7 million a year earlier. Nonetheless, we increased advertising and promotional
spending during the quarter to strengthen our position in the market
going forward," Johnson said. "Our Grocery Products segment continues to
have leading market share positions in many of the categories in which
we compete , and we expect to see better profitability in this segment
when protein markets trend lower," Johnson said.

-- Clougherty Packing integration on plan and contributions are
expected to accelerate in the second half.

DIVIDENDS

Effective May 16, 2005, the company paid its 307th consecutive
quarterly dividend. For
more information, visit www.
Please refer to the Cautionary Statement Relevant to Forward-Looking
Statements and Information that appears on Exhibit 99.9)
Refrigerated Foods 25,487 37,179 (31.8
------------- - -------------- --------------
Income before tax $88,961 $84,227 5.87 $.

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Sales totaled $2.

-- Operating profit was down 2 percent.0
Jennie-O Turkey Store 510,976 477,317 7. + SHAREHOLDERS'
INVESTMENT $2,724,913 $2,533,968
================ ================

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

Twenty-Six Weeks Ended
5-01-2005 4-24-2004
-----------------------
(In Thousands )
OPERATING ACTIVITIES
Net earnings $120,293 $105,477
Adjustments to reconcile to net cash
provided by Operating activities:
Depreciation 51,506 42,900
Amortization of intangibles 4,223 3,500
Equity in earnings of affiliates (3,869) (3,431)
Provision for deferred income taxes (5,983) (6,278)
Loss on property/equipment sales and
plant facilities 163 15
Gain on sale of investment 0 (6,222)
Changes in operating assets and liabilities
net of acquisitions:
Decrease in accounts receivable 17,296 38,318
(Increase) in inventories, prepaid
expenses, and other current assets (31 ,829) (59,623)
(Decrease) Increase in accounts payable
and accrued expenses (36,285) 13,670
Other 3,433 2,766
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 118,948 131,092

INVESTING ACTIVITIES
Purchase of held -to-maturity securities 0 (3,250)
Acquisitions of businesses (330,416) (2,097)
Purchases of property / equipment (49,935) (34,287)
Proceeds from sales of property / equipment 1,036 716
Proceeds from sale of investment 0 84,249
Decrease (Increase) in investments, equity
in affiliates, net pension assets, and
other assets 4,903 (29,538)
----------- -----------
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES (374,412) 15,793

FINANCING ACTIVITIES
Proceeds from short-term debt 90,000 0
Principal payments on long-term debt (319) (21,555)
Dividends paid on common stock (33,480) (30,122)
Stock repurchase (6 ,116) (8,711)
Other 8,653 7,763
----------- -----------
NET CASH PROVIDED BY/(USED IN) FINANCING
ACTIVITIES 58,738 (52,625)
----------- -----------
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (196,726) 94,260
Cash and cash equivalents at beginning of year 288,881 97,976
----------- --------- --

CASH AND CASH EQUIVALENTS AT END OF QUARTER $92,155 $192,236
=========== ===========

Popular ConAgra
Foods consumer brands include ACT II, Armour, Banquet, Blue Bonnet,
Brown 'N Serve, Butterball, Chef Boyardee, Cook's, Crunch 'n Munch,
DAVID, Decker, Eckrich, Egg Beaters, Fleischmann's, Gulden's, Healthy
Choice , Hebrew National, Hunt's, Kid Cuisine, Knott's Berry Farm, La
Choy, Lamb Weston, Libby's, Lightlife , Louis Kemp, Lunch Makers, MaMa
Rosa's, Manwich, Marie Callender's, Orville Redenbacher's, PAM,
Parkay , Pemmican, Peter Pan, Reddi-wip, Rosarita, Ro*Tel, Slim Jim,
Snack Pack, Swiss Miss, Van Camp's, Wesson, Wolf and many others.

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Johnson, chairman of the board
and chief executive officer.
"We are making good progress integrating the three acquisitions
that were announced during the second quarter, Mexican Accent,
Mark-Lynn Foods and Lloyd's Barbeque Company.

-- Foodservice sales up 5 percent driven by growth from precooked
breakfast sausage, ALWAYS TENDER pork, AUSTIN BLUES BBQ,
Applewood smoked bacon and CAFE H products.

