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Spam sales help boost Hormel 1Q net income

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AUSTIN, Minn. (AP) — Hormel Foods Corp. said Thursday its net income edged up as higher sales of Spam and Hormel chili and other products helped offset higher costs for grain and for commodity costs in its Jennie-O Turkey segment.

The company, which agreed to buy Skippy peanut butter in January as part of its effort to expand its grocery store offerings, also raised its guidance. Its shares briefly rose to a new high.

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