Dec 4 (Reuters) - Hormel Foods ( HRL ) forecast annual

sales and profit below estimates on Wednesday, hurt by slowing

demand for its snacking and meat products, including its

Jennie-O Turkey brand.

Shares of the company fell nearly 4% premarket after Hormel

also posted fourth-quarter results in line with Wall Street

expectations.

Jennie-O Turkey is one of Hormel's key brands, contributing

about 12% to sales in 2022. However, demand for turkey, which is

more expensive than chicken or pork, has taken a hit as

consumers keep a tight grip on their wallets.

"Considerable volume declines in turkey exports resulted in

lower volumes compared to the prior year," Hormel said in a

statement.

In recent quarters, price hikes have weakened volume

growth for salty snacks across the U.S., hurting sales of

companies like Hormel, Campbell's and PepsiCo ( PEP ).

Hormel has flagged a hit from a production disruption which

has been ongoing since the last quarter at its facility in

Suffolk, Virginia, due to a food safety issue. This has lowered

production of its Planters snack nuts.

The company expects fiscal year 2025 sales between $11.9

billion and $12.2 billion, compared with analysts' expectation

of 12.23 billion, according to data compiled by LSEG.

Hormel also expects adjusted profit of $1.58 to $1.72 per

share, the mid-point of which is below estimates of $1.68 per

share.

Excluding one-off items, the company earned 42 cents per

share in the fourth quarter while sales fell 2% to $3.14

billion.

Sales in Hormel's international segment rose 1%,

benefiting from growing demand in China after several quarters

of weakness.