-- Operating profit totaled $34 million compared with $17 million
last year. The annual rate is $.1)
Gen.4)
Jennie-O Turkey Store 68,272 38,899 75.

ConAgra Foods Chairman Announces Succession Plan and Search for Successor

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Double-digit volume growth items
include JENNIE-O TURKEY STORE rotisserie turkey breasts,
premium seasoned turkey breasts, tray pack and marinated
tenderloins.com/windows/windowsmedia /download/default.2
Net interest and
investment income (7,989) (851) (838.

Business Editors

OMAHA, Neb.

Commercial firms providing products, services or distribution about, for or of meat.

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38 in 2004

Dollar sales of $1.
"The Grocery Products and Refrigerated Foods segment margins were
pressured because of higher pork and beef raw material costs compared
to last year.

ABOUT HORMEL FOODS CORPORATION

Hormel Foods Corporation , based in Austin, Minn. The
company enjoys a strong reputation among consumers, retail grocers,
foodservice and industrial customers for products that are highly
regarded for quality, taste, nutrition, convenience and value.2
Specialty Foods 7,897 8,377 (5.

"Bruce has always been a forward-looking, focused individual who
put shareholder value at the top of his agenda .

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----Hormel Foods
Corporation (NYSE:HRL) today reported its performance for the fiscal
2005 second quarter. Sales totaled $1.
For the six months ended May 1, 2005, net earnings were $120. We expect this same operating environment
for the rest of the year," said Joel W.
"Grocery Products reported mixed results.

-- Volume declined 1 percent as a result of lower industrial
ingredient sales .8 million sales reorganization expenses that occurred
in 2004 and $1. The company leverages its extensive expertise,
innovation and high competencies in pork and turkey processing and
marketing to bring quality, value-added brands to the global
marketplace.1
Refrigerated Foods 687,851 541,987 26.6

OPERATING PROFIT
-------------------------
Grocery Products $28,490 $29,028 (1.3

OPERATING PROFIT
------------------- ------
Grocery Products $63,434 $63,411 0.4

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)

Thirteen Weeks Ended Twenty-Six Weeks Ended
5-01-2005 4-24-2004 5-01-2005 4-24-2004
----------- ----------- ----------- -----------

Net sales $1,309,637 $1,143,127 $2,581,068 $2,278,660

Cost of products sold 1,006,946 869,708 1,966,564 1,733,465
----------- ----------- ----------- -----------

GROSS PROFIT: 302,691 273,419 614,504 545,195

Expenses:
Selling and delivery 138,491 128,588 276,282 254,361

Marketing 29,183 27,199 60,909 53,066

Administrative +
general 41,236 38,601 81,858 75,219
----------- ----------- ----------- -- ---------

TOTAL EXPENSES: 208,910 194,388 419,049 382,646

Equity in earnings
of affiliates 1,000 2,439 3,927 4,145
----------- ----------- ----------- -----------

OPERATING INCOME: 94,781 81,470 199,382 166,694

Other income +
expenses:
Interest +
investment income 886 9,380 5,491 12,582

Interest expense (6,706) (6,623) (13,480) (13,433)
----------- ----------- ----------- --- --------

EARNINGS BEFORE INCOME
TAXES: 88,961 84,227 191,393 165,843

Provision for income
taxes 33,142 30,576 71,100 60,366
(effective tax rate) 37.40 $.

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3 billion, up from
$1. Retail categories with solid growth in
the quarter include HORMEL fully cooked bacon, HORMEL fully cooked
entrees , HORMEL case-ready products and JENNIE-O TURKEY STORE tray
pack items.

-- Operating profit down 31 percent resulting from higher live
hog costs. The higher operating profit resulted from a
combination of value-added sales growth, higher turkey meat
markets, lower feed costs and efficiencies in our production
facilities.

