Reg FD Disclosure

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported)  February 28, 2023 HORMEL FOODS CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-2402 41-0319970 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number) 1 Hormel Place , Austin , Minnesota 55912-3680 (Address of principal executive offices) (Zip Code)   ( 507 ) 437-5611 Registrant’s telephone number, including area code  None (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock $0.01465 par value HRL New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company   ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Section 7 – REGULATION FD   Item 7.01 Regulation FD Disclosure   Hormel Foods Corporation (the Company) is filing this Current Report on Form 8-K (Form 8-K) to provide investors supplemental information related to a change in segment reporting in fiscal 2023. The Company is providing certain unaudited historical financial information, which has been recast to align with the new segment structure. This recast financial information is being provided to aid in comparability and has no impact on previously reported consolidated financial statements for any period. On October 31, 2022, the beginning of the first quarter of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven. The Company transitioned from four operating segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other to three operating and reportable segments: Retail, Foodservice, and International. The new reportable segments align with how the chief operating decision maker assesses performance and allocates resources. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food and nutritional products for foodservice, convenience store, and commercial customers. The International segment processes, markets, and sells products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements. For informational purposes, the Company's historical recast of certain segment data, reflective of the segment changes noted above, is included in this report.   2 HORMEL FOODS CORPORATION HISTORICAL RECAST OF SEGMENT DATA Unaudited Fiscal 2022 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended Twelve Months Ended in thousands January 30, 2022 May 1, 2022 May 1, 2022 July 31, 2022 July 31, 2022 October 30, 2022 October 30, 2022 Volume (lbs) Retail 868,939  824,539  1,693,478  742,103  2,435,581  810,044  3,245,625  Foodservice 252,249  257,914  510,164  250,513  760,677  266,447  1,027,124  International 83,684  81,745  165,429  81,993  247,421  83,999  331,421  Total 1,204,872   1,164,198   2,369,070   1,074,609   3,443,679   1,160,490   4,604,169   Net Sales Retail $ 1,995,896  $ 2,000,695  $ 3,996,591  $ 1,924,553  $ 5,921,145  $ 2,066,454  $ 7,987,598  Foodservice 854,194  909,872  1,764,066  917,671  2,681,737  1,009,672  3,691,408  International 194,268  185,992  380,260  192,190  572,450  207,350  779,799  Total $ 3,044,358   $ 3,096,559   $ 6,140,917   $ 3,034,414   $ 9,175,331   $ 3,283,475   $ 12,458,806   Segment Profit     Retail $ 169,702  $ 190,186  $ 359,888  $ 163,092  $ 522,980  $ 198,852  $ 721,832  Foodservice 134,758  135,927  270,685  128,798  399,482  148,203  547,686  International 27,239  27,130  54,369  24,464  78,833  28,810  107,642  Total Segment Profit $ 331,699   $ 353,243   $ 684,941   $ 316,354   $ 1,001,295   $ 375,865   $ 1,377,161   3 HORMEL FOODS CORPORATION HISTORICAL RECAST OF SEGMENT DATA Unaudited Fiscal 2021 Three Months Ended Three Months Ended Six Months Ended Three Months Ended Nine Months Ended Three Months Ended Twelve Months Ended in thousands January 24, 2021 April 25, 2021 April 25, 2021 July 25, 2021 July 25, 2021 October 31, 2021 October 31, 2021 Volume (lbs) Retail 885,458  857,709  1,743,167  822,818  2,565,985  980,339  3,546,324  Foodservice 207,759  246,751  454,510  252,047  706,557  301,111  1,007,667  International 86,489  88,488  174,977  105,770  280,746  98,399  379,145  Total 1,179,706   1,192,948   2,372,654   1,180,634   3,553,288   1,379,848   4,933,136   Net Sales Retail $ 1,689,867  $ 1,719,702  $ 3,409,569  $ 1,827,461  $ 5,237,030  $ 2,181,048  $ 7,418,079  Foodservice 572,588  696,169  1,268,757  817,783  2,086,540  1,043,634  3,130,174  International 198,692  190,750  389,442  218,426  607,868  230,068  837,936  Total $ 2,461,147   $ 2,606,621   $ 5,067,768   $ 2,863,670   $ 7,931,438   $ 3,454,751   $ 11,386,189   Segment Profit Retail $ 184,567  $ 189,601  $ 374,168  $ 148,409  $ 522,576  $ 167,551  $ 690,127  Foodservice 80,987  95,115  176,102  92,523  268,625  163,367  431,992  International 26,963  23,787  50,751  26,865  77,615  38,970  116,585  Total Segment Profit $ 292,517   $ 308,503   $ 601,020   $ 267,796   $ 868,817   $ 369,888   $ 1,238,704   4 SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.   HORMEL FOODS CORPORATION     (Registrant)       Dated: February 28, 2023 By /s/ PAUL R. KUEHNEMAN     PAUL R. KUEHNEMAN     Vice President and Controller               Dated: February 28, 2023 By /s/ JACINTH C. SMILEY     JACINTH C. SMILEY     Executive Vice President and     Chief Financial Officer 5