no tariffs to "eat."So we're making encouraging progress in the public understanding of who pays the tariff. It's the American importer in the United States. The next question is which Americans pay the tariffs? We know who pays them first: the importing company, which could be either Walmart or a wholesaler who then sells the goods to Walmart. The first company to bear such an exogenous increase in cost will always try to pass the full cost onto the next purchaser, and the one after that, and the one after that, all the way to the end user, aka the American consumer. That's simply what for-profit firms do in a capitalist economy. Companies don't always have unlimited pricing power. It's possible that somewhere along the supply chain, a buyer will be unwilling to pay the higher cost. That means somebody will get stuck "eating" the higher cost, or earning a lower profit because they couldn't offset higher costs with higher prices. But that firm will adjust by ordering less, investing less, employing fewer workers, or taking other austerity measures. Most firms, however, won't and simply cannot do what Trump is demanding, which is to tolerate lower profits indefinitely so that Trump can impose an arbitrary and costly tax without upsetting voters. Publicly owned companies are legally obligated to optimize profitability. If they don't, their shareholders have the power to fire the CEO and find somebody who will do better. Privately owned companies face different rules, but very few of them exist to sacrifice profits for the sake of some politician. The way out for all of these companies is to raise prices without thoroughly explaining why. Shareholders and shoppers appreciate transparency, but just about everybody paying attention to markets these days knows that Trump's tariffs are reigniting inflation and causing other distortions in the economy. Consumers know too. In surveys such as the University of Michigan's monthly sentiment index, respondents indicate that they're highly aware of Trump's tariffs and are girding for punishing inflation in the coming months. Read more: What is consumer confidence, and why does it matter? Businesses are not obligated to explain why they're raising prices. The worst inflation of the past 40 years occurred in 2022 and 2023, when inflation peaked at 9% and the price of cars, food, and furniture rose by double digits. Some retailers tried to explain that soaring prices were due to COVID-era supply chain disruptions. But most didn't. They just raised prices enough to protect their profit margins, then adjusted based on demand. Consumers griped but generally paid the higher prices. Read more: April inflation breakdown: Food, shelter, and medical care pinch consumers' wallets Bird flu has sent egg prices soaring over the past year. Retailers have hiked prices accordingly, and many restaurants have imposed an egg surcharge. What nobody in the supply chain has done is eat eggflation to spare consumers. The shortages and higher costs caused by bird flu have gone straight to the American egg eater. Gas stations basically never offer a disclaimer when pump prices rise. They just hike prices in proportion to their own rising costs. Drivers and politicians bash Big Oil, but ExxonMobil, Chevron, and all the other refiners hold firm because shareholders expect them to protect their profit margins. Drivers pay. Trump isn't especially concerned about what Americans pay. If he were, he wouldn't be imposing tariffs in the first place. What Trump cares about is deflecting blame from himself when his policies backfire. CEOs will catch on quickly. They don't want their customers to think they're price gouging, but more importantly, they need to let shareholders know profit margins are safe. There are plenty of ways to do that without invoking the T-word. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices.
Yahoo
19-05-2025
- Entertainment
- Yahoo
The Famous Dolly Parton No-Bake Dessert That's Perfect for Summer
Dolly Parton's recipes are always super simple. And that simplicity reflects the country star's humble roots, which have influenced her connection to food. Her love for cooking was born out of necessity, having grown up with twelve siblings. So easy, delicious, crowd-pleasing recipes have always been her thing, whether that be her ground beef casserole, chicken and dumplings, skillet cornbread or her viral and beloved peanut butter pie. Related: While there's no shortage of peanut butter pie recipes online, Dolly's stands out for a few reasons. The no-bake pie comes together lightning fast and uses just five ingredients—creamy peanut butter, cream cheese, Cool Whip, powdered sugar and store-bought graham cracker crust. The recipe first appeared on thanks to a user who scored some handwritten recipe cards at an auction. Since then, the internet has been raving about the star's beloved pie recipe, with many cooks doing riffs of their own. After giving the recipe a try, content creator @its_not_tay admitted that the country star 'can sing and she can cook!' Content creator Lorafied gave the recipe a mini treatment, filling several personal-sized graham cracker crusts instead of one big one. While she topped it with peanuts, one follower commented she should try mini Reese's cups and another recommended she cover the base of the crusts with melted chocolate, which is an idea I can get behind! Related: 😋😋🍳🍔 The first step to making Dolly's peanut butter pie is to make sure your cream cheese is at room temperature. This requires a bit of planning, but it will make your peanut butter pie-making so much easier. Cold cream cheese is difficult to whip and can leave lumps in your pie filling, which is something you definitely don't want. Related: Once softened, add the cream cheese to a large bowl or the bowl of a stand mixer with powdered sugar and peanut butter and mix until smooth. One piece of advice regarding the peanut butter: all-natural peanut butter will make the filling grainy, so this is a moment to use a big brand peanut butter (think Jif or Skippy) that's smooth and creamy right out of the jar. Next, gently fold in Cool Whip into the peanut butter mixture and divide it between two store-bought graham cracker crusts, spreading the filling evenly in the crusts. (If you're making the pie for a smaller group, you can easily halve the recipe and make just one pie.) Cover and chill until the filling is set. Related: If you have a little more time to spare, it's fun to make the crust from scratch. You can go with a homemade graham cracker crust, or swap out the graham crackers for Oreos, Nilla wafers, Biscoff cookies, or even gingersnaps. Personally, I'd blitz up some pretzels with some butter, and a little sugar to create a sweet and salty summer treat that's perfect for a summertime grilled feast.