CONFERENCE CALL

A conference call will be Webcast at 9:00 a.4
Net interest and
investment income (5,820) 2,757 (311 .8
Refrigerated Foods 1,336,283 1,086,611 23.

portioned miran

40, up from $. Earnings per share were $.5 million
a year ago, or $.70 to $1. Other value-added areas of growth reporting
double -digit increases include HORMEL fully cooked entrees and
DILUSSO DELI COMPANY items.6

YEAR TO DATE - 26 WEEKS ENDED
-------- ------------------------------------

SALES May 1, 2005 April 24, 2004 % Change
------------------------- -------------- -------------- --------------
Grocery Products $384,461 $370,466 3.39 $. The company still holds 15.4 million
shares of Pilgrim's Pride (NYSE: PPC) as a result of the
divestiture of its poultry business.

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Business Editors

AUSTIN, Minn.

-- Volume was up 6 percent compared with last year.m.
The audio replay will be available beginning at 10:00 a.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on
management's current views and assumptions.1 of the
company's Annual Report on Form 10-K for the fiscal year ended October
30 , 2004, which can be accessed at http://www. In that timeframe he
has transformed the company from an agriculturally based conglomerate
and built it into one of North America's largest packaged foods
companies focused on retail, foodservice and ingredient customers.

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6 billion, up 13
percent, from $2.34 to $. The addition of the LLOYD'S
barbeque products to our existing fully cooked entree business
positions Hormel Foods as the clear category leader.

Specialty Foods (10 % of Net Sales, 8 % of Total Segment Operating
Profit)

-- Dollar sales increased 6 percent to $131 million .
Dan's Prize also reported double-digit growth.

Net Interest and Investment Income/General Corporate Expense

-- Net interest and investment income was lower in 2005 because
2004 included a $6.52 per share. If
you do not have Media Player, you may download it for free at
http://www ., is a
multinational manufacturer and marketer of consumer-branded food and
meat products, many of which are among the best known and trusted in
the food industry.
"As a result of Bruce's leadership ConAgra Foods is greatly
transformed.
ConAgra Foods, Inc. (NYSE:CAG) is one of North America's largest
packaged food companies, serving consumer grocery retailers, as well
as restaurants and other foodservice establishments.

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OPERATING HIGHLIGHTS

Grocery Products (15 % of Net Sales , 28% of Total Segment
Operating Profit)

-- Dollar sales totaled $191 million, up 2 percent .hormel.1
Specialty Foods 240,920 235,264 2.8)
Gen.38 $.

grogan skare

While products within
the microwave category delivered double-digit growth and our chili
volume was up, we continue to see weakness in the canned stew
category," Johnson stated.
"After assessing industry factors and our business plans and
prospects, our earnings guidance for the third quarter of fiscal 2005
is in a range of $. CT on
Thursday, May 26, 2005, through 11:00 p.3
All Other 50,428 51,647 (2.5)
--------- ----- -------------- --------------
Total segment operating
profit 213 ,504 195,524 9. He also focused on
building corporate-wide systems and processes that place the company
in a position to execute its sales, marketing and operating programs
in a highly coordinated way," said Carl E.

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3 billion in the same period last year. The contributions from these
businesses are expected to accelerate in the second half of the year,"
commented Johnson .

-- Volume was up 5 percent.

-- Operating profit was down 6 percent due to a product mix
change at Century Foods International.7 million lower pension and medical expenses in
2005 . If you do not have
Internet access and want to listen to an audio replay, call
800-642-1687 in the United States and 706-645-9291 internationally and
enter conference call ID 6447902.microsoft .asp.15% 36.

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8 million, up 4 percent
from $53.

-- Operating profit was down 31 percent , due principally to
Vista's removal from our portfolio. CT on Thursday, May
26, 2005.hormel.5
Specialty Foods 11,438 13,095 (12. Goldstone,
director, and retired Chairman and CEO of RJR Nabisco.com

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40 this
year compared with $. Foodservice products reporting double-digit growth include
AUSTIN BLUES BBQ, ALWAYS TENDER pork and CAFE H products ," Johnson
said.80,"
Johnson concluded.

-- Volume increased 34 percent.

