Hormel Foods lowered its full-year sales forecast on Thursday, citing softer demand in its retail division and a decline in private-label snack nut sales amid ongoing challenges in the consumer market. The company highlighted persistent pressures on consumer spending driven by inflation and rising living costs, which have contributed to subdued sales across the packaged-food sector.

John Ghingo, Hormel’s incoming chief executive, noted that the company’s recent financial performance was influenced by strategic adjustments to its product portfolio, reduced commodity-based pricing in certain areas, and a consumer environment that remains strained. These factors collectively impacted revenue growth and outlook.

The announcement follows broader industry trends, where food manufacturers continue to grapple with shifting consumer preferences and tighter household budgets. Despite these hurdles, Hormel continues to focus on portfolio optimization and pricing strategies to navigate the complex market dynamics.

The company did not disclose specific revised sales figures but indicated that weaker demand in snack nuts and retail products were significant contributors to the downward revision. This development underscores the ongoing volatility in consumer packaged goods amid macroeconomic headwinds.