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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10Q/A-1
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended April 28, 2001 Commission File
Number 1-2402

HORMEL FOODS CORPORATION

Incorporated Under the Laws of the State of Delaware	Fein #41-0319970
1 Hormel Place Austin, Minnesota 55912-3680 Telephone—(507) 437-5737 None

(Former name, former address and former fiscal year, if changed since last report.)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /x/ No / /

    Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date.

Class	Outstanding at April 28, 2001
Common Stock	$	.0586 par value	138,700,337
Common Stock Non-Voting	$	.01 par value	-0-

Pages: This report contains 18 pages numbered sequentially from this cover page.

Introductory Note

    This Form 10-Q/A-1 is the result of discussions between Company management and the Securities and Exchange Commission ("SEC") during a normal review of the Company's SEC filings. The primary changes reflected in this amendment relate to reporting on a different segment basis than was set forth in the original Form 10-Q. This Form 10-Q/A-1 also contains a number of other changes that supplement or revise textual information. However, this Form 10-Q/A-1 contains no changes to the consolidated financial statements as previously reported.

    The segment reporting contained in this Form 10-Q/A-1 follows the agreed upon interpretation of SFAS No. 131 "Disclosures about Segments of an Enterprise and Related Information," which has an effective date for the Company of fiscal year 1999. Revised segment information is presented in the Management's Discussion and Analysis and Footnote F to the Notes to Financial Statements.

    For the purposes of this Form 10-Q/A-1, and in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended, the Company has amended and restated in its entirety each item of the Company's Form 10-Q for the second quarter for the year ending October 27, 2001. This form 10-Q/A-1 does not reflect events occurring after the filing of the original Form 10-Q, or modify or update those disclosures affected by subsequent events.

    This Form 10-Q/A-1 contains forward-looking statements with respect to our financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include predictions of future results and may contain the words "expects," "believes," "will," "will deliver," "anticipates," "projects," or words or phrases of similar meaning. Our actual results for future periods could differ materially from historical earnings and those anticipated or projected in forward-looking statements. In particular, our future results could be affected by the factors described in Exhibit 99 to Form 10-K/A-1 for fiscal year 2000 under the caption "Cautionary Statement Relevant to Forward-Looking Statements."

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PART 1—FINANCIAL INFORMATION

Item 1—Financial Statements

HORMEL FOODS CORPORATION
STATEMENTS OF FINANCIAL POSITION
(In Thousands of Dollars)

		April 28, 2001			October 28, 2000
		(Unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents	$	69,378		$	100,646
	Short-term marketable securities—at cost which approximates market		0			5,964
	Accounts receivable		298,353			307,732
	Inventories		321,989			281,404
	Deferred income taxes		9,462			9,021
	Prepaid expenses		27,371			6,342
	TOTAL CURRENT ASSETS		726,553			711,109
DEFERRED INCOME TAXES			0			61,622
INTANGIBLES			384,720			92,632
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES			159,116			151,383
OTHER ASSETS			85,189			83,645
PROPERTY, PLANT AND EQUIPMENT
	Land		17,306			13,314
	Buildings		352,779			291,512
	Equipment		760,659			701,554
	Construction in progress		133,051			75,232
			1,263,795			1,081,612
	Less allowance for depreciation		(567,883	)		(540,063	)
			695,912			541,549
	TOTAL ASSETS	$	2,051,490		$	1,641,940

See notes to financial statements

3

HORMEL FOODS CORPORATION
STATEMENTS OF FINANCIAL POSITION
(In Thousands of Dollars)

		April 28, 2001			October 28, 2000
		(Unaudited)
LIABILITIES AND SHAREHOLDERS' INVESTMENT
CURRENT LIABILITIES
	Accounts payable	$	151,839		$	154,893
	Accrued expenses		35,196			30,117
	Accrued marketing		43,678			34,252
	Employee compensation		56,000			59,138
	Taxes, other than federal income taxes		11,001			10,982
	Dividends payable		12,881			12,195
	Federal income tax		32,391			2,609
	Current maturities of long-term debt		35,683			38,439
	TOTAL CURRENT LIABILITIES		378,669			342,625
LONG-TERM DEBT—less current maturities			457,928			145,928
ACCUMULATED POSTRETIREMENT BENEFIT OBLIGATION			253,590			252,118
OTHER LONG-TERM LIABILITIES			28,340			27,392
DEFERRED INCOME TAXES			7,962			0
SHAREHOLDERS' INVESTMENT
	Preferred Stock, par value $.01 a share—authorized 80,000,000 shares; issued—None Common Stock, non-voting, par value $.01 a share—authorized 200,000,000 shares; issued—none
	Common Stock, par value $.0586 a share—authorized 400,000,000 shares; issued 138,700,337 shares April 28, 2001 issued 138,569,429 shares Oct. 28, 2000		8,128			8,120
	Accumulated other comprehensive loss		(24,843	)		(20,917	)
	Additional paid in capital		2,817			0
	Retained earnings		939,000			886,674
			925,102			873,877
	Shares held in treasury		(101	)		0
	TOTAL SHAREHOLDERS' INVESTMENT		925,001			873,877
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT		$	2,051,490		$	1,641,940