-- Outstanding growth from case-ready products with volume up 30
percent. For the past five years, Hormel Foods was named one of
"The 400 Best Big Companies in America" by Forbes magazine.4)
-------------- -------------- --------------
Total $1,309,637 $1,143,127 14.5)
-------------- -------------- ---------- ----
Total $2,581,068 $2,278,660 13.0
-------------- -------------- --------------
Income before tax $191,393 $165,843 15.25% 36.40%
----------- ----------- ----------- -----------

NET EARNINGS $55,819 $53,651 $120,293 $105,477
=========== =========== =========== ===========

NET EARNINGS PER SHARE
(Basic ) $. When we recruited him as CEO we were looking for someone
who was capable of rationalizing and consolidating a business that had
grown very quickly through multiple acquisitions .

The company is now focused on marketing, operational
efficiency and business process consolidation to improve
customer service, enhance consumer demand and grow margins.

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38 last year.
The lower sales from canned stew category also reduced
profits. Listening to
the Webcast requires speakers and Microsoft's Windows Media Player.0)
------------ -- -------------- --------------
Total segment operating
profit 100 ,458 98,084 2.86 $.

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These businesses fit our
strategies to grow our ethnic and Foodservice businesses, and bring
value-added products to the meat case.
"Our strategy to produce convenient, value-added products
continues to deliver results.

Refrigerated Foods (52 % of Net Sales, 25 % of Total Segment
Operating Profit)

-- Dollar sales totaled $688 million, up 27 percent.
Excluding Vista, this year's dollar sales were up 24 percent,
driven by strong export sales of fresh pork and STAGG chili.9
Jennie-O Turkey Store 249,894 239,782 4.30% 37.40 $.
The 56-year-old Rohde has served as CEO of ConAgra Foods since
September 1997 and Chairman since September 1998. Reichardt, lead director of
ConAgra Foods Board of Directors, and retired chairman and CEO of
Wells Fargo + Co.

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-- Favorable market conditions are expected for the rest of the
year.hormel.2
Specialty Foods 130,828 123,081 6.
As part of the company's current strategic planning process , Rohde
discussed succession planning with the ConAgra Foods Board of
Directors and today formally asked the Board to approve the formation
of a search committee that will be headed by Steven F.

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86 per share (up 15 percent), compared to $105.75 per share.

-- SPAM Singles doing well in the 12 markets in which they have
been introduced. The Webcast replay will be available
at 12:00 (noon) CT, May 26, and archived for one year.----ConAgra Foods
(NYSE:CAG) Chairman and Chief Executive Officer Bruce Rohde today
launched a formal search for his own successor. For
more information , visit www.

tardy corned

Higher pork costs for the
SPAM family of products and aggressive marketing and
promotional spending in the chili category pressured margins. corporate expense (5,677) (16,614) 65.7)
All Other 9,007 13,151 (31. The
company has made significant progress and in my view is now well
poised for a new and significant phase of execution and growth," said
Rohde.

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COMMENTARY AND OUTLOOK

"Our turkey business was the clear stand-out in the quarter.40 per share.

All Other (4 % of Net Sales, 5 % of Total Segment Operating
Profit)

-- Dollar sales down 2 percent to $50 million. Year-ago results
included $11 million of sales from Vista International
Packaging, which was sold in the third quarter of fiscal 2004.

-- General corporate expenses were lower in 2005 primarily from
the $4.m. Actual events may differ.4
All Other 108,428 109,002 (0. corporate expense (14,122) (28,830) 51.
"My goal here is to set the stage for purposeful succession
planning.

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3 billion increased 15 percent from 2004
(up 4 percent excluding acquisitions /divestitures)

Volume up 17 percent compared to last year (up 2 percent
excluding acquisitions /divestitures)

Jennie-O Turkey Store operating profit up 103 percent; volume
up 5 percent; dollar sales up 4 percent

Refrigerated Foods operating profit down 31 percent; volume up
34 percent (up 4 percent excluding acquisitions); dollar sales
up 27 percent (up 5 percent excluding acquisitions)

Grocery Products operating profit down 2 percent; volume down
5 percent; dollar sales up 2 percent (down 2 percent excluding
acquisitions)

Specialty Foods operating profit down 6 percent; volume down 1
percent (down 6 percent excluding acquisitions); dollar sales
up 6 percent (up 3 percent excluding acquisitions)

