“…this long-term growth story consists of four key corporate goals — To deliver 5 percent top line growth,” Snee said. “A very aggressive number, but I would remind you that, that is an all-in number, organic and acquisition; 10 percent bottom line growth. We want 15 percent of our net sales by the year 2020 to come from items that have been developed and innovative in the last 5 years. And we know that we need to continue to expand our margins, and we want to migrate towards the top quartile of our peers and do it by the year 2020.”
Snee explained that to reach those goals, Hormel Foods must evolve to become a broader food company beyond the protein space through global expansion, across retail and foodservice channels and by better-managing volatility in commodity markets.