See notes to financial statements

4

HORMEL FOODS CORPORATION
STATEMENTS OF EARNINGS
(In Thousands of Dollars, Except Per Share Amounts)
(Unaudited)

		Three Months Ended						Six Months Ended
		April 28, 2001			April 29, 2000			April 28, 2001			April 29, 2000
Sales, less returns and allowances		$	1,018,406		$	879,023		$	1,965,899		$	1,782,936
Cost of products sold			752,419			638,909			1,432,897			1,279,741
	GROSS PROFIT		265,987			240,114			533,002			503,195
Expenses:
	Selling and delivery		103,404			92,390			202,251			187,279
	Marketing		78,189			73,115			161,883			158,092
	Administrative and general		19,546			18,595			38,425			35,089
	OPERATING INCOME		64,848			56,014			130,443			122,735
Other income and expenses:
	Other income—net		2,097			4,298			5,680			10,350
	Equity in earnings of affiliates		1,245			670			385			4
	Interest expense		(7,164	)		(4,338	)		(10,335	)		(7,899	)
EARNINGS BEFORE INCOME TAXES			61,026			56,644			126,173			125,190
Provision for income taxes			22,132			20,390			45,747			45,088
	NET EARNINGS	$	38,894		$	36,254		$	80,426		$	80,102
NET EARNINGS PER SHARE (BASIC)		$	0.28		$	0.26		$	0.58		$	0.57
NET EARNINGS PER SHARE (DILUTED)		$	0.28		$	0.26		$	0.58		$	0.56

See notes to financial statements

5

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
(Unaudited)

			Six Months Ended
			April 28, 2001			April 29, 2000
OPERATING ACTIVITIES
	Net earnings		$	80,426		$	80,102
		Adjustments to reconcile to net cash provided by operating activities:
	Depreciation			33,765			29,671
	Amortization of intangibles			4,806			2,985
	Equity in earnings of affiliates			(385	)		(4	)
	Provision for deferred income taxes			5,774			(1,627	)
	(Gain) loss on property/equipment sales			166			465
		Changes in operating assets and liabilities:
	Decrease (increase) in accounts receivable			44,465			14,666
	(Increase) decrease in inventories and prepaid expenses			(15,586	)		(37,524	)
	Increase (decrease) in accounts payable and accrued expenses			17,590			(49,728	)
NET CASH PROVIDED BY OPERATING ACTIVITIES				171,021			39,006
INVESTING ACTIVITIES
	Sale of held-to-maturity securities			6,239			67,897
	Purchase of held-to-maturity securities			(275	)		(30,535	)
	Acquisitions of businesses			(433,571	)		0
	Purchases of property/equipment			(40,046	)		(48,067	)
	Proceeds from sales of property/equipment			1,752			1,604
	(Increase) in investments and other assets			(20,437	)		(10,609	)
	Dividends from affiliates			1,399			0
NET CASH USED IN INVESTING ACTIVITIES				(484,939	)		(19,710	)
FINANCING ACTIVITIES
	Proceeds from long-term borrowings			317,045			3,456
	Principal payments on long-term debt			(9,707	)		(12,262	)
	Dividends paid on Common Stock			(24,949	)		(24,244	)
	Stock repurchase			(2,496	)		(45,793	)
	Other			2,757			(2,776	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES				282,650			(81,619	)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				(31,268	)		(62,323	)
Cash and cash equivalents at beginning of year				100,646			188,310
CASH AND CASH EQUIVALENTS AT END OF QUARTER			$	69,378		$	125,987

See notes to financial statements

6

HORMEL FOODS CORPORATION
NOTES TO FINANCIAL STATEMENTS
(In Thousands, Except Per Share Amounts)
(Unaudited)

NOTE A      BASIS OF PRESENTATION

    In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary for a fair presentation. These statements should be read in conjunction with our Annual Report on Form 10-K/A-1 for the year ended October 28, 2000.

