Glenn Leitch. President, Jennie-O Turkey Store Group Vice President, Hormel Foods
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1 Glenn Leitch President, Jennie-O Turkey Store Group Vice President, Hormel Foods
2 Agenda Industry status Our fundamental goals How we win Our supply chain metrics Summary 2
3 2013 Turkey Industry Ranking - Top Turkey Industry Ranking Rank Company 2011 Pounds 2012 Pounds 2012 % Change 2013 Pounds 2013 % Change 1 Butterball, LLC 1, , , Jennie-O Turkey Store 1, , % 1, % 3 Cargill Value Added Meats 1, , , % 4 Farbest Foods, Inc % % 5 Hillshire Brands Company (formerly Sara Lee) % % 6 Kraft Foods, Inc. / Oscar Mayer Foster Farms % % 8 Perdue Farms Incorporated % 9 House of Raeford Farms, Inc % % 10 Virginia Poultry Growers Cooperative, Inc % Watt PoultryUSA Survey, 2013 TOTAL LIVE POUNDS (in millions)
4 Fresh Breast Meat NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT F F F
5 Frozen Thigh Meat NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT F F F
6 Cold Storage Stocks 350 Whole Birds MM Lbs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
7 Cold Storage Stocks Parts and Other OtherBreast Meat 200 MM Lbs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
8 2013 live weight slaughter +2% Total Live Weight Slaughter Pounds MM lbs
9 Monthly % Change in Slaughter Pounds (Measured year-over-year with comparable number of kill days.) %
10 Average Live Weight Per Head lbs/bird
11 Weekly Egg Sets MM Eggs Jan 8-Feb 14-Mar 18-Apr 23-May 25-Jun 30-Jul 3-Sep 8-Oct 12-Nov 17-Dec
12 Poults Placed (U.B.) % Inc/Dec Yr over Yr
13 Corn Market
14 At the end of the day, grain markets will not define us. We will be defined by Maintaining the level of Food Safety at a standard that leads the industry. Developing People Safety and Animal Care practices such that we watch out for each other and the animals in our care every day. Managing our total supply chain to gain efficiencies and continuous improvement in cost and process control. Protecting and growing our brands, developing deeper relationships with our customer partners and consumers, and creating products that make a difference in people s lives.
15 How We Win in the Marketplace
16 Volume Sales JENNIE-O Ground Turkey Products Ground Turkey Category 2-Year Growth + 34% Leadership JENNIE-O has grown 34% since 2010, and now has 36% market share PERDUE, 6% BUTTERBALL, 6% PRIVATE LABEL, 12% Volume Share FOSTER FARMS, 4% JENNIE-O, 36% HONEYSUCKLE, 14% SHADYBROOK, 17% Source: AC Nielsen, 104 w/e
17 Total Brand Shares of Fresh, Frozen & Processed Turkey Categories Do we win the marketplace? Foster Farms, 4% Other, 21% JOTS, 35% Private Label, 9% Cargill, 20% Perdue, 3% Butterball, 7%
18 Customer Service 100.0% 99.0% 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% Key Customer Service Metrics Case Fill Order Fill On Time From 2009 to 2012, Jennie-O Turkey Store s Customer Retention Rate for Fresh Tray Pack customers is 98%.
19 Logistics The Fresh Super Highway Jennie-O s fresh distribution system remains as a core competency of the company.
20 Package Shelf Life Convenience Innovation Non-traditional Channels New Ideas Merchandising
21 LIKES on Facebook page. Brand Building Annual visitors to jennieo.com JENNIE-O uses a multi-prong approach to reaching consumers - from social media to public relations, from grassroots level sampling to national prime time television. Consumer impressions from public relations Estimated viewers of the 2012 WORLD SERIES Viewers during a season of THE BIGGEST LOSER
22 Purchase Intent Total Purchase Intent JENNIE-O Brand Purchase Intent Brand Awareness As JENNIE-O brand awareness has grown, so has intent to purchase. This key sales-driving measurement is up from 26% to 53%.
23 Category Leadership Household Penetration (%) JENNIE-O Tray Pack Products Jennie-O Turkey Store has grown brand and category consumption by driving tray pack new household penetration 51% since Source: AC Nielsen, 52 w/e
24 Food Safety Brand Communication Striving for the safest cooking possible, Jennie-O communicates food safety to our consumers in a variety of ways including messages on our websites, packaging and TV commercials.
