Canned meat spam sales continue to grow, hitting a record high for parent company Hormel Foods' fiscal year 2021, CEO Jim Snee told CNBC's Jim Cramer on Thursday.
"This is unbelievable. We had to announce new capacities that we will put online in 2023 to meet the demand, so spam is stronger than ever before," said Snee in an interview with "Mad Money".
The chairman's appearance comes after the Minnesota-based company announces fourth quarter and full year results. Hormel's quarterly sales of $ 3.45 billion exceeded Wall Street's forecast of $ 3.22 billion. The earnings per share of 51 cents exceeds the estimates by 1 cents.
Many people in the continental United States take spam as a joke. He makes cameos in the TikTok movies in the Washington Post. This is the punch line for Monty Python's famous sketch and its Broadway musical spin-off, "Spamalot," sponsored by Hormel, the Spam company.
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But Hormel did not always lean toward that reputation. In fact, he has tried to sell spam as serious food for a long time.
When Spam came out, this strategy worked. It was advertised in popular magazines and radio broadcasts, and in the first three years after its premiere, 70% of US city dwellers have tried it.
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