    The accounting policies followed by the Company are set forth in Note A to the Company's Financial Statements in the 2000 Hormel Foods Corporation Annual Report to Shareholders, which is incorporated by reference into our Annual Report on Form 10K/A-1 for the year ended October 28, 2000.

    The results of operations for the three and six month periods ended April 28, 2001 and April 29, 2000 are not necessarily indicative of the results to be expected for the full year.

NOTE B      PURCHASE OF JEROME FOODS, INC. (D/B/A THE TURKEY STORE COMPANY)

    Effective as of February 24, 2001, the Company purchased all of the issued and outstanding capital stock of Jerome Foods, Inc. (d/b/a The Turkey Store Company), a Wisconsin corporation headquartered in Barron, Wisconsin, through the merger of a wholly owned, special-purchase subsidiary of Hormel with and into Jerome Foods. The purchase price for the capital stock was $334,400 in cash subject to adjustments for outstanding indebtedness and changes in working capital as of February 24, 2001.

    Pro forma unaudited results of operations for the six months ended April 28, 2001 and April 29, 2000, assuming consummation of the purchase as of October 31, 1999 are as follows:

		Six Months Ended
		April 28, 2001		April 29, 2000
Net Sales		$	2,070,000	$	1,923,000
Net Income			74,948		75,102
Per Share Data:
	Basic Earnings		.54		.53
	Diluted Earnings		.54		.53

    The allocation of purchase price reflected in the April 28, 2001 condensed consolidated statement of financial position is preliminary. An independent valuation of The Turkey Store Company's property, plant and equipment and intangible assets is being performed. The Company expects to receive the completed report during the third quarter of fiscal 2001.

NOTE C      COMPREHENSIVE INCOME

    Other comprehensive income (loss) consists of adjustments in minimum pension liability and foreign currency translation. Other comprehensive income (loss) was $1,407 and ($3,926) for the three and six-month periods ended April 28, 2001 and ($1,608) and ($2,534) for the three and six-month periods ended April 29, 2000. Total comprehensive income combines reported net earnings and other comprehensive income (loss). Total comprehensive income was $40,301 and $76,500 for the three and six-month periods ended April 28, 2001 and $34,646 and $77,568 for the three and six-month periods ended April 29, 2000.

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NOTE D      EARNINGS PER SHARE DATA

    The following table sets forth the denominator for the computation of basic and diluted earnings per share:

	Three Months Ended		Six Months Ended
	April 28, 2001	April 29, 2000	April 28, 2001	April 29, 2000
Basic weighted-average shares outstanding	138,672	140,771	138,618	141,556
Dilutive potential common shares	1,330	846	1,175	1,147
Diluted weighted-average shares outstanding	140,002	141,617	139,793	142,703

NOTE E      INVENTORIES

    Inventories consist of the following:

	April 28, 2001			October 28, 2000
Finished Products	$	170,171		$	174,032
Raw Materials and Work-In-Process		121,558			76,432
Materials and Supplies		68,157			61,480
LIFO Reserve		(37,896	)		(30,540	)
Total	$	321,989		$	281,404

NOTE F      SEGMENT OPERATING RESULTS

    The Company develops, processes and distributes a wide array of food products in a variety of markets. Under the criteria set forth by the accounting standard SFAS No. 131 "Disclosures about Segments of an Enterprise and Related Information," the Company reports its results in the following four business segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store and All Other.

    The Grocery Products segment primarily includes the processing, marketing and sale of shelf-stable food products sold predominately in the retail market.

    The Refrigerated Foods segment consists of the processing, marketing and sale of branded and unbranded pork products for the retail, foodservice and fresh customer markets. This segment also includes the processing, marketing and sale of nutritionally enhanced food products sold to hospitals, nursing homes and other health facilities. This segment includes the Meat Products and Foodservice business units, and the Hormel HealthLabs operating segment.

    The Jennie-O Turkey Store segment primarily consists of the processing, marketing, and sale of branded and unbranded turkey products for the retail, foodservice and fresh customer markets.

