Item 1.
 
BUSINESS
 
Item 2.
 
PROPERTIES
 
Item 3.
 
LEGAL PROCEEDINGS
 
Item 4.
 
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
PART II
 
 
 
Item 5.
 
MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
 
Item 6.
 
SELECTED FINANCIAL DATA
 
Item 7.
 
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Item 7A.
 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Item 8.
 
FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
 
Item 9.
 
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 
Item 9A.
 
CONTROLS AND PROCEDURES
PART III
 
 
 
Item 10.
 
DIRECTORS AND EXECUTIVE OFFICERS OF THE AGREEMENT
 
Item 11.
 
EXECUTIVE COMPENSATION
 
Item 12.
 
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
 
Item 13.
 
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
 
Item 14.
 
PRINCIPAL ACCOUNTING FEES AND SERVICES
PART IV
 
 
 
Item 15.
 
EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
SIGNATURES
 
 
 
 
 
PART I 
 
 
 
 
Item 1.    
BUSINESS
Available Information
The Company makes available, free of charge on its website at 
www.hormel.com
, its annual report on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934. These reports are accessible under the "Investor" caption of the Company's website and are available as soon as reasonably practicable after such
material is electronically filed with or furnished to the Securities and Exchange Commission, which is within 24 hours.
The Company has adopted a Code of Ethical Business Conduct that covers its officers and directors, which is available on the Company's website, free
of charge, under the caption "Corporate." The Company also adopted Corporate Governance Guidelines, which are available on the Company's website,
free of charge, under the caption "Investor."
(a)   
General Development of Business
Hormel Foods Corporation, a Delaware corporation, was founded by George A. Hormel in 1891 in Austin, Minnesota, as George A. Hormel & Company.
The Company started as a processor of meat and food products and continues in this line of business. The Company name was changed to Hormel
Foods Corporation on January 31, 1995. The Company is primarily engaged in the production of a variety of meat and food products and the marketing of
those products throughout the United States. Although pork and turkey remain the major raw materials for Hormel products, the Company has
emphasized for several years the manufacture and distribution of branded, consumer packaged items rather than the commodity fresh meat business.
The Company's branding strategy led to the development of a joint venture between Hormel Foods Corporation and Excel Corporation, a wholly owned
subsidiary of Cargill Incorporated. This joint venture began marketing and selling nationally branded fresh case ready beef and pork under the existing
HORMEL ALWAYS TENDER brand name in fiscal year 2003. This 50 percent owned joint venture, named Precept Foods LLC, is based in Austin, Minn.
In fiscal 2001, the Jennie-O Turkey Store (JOTS) business was formed as a result of merging the Company's existing Jennie-O Foods, Inc. business with
the operations of The Turkey Store Company, which was acquired in the second quarter of fiscal 2001. The Turkey Store Company was a turkey
processing business headquartered in Barron, Wisconsin. The merged JOTS operation is currently the largest turkey processor in the world. JOTS