…SPAM Is All The Rage
1. Despite all the teasing, taunting and endless jokes, SPAM is flying off the shelves. Much of its recent popularity may have something to do with American families trying to stretch already stretched budgets, or the fact that every other food group has seen a massive surge in prices, the meat that nobody likes is back on dinner plates and dining room tables. While the average price of a 12-ounce can of SPAM has risen in price by 7% (17 cents to $2.62) over the past year, it’s still pretty cheap. The meat’s renaissance helped boost Hormel Food Corporation’s, the manufacturer of SPAM, profits up 14% in the second quarter, on a 10.6% rise in sales. This, from a canned meat company!
2. While not the sexiest business, Hormel’s share price has held up pretty well in the face of turbulent financial circumstances. Its long-term performance has been fairly impressive, showing steady growth over the past ten years, rising from about $15 in 1998 to just over $38, after hitting a recent high of $42.77. If that doesn’t sound impressive, consider that it has crushed the performance of the Dow Jones, NASDAQ and S&P 500 indexes. Warren Buffett would be proud!
3. SPAM was a backbone for Monty Python’s greasy spoon cafe sketch, where the mostly everything on the menu consists of the mystery meat. As if this wasn’t funny enough, Eric Idle came along and created SPAMALOT, a musical combining the quest for the Holy Grail (Monty Python and the Holy Grail) and SPAM. Find me a meat…nay, any food…that has had a musical created around it. The original Broadway production received 14 Tony Award nominations, more than any other show during the 2004-2005 season, winning three, including Best Musical.
4. Meat in a can. How different can it get? Apparently, lots different. For the Broadway debut of SPAMALOT, Hormel released a collector’s edition SPAM (who knew SPAM could be a collector’s item), SPAM Golden Honey Grail, followed by the “Stinky French Garlic” edition for the London launch. They also recently launched SPAM Singles - in both Classic and Turkey Lite - just in case you’re on the move and had a hankering.
If you’re looking for some cool gifts, check out the SPAM Store.
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