    The All Other segment consists of a variety of smaller, dissimilar business units. These businesses produce, market and sell beef products, food packaging (i.e., casings for dry sausage), and food equipment, and manufacture, market and sell Company products internationally. This segment includes operating segments: Dan's Prize, Vista International Packaging Corporation, AFECO, and Hormel Foods International Corporation.

    The Company does not allocate investment income, interest expense and interest income to its segments when measuring performance. The Company also retains various other income and unallocated expenses at corporate. These items are included below as "Other income and net interest" and "General corporate income (expense)" when reconciling to income before tax.

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    Sales and operating profits for each of the Company's business segments and reconciliation to income before taxes are set forth below:

			Quarter Ended								Two Quarters Ended
			April 28, 2001			April 29, 2000			% Change		April 28, 2001			April 29, 2000			% Change
Sales to Unaffiliated Customers
	Grocery Products		$	203,141		$	200,680		1.2		$	425,703		$	439,026		(3.0	)
	Refrigerated Foods			559,909			501,917		11.6			1,095,304			988,225		10.8
	Jennie-O Turkey Store			202,194			129,566		56.1			340,655			264,191		28.9
	All Other			53,162			46,858		13.5			104,237			91,494		13.9
Total			$	1,018,406		$	879,021		15.9		$	1,965,899		$	1,782,936		10.3
Intersegment Sales
	Grocery Products		$	18		$	21		(15.2	)	$	30		$	55		(44.8	)
	Refrigerated Foods			579			714		(18.9	)		1,233			1,154		6.9
	Jennie-O Turkey Store			16,423			16,415		0.0			28,571			28,485		0.3
	All Other			18,351			14,762		24.3			34,168			27,193		25.6
Total			$	35,371			31,912		10.8		$	64,002		$	56,887		12.5
Intersegment elimination				(35,371	)		(31,912	)	10.8			(64,002	)		(56,887	)	12.5
Total			$	0		$	0		0		$	0		$	0		0
Net Sales
	Grocery Products		$	203,159		$	200,701		1.2		$	425,733		$	439,081		(3.0	)
	Refrigerated Foods			560,488			502,631		11.5			1,096,537			989,379		10.8
	Jennie-O Turkey Store			218,617			145,981		49.8			369,226			292,676		26.2
	All Other			71,513			61,621		16.1			138,405			118,687		16.6
Intersegment elimination				(35,370	)		(31,911	)	10.8			(64,002	)		(56,887	)	12.5
Total			$	1,018,407		$	879,023		15.9		$	1,965,899		$	1,782,936		10.3
Operating Profit
	Grocery Products		$	22,152		$	21,717		2.0		$	59,364		$	68,053		(12.8	)
	Refrigerated Foods			23,986			23,941		0.2			39,923			29,050		37.4
	Jennie-O Turkey Store			11,112			5,853		89.9			19,212			15,541		23.6
	All Other			4,974			5,000		(0.5	)		8,037			6,779		18.6
		Total segment operating profit	$	62,224		$	56,511		10.1		$	126,536		$	119,423		6.0
		Other income (expense) and net interest		(5,067	)		(40	)	12,648.5			(4,655	)		2,451		(289.9	)
		General corporate income (expense)		3,869			173		2,132.5			4,292			3,316		29.4
Earnings Before Income Taxes			$	61,026		$	56,644		7.7		$	126,173		$	125,190		0.8

NOTE G      NEW ACCOUNTING PRONOUNCEMENTS

    In July 2000, the Emerging Issues Task Force (EITF) reached a consensus on EITF Issue 00-10, "Accounting for Shipping and Handling Fees and Costs." The consensus requires companies to classify amounts billed to customers for shipping and handling as revenue and allows companies to include the costs of its shipping and handling activities as cost of sales. If the costs are not included in cost of sales, companies are required to disclose the amount of such costs and where they are included in the statement of operations. The Company is required to comply with the consensus no later than the fourth quarter of fiscal 2001. The Company currently records shipping and handling fees and costs in

9

selling and delivery expenses. The Company anticipates that it will remain with its current accounting and will disclose the amount of shipping and handling costs that are included in selling and delivery expenses.

    Beginning with the fourth quarter of fiscal 2001, the Company will adopt the provisions of Staff Accounting Bulletin No. 101 (SAB 101) "Revenue Recognition in Financial Statements." As a result of the guidance in SAB 101 regarding FOB Destination Sales, the Company will recognize revenue upon delivery to customers as opposed to shipment, which is the current practice. The Company anticipates this accounting change will have no material effect on the Company's results of operation or financial position.

