Friday, 21 January, 2022

Spam sales hit record high for seventh year in a row

Spam sales hit record high for seventh year in a row

Sales of the canned cooked meat Spam have hit a record high for the seventh year in a row, despite pandemic-related challenges.

That helped Hormel, the company that makes the iconic brand, deliver record sales of $3.5bn (£2.65bn) in the three months to the end of October.

The firm's boss said it will start work on expanding its range of Spam products next year.

Hormel's shares rose by almost 6% in New York on Thursday.

"The Spam brand delivered its seventh consecutive year of record growth," Hormel's chief executive Jim Snee said on a conference call with investors.

"We are also beginning work on another expansion for the Spam family of products scheduled to be operational in 2023," he added.

Hormel, which completed its takeover of the Planters peanut brand in June, saw sales rise by 19% to $11.4bn for the year as a whole.

Asia popularity

Outside the US, Spam has a large international market, especially in the Asia-Pacific region.

It has been a household name in Hawaii since it was introduced in 1937.

As well as Spam and Planters, its brands include natural Choice and Applegate meat products and Skippy peanut butter.