SEGMENT REPORTING

3 Months Ended

Jan. 26, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE N - SEGMENT REPORTING

The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States.

The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, gains or losses on the sale of businesses, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.

	Quarter Ended
In thousands	January 26, 2025		January 28, 2024
Net Sales
Retail	$	1,890,133	$	1,911,272
Foodservice	930,185		913,087
International	168,495		172,552
Total Net Sales	$	2,988,813	$	2,996,911
Segment Profit
Retail	$	119,147	$	149,505
Foodservice	138,826		150,164
International	20,845		20,031
Total Segment Profit	278,818		319,700
Net Unallocated Expense	60,700		34,020
Noncontrolling Interest	(45)		(134)
Earnings Before Income Taxes	$	218,073	$	285,547

The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are: 

	Quarter Ended
In thousands	January 26, 2025		January 28, 2024
Perishable	$	2,151,822	$	2,106,571
Shelf-stable	836,991		890,340
Total Net Sales	$	2,988,813	$	2,996,911

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.