    In November 2000 and April 2001, the Emerging Issues Task Force (EITF) reached a consensus on EITF Issues 00-14, "Accounting for Certain Sales Incentives" and 00-25, "Vendor Income Statement Characterization of Consideration from a Vendor to a Retailer", respectively. By way of these two pronouncements, the EITF has determined that certain sales incentives and consideration paid by the Company to a retailer, such as slotting fees and cooperative advertising, are reductions of revenue. Currently, the Company recognizes these expenditures as marketing expenses. The Company plans to adopt these pronouncements in first quarter fiscal 2002. The result of these adoptions will be a reclassification between sales and marketing expenses with no impact on net income.

10

Item 2—Managements' Discussion and Analysis of Financial Condition and Results of Operations
                 (In Thousands of Dollars, Except Per Share Amounts)

RESULTS OF OPERATIONS

Overview

    The Company is a processor of branded and unbranded food products for the retail, and foodservice and fresh customer markets. We operate in the following four business segments:

Segment	Business Conducted
Grocery Products	Primarily processing, marketing and sale of shelf-stable food products sold predominately in the retail market.
Refrigerated Foods	Primarily processing, marketing and sale of branded and unbranded pork products for the retail, foodservice and fresh customer markets. This segment also includes processing, marketing and sale of nutritionally enhanced food products sold to hospitals, nursing homes and other health facilities. This segment includes the Meat Products and Foodservice business units and the Hormel HealthLabs operating segment.
Jennie-O Turkey Store	Primarily processing, marketing and sale of branded and unbranded turkey products for the retail, foodservice and fresh customer markets.
All Other	This segment consists of a variety of smaller, dissimilar business units. These businesses produce, market and sell beef products, food packaging (i.e., casings for dry sausage) and food equipment and manufacture, market and sell Company products internationally. This segment includes operating segments: Dan's Prize, Vista International Packaging Corporation, AFECO, and Hormel Foods International Corporation.

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Consolidated Results

    Net earnings in the second quarter increased 7.3 percent to $38,894 from $36,254 during the same quarter of 2000. Sales for the quarter increased 15.9 percent to $1,018,406 compared to last year. Sales for the quarter were up even before the addition of the acquired volume from the Turkey Store acquisition completed during the quarter. Tonnage for the period increased 9.8 percent to 824,419 pounds compared to 2000. The record sales and earnings were achieved in spite of the expense related to a three-week labor strike in Rochelle, Illinois.

    Gross profit as a percent of sales was 26.1 and 27.1 percent for the quarter and six months, respectively, compared to 27.3 and 28.2 percent for the same periods last year. The decline was a result of higher raw material price levels that were not fully recoverable in the selling prices.

    Net earnings for the first six months of fiscal 2001 were $80,426 compared to $80,102 last year. Sales for the half-year increased 10.3 percent to $1,965,899 from 2000. Tonnage volume increased 4.4 percent to 1,604,594 pounds from the same period last year.

    Increases in sales dollars and tonnage volume were both driven by growth in branded, value-added products which continued to outpace commodity product lines within the Company's overall portfolio. Pork processing levels declined slightly during the quarter with a slaughter of 1,958,000 hogs compared to 1,980,000 last year. The average live hog cost for the quarter was 2.3 percent higher than the same period in 2000. Hog contracts were favorable in the second quarter as contract costs were less than the cash spot market for live hogs. The Company reflects the actual costs paid to producers for hogs slaughtered, reporting any gain or loss on contracts on a current basis. Hog contracts are used throughout the industry to minimize the effect of price swings in live hog prices as well as insure a steady source of supply for raw materials.

    The acquisition and integration of The Turkey Store by Jennie-O has gone well. The combined business gives the Company an 18.5 percent share of the U.S. turkey market.

    The Diamond Crystal Brands Nutritional Products acquisition into Hormel HealthLabs was the second acquisition completed during the quarter. This group is now positioned as number two in their market with favorable growth prospects given the aging population not only in the United States but overseas as well.

    Selling and delivery expenses for the quarter and six months were $103,404 and $202,251 compared to $92,390 and $187,279 last year. Marketing expenses were $78,189 for the quarter and $161,883 to-date compared to $73,115 and $158,092 in 2000. The increases generally reflect the increased volume over last year. The Company continues to emphasize its well-established products as well as its newer product lines in promotional programs targeted to increase sales of higher margin processed items.