Three acquisitions, Mexican Accent, Mark-Lynn Foods and
Lloyd's Barbeque Company completed in the quarter

Hormel Foods Corporation (NYSE: HRL-News), the multinational
marketer of consumer -branded meat and food products, today reported
fiscal 2005 second quarter net earnings of $55.3
million , or $. CT on June 17, 2005.

pastured terno

com.com

Statements Follow

Segment Data

Fiscal 2005 Second Quarter Segment Operating Results (in Thousands)

SECOND QUARTER - 13 WEEKS ENDED
--------------------------------------------

SALES May 1, 2005 April 24, 2004 % Change
------------------------- ------ -------- -------------- --------------
Grocery Products $190,636 $186,630 2.0
Refrigerated Foods 61,353 66,968 (8.76
=========== =========== =========== ===========
NET EARNINGS PER SHARE
(Diluted) $. Because of a diligent Board and a dedicated team of people,
the right things have happened over the past several years.

During Rohde's tenure as CEO of ConAgra Foods:

The company has been reshaped from 90 independent operating
companies into three focused business segments serving
customers in retail, foodservices and ingredients channels

The company divested commodity-based businesses, including
fresh beef, pork and chicken , canned seafood, cheese, and
agricultural inputs. The Board is confident
that the succession plan will further the company's profit-enhancing
initiatives that are now underway, and looks forward to identifying
candidates that fit with ConAgra Foods strategic agenda for growth and
profitability ," said Reichardt.

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HIGHLIGHTS

EPS of $.1 billion in fiscal 2004. Double-digit growth was reported for
STAGG chili and HORMEL microwave items.

Jennie-O Turkey Store (19 % of Net Sales , 34 % of Total Segment
Operating Profit)

-- Dollar sales totaled $250 million, an increase of 4 percent.

-- The addition of Mark-Lynn Foods to this segment will add scale
and broaden the portfolio of items offered to the foodservice
channel.2 million gain from the sale of Campofrio . Access is available at www.m.4)
Jennie-O Turkey Store 33,874 16,672 103.7)
All Other 4,710 6,828 (31.75
=========== =========== =========== ===========

HORMEL FOODS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

May 01, 2005 October 30, 2004
-------- -------- ----------------
(In Thousands)
ASSETS
----------------------------------------------------------------- -----

CURRENT ASSETS
Cash and cash equivalents $92,155 $288,881
Accounts receivable 288,227 272,738
Inventories 510,409 425,655
Deferred income taxes 30,474 29,254
Prepaid expenses + other current
assets 18,556 12,875
---------------- -------------- --

TOTAL CURRENT ASSETS 939,821 1,029,403

INTANGIBLES 615,026 512,942

OTHER ASSETS 287,122 287,386

PROPERTY, PLANT + EQUIPMENT, NET 882,944 704,237
---------------- ----------------

TOTAL ASSETS $2,724,913 $2,533,968
================ ================

LIABILITIES AND SHAREHOLDERS' INVESTMENT
------------ ----------------------------------------------------------

TOTAL CURRENT LIABILITIES $562,679 $464,366

LONG-TERM DEBT - LESS CURRENT
MATURITIES 361,176 361,510

OTHER LONG-TERM LIABILITIES 307 ,478 308,844

SHAREHOLDERS' INVESTMENT 1,493,580 1,399,248
---------------- ----------------

TOTAL LIAB.
When he took over as CEO more than half of the company's sales were
derived from commodity businesses; in 2004 earnings and dividends were
record amounts, and more than 80% of the company's sales were derived
from branded and value-added foods. He did that and
more, improving the company's focus , increasing profit margins and
prudently allocating capital towards strategic acquisitions, debt
reduction, share repurchases and dividends.

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Hormel Foods Reports Second Quarter Results

A
combination of continued value-added sales growth, higher turkey meat
markets, lower grain markets and efficiencies in our production
facilities all contributed. For the full year of fiscal
2005, we are maintaining our earnings guidance of $1.

-- Volume down 5 percent primarily due to weaker sales from the
canned stew category.

-- Mexican Accent integration on plan and strengthens the ethnic
portfolio .conagrafoods.