25 Key Growth Drivers Fresh Breakfast Chubs Projected to generate millions of pounds of new volume in FY 2013 Benefitting from extended shelf life and solid momentum for turkey based breakfast meats Over 40 customers now purchasing regularly 2012Q Q Q Q Q02 25
26 Key Growth Drivers Fresh Ground Chubs An Ownable Position: Shelf life has improved. Sales rates continue to grow. Ground beef pricing inflation continues. Dinner chubs increase the total turkey grind category
27 Key Growth Drivers Turkey Bacon Weekly Bacon Volume Trends ACN 12 Wks Ending 4/28/13 ACV Distribution +15 Dollar Volume +55% Dollar Share P01-W P01-W P02-W P03-W P04-W P05-W P06-W P07-W P08-W P09-W P10-W P11-W P12-W P01-W P01-W P02-W P03-W P04-W P05-W P06-W P07-W3 27
28 28
29 Breakfast Results Bacon LBs: 142 Index vs YAGO Fresh Breakfast Sausage Fastest start of any new product
30 Promotional Periods Breakfast January March, September - October Grilling April August Oven Ready September December
31 JENNIE-O and WHOLLY GUACAMOLE Joint Promotion Custom Recipe on jennieo.com All*You Magazine Ad and Coupon All*You Newsletter Jennie-O Social Presence 682 page views (0.12% of all page views) 1.5 M circulation, 3.6 M impressions Coupon Redemption Forecast = 10.5K 350,000 opt-in subscribers 19.3% click thru rate 200,000+ opt-in community members Wholly Guacamole Packaging Wholly Guacamole Blogging Network 1.9 million packages 500,000+ unique visitors/month
32 New Product Launches Launched : 2011 Fresh Turkey Breakfast Sausage (Chubs) Launched : 2012 FESTIVE Seasoned Turkey Chubs Launched : 2012 Jalapeno Jack Turkey Burgers Launched : oz Turkey Franks Launched : 2013 Turkey Breast Steaks Launched : 2013 Maple Turkey Bacon Launched : 2011 Grab + Go Turkey Pot Roast Launched : 2012 Turkey Meatloaf (Deli Prepared Foods) Re-Launched : 2012 Turkey Bacon (12oz. + 5oz.) Launched : 2013 Turkey Breakfast Sausage (Fully Cooked, Refrigerated) Launched : 2013 Turkey Meatballs (Fully Cooked, Refrigerated)
33 Foodservice
34 Historical Look Net Sales Growth e Consistent 12% Annual Growth
35 Balanced Sales Mix Military/Other 6% National 13% GPO 26% Schools 20% Independent 25% Correctional 10%
36 Turkey Bacon lbs Net Sales e Leverage JENNIE-O Brand Retail strength and marketing dollars Capitalizing on breakfast growth in Food Service Crispy expertise 36
37 A Sample of 2013 Customer Successes Major sandwich chain volume up 58% Sit down breakfast new bacon item Regional chain all natural burger Major K-12 L atitudes contract 3 all natural products at a specialty retailer
38 38
39
40 Store Baked Program Part of a 3-Tiered program Easy (raw roasts) Easier (brown to finish) Easiest (FC premium roasts) Benefits Unique to each retailer and customer Can be sold in any deli (even those with exclusive brand agreements) Minimal labor at deli Differentiates from Meat Department 40
41 Rotisserie Hot Entrées Split breasts Turkey pot roast
42 Deli Brand Distribution-Total US Deli Bulk Total Turkey ACV 82.0% % ACV Selling 51.1% 47.6% 35.4% 23.6% 20.5% 10.1% 9.8% 7.3% 6.4% PRIVATE LABEL Jennie-O Turkey Store Sara Lee Butterball Eckrich Boar's Head Carolina Turkey Dietz & Watson Healthy Ones Perdue Source: Perishables Group 13 w/e 2/23/13, Companies with an ACV of >5%, not including unbranded.
43 Whole Bird Business 43
44 Effective Cost Reductions Plant Process flow, product handling, and automation Product Yield performance, sizing, packaging Farms Natural selection, feed profile, and farm improvements (natural gas) Cost Reduction $$ 44
45 Value Adding the Hen Mix GP/CWT OR Whole Bird Smkd Whl Bird Split Breast Hen Whole Tky 45
46 Tactics to Reach Consumers 46
47 Growing New Export Markets: Mexico, Canada, and China/HK still lead the way, but $ millions Mid East Columbia Iraq West Africa Reduces pressure on domestic price/supply relationship Focuses on improving by-product values, sometimes extraordinarily so Improves long term turkey production growth opportunities 47
48 Employee Count 5,876 5,580 5,436 5,317 5,240 5,241 5,233 5,193 4,948 4,930 5,001 4,852 4,
49 Cost Neutral Labor Cost / lb Overhead Cost / lb Evis/Bone VA 2012 YE 2013 YTD Evis/Bone VA 2012 YE 2013 YTD
50 Recordable Accident Rate 20 Recordable Rate YTD 50
51 Sustainability Goals WATER USAGE Gal/lb FY st Quarter % Change Benson Ave WCT Melrose WAP Montevideo Barron Faribault Total J-OTS
52 Animal Care Video review of loading Audits at unloading Extensive training Industry best practices Tell our story 52
53 53
54 How We Win in the Marketplace
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