    Administrative and general expenses increased to $19,546 and $38,425 for the quarter and six months from $18,595 and $35,089 last year primarily reflecting the acquisition of The Turkey Store.

    The effective tax rate for the quarter and first half was 36.3 percent compared to 36.0 percent for the same periods in 2000. The increase reflects the changing proportion of permanent tax differences to total income.

12

Segment Results

    Segment sales and operating profits for each of the business segments are set forth below. Additional business segment financial information can be found in Note F to the Notes to Financial Statements.

			Quarter Ended								Two Quarters Ended
			April 28, 2001			April 29, 2000			% Change		April 28, 2001			April 29, 2000			% Change
Net Sales
	Grocery Products		$	203,159		$	200,701		1.2		$	425,733		$	439,081		(3.0	)
	Refrigerated Foods			560,488			502,631		11.5			1,096,537			989,379		10.8
	Jennie-O Turkey Store			218,617			145,981		49.8			369,226			292,676		26.2
	All Other			71,513			61,621		16.1			138,405			118,687		16.6
Intersegment elimination				(35,370	)		(31,911	)	10.8			(64,002	)		(56,887	)	12.5
Total			$	1,018,407		$	879,023		15.9		$	1,965,899		$	1,782,936		10.3
Operating Profit
	Grocery Products		$	22,152		$	21,717		2.0		$	59,364		$	68,053		(12.8	)
	Refrigerated Foods			23,986			23,941		0.2			39,923			29,050		37.4
	Jennie-O Turkey Store			11,112			5,853		89.9			19,212			15,541		23.6
	All Other			4,974			5,000		(0.5	)		8,037			6,779		18.6
		Total segment operating profit	$	62,224		$	56,511		10.1		$	126,536		$	119,423		6.0
		Other income (expense) and net interest		(5,067	)		(40	)	12,648.5			(4,655	)		2,451		(289.9	)
		General corporate income (expense)		3,869			173		2,132.5			4,292			3,316		29.4
Earnings Before Income Taxes			$	61,026		$	56,644		7.7		$	126,173		$	125,190		0.8

Grocery Products

    The Grocery Products segment consists primarily of processing, marketing and sale of shelf-stable food products sold predominately in the retail market.

    Sales by the Grocery Products business segment were up 1.2 percent for the quarter but down 3.0 percent for the six months compared to the same periods of 2000. Operating profit for Grocery Products increased 2.0 percent for the quarter and decreased 12.8 percent to date compared to last year. Tonnage volume for the period was down 1.9 percent for the quarter and 6.8 percent for the six months compared to the previous year. Despite the decrease in tonnage volume, the Company continues to maintain its leadership position in this category with increases in such brands as SPAM, HORMEL chili, DINTY MOORE and STAGG chili. Turkey SPAM, which was introduced last year, is being well accepted by consumers and has achieved a national all-commodity volume (ACV) distribution of 92 percent. Operating profits continued to be pressured by raw material prices for both the quarter and year to-date. Sales comparisons for the six months continued to be affected by the heavy Y2K purchasing of shelf stable items that occurred in the first quarter of 2000. The Company expects to eliminate the comparison shortfall during the third and fourth quarters.

Refrigerated Foods

    The Refrigerated Foods segment consists primarily of processing, marketing and sale of branded and unbranded pork products for the retail, foodservice and fresh consumer markets. This segment also includes processing, marketing and sale of nutritionally enhanced food products sold to hospitals,

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nursing homes and other health facilities. This segment includes the Meat Products and Foodservice business units and the Hormel HealthLabs operating segment.

    Sales by the Refrigerated Foods segment increased 11.5 and 10.8 percent for the quarter and six months respectively compared to the same periods last year. Operating profit was up 0.2 and 37.4 percent for the quarter and year to date compared to 2000. Tonnage volume for the quarter and six months was up 8.0 and 7.0 percent respectively compared to the previous year.

    As mentioned previously, average live hog costs for the quarter were 2.3 percent higher than the same period last year, however, hog contracts were favorable in the second quarter and made a positive contribution to the Refrigerated Foods segment.

    Both the Meat Products and Foodservice business units performed well despite a slowing economy and softening in discretionary spending. In the Meat Products business unit, branded consumer products increased to 67.0 percent of total tonnage. An especially strong Easter season resulted in a 10.0 percent increase in CURE 81 ham volume over the previous year.

