Hormel Foods Pre-Announces Third Quarter Earnings and Provides Outlook for Full Fiscal...

Hormel Foods Pre-Announces Third Quarter Earnings and Provides Outlook for Full Fiscal Year

AUSTIN, Minn.--(Business Wire)--
Hormel Foods Corporation (NYSE: HRL), a multinational marketer of
consumer-branded meat and food products, today said it expects its
third quarter earnings to be $.37 - $.39 per share, compared with $.41
per share in the third quarter last year.

"Higher than expected feed and fuel input costs at our Jennie-O
Turkey Store segment were the primary reason for the shortfall in our
third quarter results," said Jeffrey M. Ettinger, chairman of the
board, president and chief executive officer. "While we have continued
to implement price increases in this segment, they have not been
adequate to offset the higher input costs. An oversupply of turkey
breast meat also kept pricing of commodity breast meat at a low level,
exacerbating the cost-price differential."

"In the fourth quarter, we expect to see continued earnings
pressure at Jennie-O Turkey Store from higher input costs, as the
birds fed with higher grain prices make their way through the system.
We are adjusting our full year guidance to $2.22 - $2.28 per share,
which is above our results of $2.17 per share last year ($2.14
excluding the sale of assets in the fourth quarter of 2007). Our
previous guidance was $2.30 - $ 2.40 per share. We will provide more
details regarding the quarter and outlook during our conference call
on August 21, 2008 at 9:00 a.m. CT," Ettinger concluded.

ABOUT HORMEL FOODS CORPORATION

Hormel Foods Corporation, based in Austin, Minn., is a
multinational manufacturer and marketer of consumer-branded food and
meat products, many of which are among the best known and trusted in
the food industry. The company leverages its extensive expertise,
innovation and high competencies in pork and turkey processing and
marketing to bring quality, value-added brands to the global
marketplace. For each of the past eight years, Hormel Foods has been
named one of "The Best Big Companies in America" by Forbes magazine.
The company enjoys a strong reputation among consumers, retail
grocers, foodservice and industrial customers for products highly
regarded for quality, taste, nutrition, convenience and value. For
more information, visit www.hormel.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on
management's current views and assumptions. Actual events may differ
materially. Please refer to the cautionary statement regarding
Forward-Looking Statements and Risk Factors that appear on pages 25-30
in the company's Form 10-Q for the quarter ended April 27, 2008, which
can be accessed at www.hormelfoods.com under "Investors-SEC Filings."

Hormel Foods Corporation
Investor Contact:
Kevin Jones, 507-437-5248
kcjones@hormel.com
or
Media Contact:
Julie Craven, 507-437-5345
jhcraven@hormel.com

Copyright Business Wire 2008