Hormel Foods 2010 Annual Report Download - page 58

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56
In fiscal 2010, sales to Wal-Mart Stores, Inc. (Wal-Mart)
represented $1.03 billion or 13.0 percent of the Company’s
consolidated revenues (measured as gross sales less returns
and allowances). Wal-Mart is a customer for all five segments
of the Company.
Revenues from external customers are classified as domestic
or foreign based on the final customer destination where
title passes. No individual foreign country is material to the
consolidated results. Additionally, the Company’s long-lived
assets located in foreign countries are not significant. Total
revenues attributed to the U.S. and all foreign countries in
total for the last three fiscal years are as follows:
Fiscal Year Ended
October 31, October 25, October 26,
(in thousands) 2010 2009 2008
United States $ 6,874,150 $ 6,198,818 $ 6,408,265
Foreign 346,569 334,853 346,638
$ 7,220,719 $ 6,533,671 $ 6,754,903
Note O
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following tabulations reflect the unaudited quarterly results of operations for the years ended October 31, 2010, and
October 25, 2009.
Net Earnings
Attributable to
Hormel Foods Basic Earnings Diluted Earnings
(in thousands, except per share data) Net Sales Gross Profit Net Earnings Corporation(1) Per Share Per Share
2010
First quarter $ 1,727,447 $ 318,387 $ 112,269 $ 111,207 $ 0.83 $ 0.82
Second quarter 1,699,782 280,467 78,535 77,862 0.58 0.57
Third quarter 1,730,451 284,915 86,364 85,370 0.64 0.63
Fourth quarter 2,063,039 354,973 122,608 121,148 0.91 0.90
2009
First quarter $ 1,689,086 $ 272,315 $ 82,177 $ 81,383 $ 0.61 $ 0.60
Second quarter 1,595,043 262,038 81,100 80,385 0.60 0.59
Third quarter 1,574,440 260,324 78,095 77,169 0.57 0.57
Fourth quarter 1,675,102 304,194 104,606 103,876 0.78 0.77
(1) Excludes net earnings attributable to the Company’s noncontrolling interests. See further discussion in Note A: Accounting Changes and Recent Accounting Pronouncements.