    In the Foodservice business unit, branded tonnage increased 5.0 percent over 2000. Particularly successful products for the quarter included recently introduced AUSTIN BLUES BBQ with a 75.0 percent increase in volume from the first quarter 2001 and BREAD READY sliced meats with a 33.0 percent increase in tonnage volume over 2000.

    The Diamond Crystal Brands Nutritional Products acquisition into Hormel HealthLabs, which is part of the Refrigerated Foods segment, was completed during the quarter. This group is now positioned as number two in their market with favorable growth prospects given the aging population not only in the United States but overseas as well.

Jennie-O Turkey Store (JOTS)

    The Jennie-O Turkey Store business segment consists primarily of processing, marketing and sale of branded and unbranded turkey products for the retail, foodservice and fresh customer markets.

    JOTS sales were up 49.8 and 26.2 percent for the quarter and year to-date respectively, compared to last year. Operating profit was up 89.9 and 23.6 percent for the quarter and six months compared to 2000. The acquisition and integration of The Turkey Store by Jennie-O has gone well. The combined business gives the Company an 18.5 percent share of the U.S. turkey market. Jennie-O Turkey Store continues to expand its product line of convenience turkey products with the introduction of THANKSGIVING TONIGHT premium boneless turkey breast in the retail market and JENNIE-O TWO BIB RIBZ in its Prep Chef foodservice line.

All Other

    The All Other segment consists of a variety of smaller, dissimilar business units. These businesses produce, market and sell beef products, food packaging (i.e., casings for dry sausage) and food equipment and manufacture, market and sell Company products internationally. The All Other segment includes operating segments: Dan's Prize, Vista International Packaging Corporation, AFECO and Hormel Foods International Corporation.

    All Other sales increased 16.1 and 16.6 percent for the quarter and six months respectively compared to 2000. Operating profit declined 0.5 percent for the quarter and increased 18.6 percent year to-date compared to the same periods last year.

    Hormel Foods International experienced a tonnage volume gain of 45.0 percent from the prior-year quarter. However, high international raw material costs and a strong dollar dampened profit margins. Dan's Prize continued to contribute in a very positive way to this segment.

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LIQUIDITY AND CAPITAL RESOURCES

    Ratio comparisons for the second quarter of 2001 and 2000, which demonstrate the Company's financial position, are as follows:

		End of Quarter
		2nd Quarter 2001		2nd Quarter 2000
Liquidity Ratios
	Current ratio	1.9		2.2
	Receivables turnover	13.0		13.8
	Days sales in receivables	27.7 days		25.7 days
	Inventory turnover	9.5		9.1
	Days sales in inventory	41.0 days		41.6 days
Leverage Ratio
	Total debt to equity	53.4	%	25.2	%
Operating Ratios
	Pre-tax profit to net worth	28.1	%	29.6	%
	Pre-tax profit to total assets	13.7	%	15.1	%

    Changes during the first six months in current assets and liability balances followed normal seasonal patterns. Accounts receivable and inventory balances are consistent with the price levels for pork and turkey and future sales volume.

    During the first six months, the Company invested $40,046 in new plant and equipment primarily in Austin, Minnesota and at various Jennie-O locations in Minnesota. Investment in plant and equipment continues to emphasize productivity gains and efficient product flow while improving ergonomics and safety conditions for employees.

    The Company is building a new distribution center in Dayton, Ohio under a synthetic lease agreement. The facility will be operated by Power Logistics, Inc. and is scheduled to begin operations in the third quarter.

    As mentioned earlier, the Company completed the acquisition of the common stock of The Turkey Store effective as of February 24, 2001 for a purchase price of $334,400 in cash subject to adjustments for outstanding indebtedness and changes in working capital, and the acquisition of the assets of Diamond Crystal Brand Nutritional Products on April 27, 2001 for approximately $65,000 in cash.

    On October 31, 2000, the Company entered into an unsecured 364-day revolving credit facility in the amount of $425,000. The credit facility was used during the second quarter in acquiring The Turkey Store Company and Diamond Crystal Brand Nutritional Products. This borrowing increased the total debt to equity ratio to 53.4 percent at the end of the second quarter compared to 25.2 percent last year. The Company issued $350,000 of 6⁵/8% Notes due 2011 on June 7, 2001. The proceeds were used to repay all the outstanding borrowings under the credit facility. The Company believes that adequate borrowing capacity remains after the issuance of the long-term notes to take advantage of business opportunities that may arise through additional acquisitions or internal expansion.

