EXHIBIT 99.1

                                                           FOR IMMEDIATE RELEASE


                Smithfield Foods Expects Second Quarter Earnings
                        Above Expectations and Last Year

Smithfield, Virginia (October 16, 2001)--Smithfield Foods, Inc. (NYSE:SFD)
announced today that earnings for the second quarter of fiscal 2002 ending
October 28 are expected to be substantially above analysts' expectations and
results of a year ago.  The company said that it expects to report fully diluted
earnings for the second quarter of approximately $.54 per share compared with
$.42 per share in the same quarter of fiscal 2001.

Smithfield Foods said that its Meat Processing Group is maintaining margins
comparable to a year ago, in spite of higher live hog prices.  Hog production
earnings, however, are rising considerably as a result of the higher live hog
prices versus last year.  The company said that its vertical integration
strategy of combining meat processing and hog production continued to create
sustained earnings growth.

Consensus earnings estimates for the second quarter are for $.47 per diluted
share, according to First Call.  Smithfield Foods will announce earnings on
November 20.

Smithfield Foods has delivered a 28 percent average annual compounded rate of
return to investors since 1975.  In the last 15 years, the company's share price
has outperformed the S&P 500 Index by more than 350 percent.  With annual sales
of $6 billion, Smithfield Foods is the leading processor and marketer of fresh
pork and processed meats in the United States, as well as the largest producer
of hogs.  For more information, please visit www.smithfieldfoods.com.

This news release may contain "forward-looking" information within the meaning
of the federal securities laws. The forward-looking information may include
statements concerning the Company's outlook for the future, as well as other
statements of beliefs, future plans and strategies or anticipated events, and
similar expressions concerning matters that are not historical facts. The
forward-looking information and statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, the statements. These risks and uncertainties
include availability and prices of live hogs, raw materials and supplies, live
hog production costs, product pricing, the competitive environment and related
market conditions, operating efficiencies, access to capital, the cost of
compliance with environmental and health standards, adverse results from ongoing
litigation and actions of domestic and foreign governments.

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Contact:
Jerry Hostetter
Smithfield Foods, Inc.
(212) 758-2100