(Reuters) - Skippy peanut butter maker Hormel Foods on Thursday missed first-quarter profit estimates, hurt by higher input costs and the persistent effects of a supply issue at its Planters brand's distribution facility from last year.
Hormel Foods, which sells snacking and packaged meat products, has also taken a hit due to lower whole turkey prices and increased advertising expenses.
The company has been struggling to boost demand for its turkey products as consumers preferred affordable meat alternatives such as beef and chicken amid high inflation.
Meanwhile, demand for certain packaged products suffered as the company kept the prices elevated to protect its margins from inflated input costs.