    During the second quarter, the Company purchased 25,161 shares under the share repurchase program at an average price per share of $19.44. To-date in fiscal 2001, 132,691 shares have been repurchased at an average price per share of $18.89. Total shares repurchased under the currently approved plan are 9,174,261 shares at an average price per share of $18.42.

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FORWARD-LOOKING STATEMENTS

    The Company and its representatives may from time to time make written or oral statements with respect to annual or long-term goals and expectations of the Company. These statements include but are not limited to the Company's filings with the Securities and Exchange Commission and in its reports to shareholders. The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made.

    Exhibit 99 to the Annual Report on Form 10-K/A-1 for year ended October 28, 2000 provides the full text of the Company's cautionary statement relevant to forward-looking statements and information for the purpose of "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995.

Item 3. Quantitative and Qualitative Disclosure about Market Risks

    A principal market risk affecting the Company is the exposure to changes in interest rates on the Company's fixed-rate, long-term debt. Market risk for fixed-rate, long-term debt is estimated as the potential increase in fair value, resulting from a hypothetical 10.0 percent decrease in interest rates, and amounts to approximately $1,716. The fair values of the Company's long-term debt were estimated using discounted future cash flows based on the Company's incremental borrowing rates for similar types of borrowing arrangements.

    While the Company does have international operations and operates in international markets, it considers its market risk in such activities to be immaterial.

    The Company's earnings are affected by fluctuations in the live hog market. To minimize the impact on earnings, the Company has entered into contracts with producers for the purchase of hogs at formula-based prices over periods of up to 15 years. The contract formula is based on hog production costs. Purchased hogs under contract account for 72 and 73 percent of the total hogs purchased by the Company through six months of 2001 and 2000, respectively. A hypothetical 10 percent change in the cash market would have impacted approximately 28 and 27 percent of the hogs purchased to-date in 2001 and 2000, respectively, and would not have a material effect on the Company's results. The contracts reduce volatility in hog prices and ensure a steady supply of quality hogs.

    The Company raises or contracts on a yearly basis for live turkeys. This reduces market risk from fluctuations in a live turkey market.

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PART II—OTHER INFORMATION

HORMEL FOODS CORPORATION

Item 1. Legal Proceedings

The Company knows of no pending material legal proceedings.

Item 4. Results of Votes of Security Holders

None.

Item 6. Exhibits and Reports on Form 8-K

(a)	Exhibits
	None
(b)	Reports on Form 8-K
	March 9, 2001—The Company filed a Form 8-K announcing completion of the acquisition of The Turkey Store Company on February 24, 2001.
	March 13, 2001—The Company filed an Amendment to Form 8-K dated March 9, 2001 supplementing financial statements and providing pro-forma financial statements for the acquisition of The Turkey Store Company.

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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	HORMEL FOODS CORPORATION (Registrant)
Date: November 28, 2001	By	/s/ M. J. McCOY M. J. McCoy Executive Vice President And Chief Financial Officer
Date: November 28, 2001	By	/s/ J. H. FERAGEN J. H. Feragen Vice President and Treasurerr

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QuickLinks

Introductory Note
PART 1—FINANCIAL INFORMATION

Item 1—Financial Statements

HORMEL FOODS CORPORATION STATEMENTS OF FINANCIAL POSITION (In Thousands of Dollars)
HORMEL FOODS CORPORATION STATEMENTS OF FINANCIAL POSITION (In Thousands of Dollars)
HORMEL FOODS CORPORATION STATEMENTS OF EARNINGS (In Thousands of Dollars, Except Per Share Amounts) (Unaudited)
HORMEL FOODS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of Dollars) (Unaudited)
HORMEL FOODS CORPORATION NOTES TO FINANCIAL STATEMENTS (In Thousands, Except Per Share Amounts) (Unaudited)

Item 2—Managements' Discussion and Analysis of Financial Condition and Results of Operations (In Thousands of Dollars, Except Per Share Amounts)

RESULTS OF OPERATIONS
Overview
Consolidated Results
Segment Results
LIQUIDITY AND CAPITAL RESOURCES

Item 3. Quantitative and Qualitative Disclosure about Market Risks

PART II—OTHER INFORMATION HORMEL FOODS CORPORATION

Item 1. Legal Proceedings
Item 4. Results of Votes of Security Holders
Item 6. Exhibits and Reports on Form 8-K

SIGNATURES