Rapidly spreading avian influenza outbreak in the US that has killed nearly 40 million birds is shrinking Hormel Foods Turkey flocks, as meat prices beat your highest levels in years.
Austin, Minn.-based maker of Spam, said its Genie-O turkey brand faces an uncertain period as the bird flu outbreak is expected to continue to weigh on industrywide poultry supplies. Genie-O Turkey Store sales volume is expected to decline by approximately 30% in the second half of the year due to supply gaps, Hormel chief Financial Officer jacinth smiley said on a call with analysts.