Times
16-05-2025
- Entertainment
- Times
Leee John: I outbid Toyah to buy my first house, for £44,000
Leee John is best known as the lead singer with the soul band Imagination, who have been described as Britain's first black supergroup. The three-piece scored a string of hits with songs like Body Talk and Just an Illusion, both of which were Top 5 UK hits in the early Eighties. They sold 30 million albums worldwide. Since Imagination split up in 1992, the flamboyant 67-year-old has appeared on the reality TV show Reborn in the USA and worked with Gorillaz on their Song Machine project. He also took part in this year's New Year's Eve concert in front of the Arc de Triomphe, which was broadcast live on French TV. John lives in London with his ginger cat, Skippy. Fifty quid, because a
News.com.au
01-05-2025
- General
- News.com.au
Mystery after rare Aussie animal found 14,000km from home
A rare Australian animal has been found a long way from home in a bizarre discovery made 14,00km away from its natural habitat. The albino wallaby was found sporting injuries in near Dover, the English coastal town famous for its white cliffs, at the weekend. It is believed the animal, dubbed Skippy, was an exotic pet that escaped last week after kicking its way through a fence. Albino wallabies are not endangered but are considered rare, with estimates putting the chances of the genetic mutation between one in 17,000 and one in 100,000. The iconic Australian native was captured on Friday, UK time, before escaping again and being spotted by a local in undergrowth in Hougham, Kent two days later. RSPCA animal rescue officer Wayne Baker told the BBC that Skippy needed veterinary treatment and was being kept until its owner came forward. 'This poor wallaby wasn't in the best of health when we found him,' he said. 'He was sitting in some bushes when he was spotted by a member of the public at around 10.30am on Sunday. 'He had blood on his nose and back legs. 'He must have been sitting there for a couple of hours. I gave him some water but it was clear he needed veterinary attention.' Authorities are investigating not only how the animal escaped twice but also how it is being kept by its mystery owner. Mr Baker said the RSPCA wanted to speak to the animal's owner, and had 14 days to reclaim Skippy. 'If the owner doesn't come forward within 14 days then we will rehome the animal into a suitable environment,' he said. Skippy had been spotted hopping around the local area in the two days it was on the loose, according to local media in Kent. It had been first captured by staff at Wingham Wildlife Park, whose curator Markus Wilder said it took four people to secure the 60cm tall animal. 'It's never particularly pretty because they're such powerful animals and they're all muscle so it always looks quite hectic,' he said. 'The easiest way, and thankfully that's what we were able to do this time, is with a very sturdy net.' Mr Baker told Kent Online it was 'odd' that Skippy managed to escape a second time given it had been in the care of the wildlife park. 'Apparently, the wildlife park didn't have room to accommodate and used a foster carer, but we've heard someone claiming to be an owner then got involved,' he said. There are some wallabies living in the British countryside after first being imported by zoos in the early 20th century. Red-necked wallabies have established a self-sustaining population on the uninhabited isle of Inchconnachan, Scotland, after being introduced by the Countess of Arran around World War II. Nottingham's legendary Sherwood Forest – home to Robin Hood – is also the site of multiple wallaby sightings.
