Stock Market News

Conagra Brands misses sales estimates as higher prices dent demand

2022.07.14 15:04

Conagra Brands misses sales estimates as higher prices dent demand
FILE PHOTO: ConAgra Foods production facility is seen in Oakdale, California, in December 18, 2015. REUTERS/Fred Greaves

(Reuters) – Conagra Brands (NYSE:CAG) Inc missed Wall Street estimates for quarterly sales on Thursday, with demand for its frozen foods and ready-to-eat meals slowing as it raised product prices.

As decades-high inflation pinches spending at American households, top retailers have warned that more consumers are turning to cheaper private-label products, hurting demand at Conagra.

The company said its volumes fell 6.4% in the fourth quarter, as consumers showed signs of pushing back against price increases.

Lingering supply chain issues and soaring freight and ingredient costs have also eaten into Conagra’s profit margins, which have shrunk despite multiple rounds of price hikes over the past year.

Net sales rose 6.2% to $2.91 billion in the fourth quarter ended May 29, from $2.74 billion a year earlier. Analysts on average expected sales of $2.93 billion, according to Refinitiv IBES data.

Net income attributable to Conagra declined to $158.9 million, or 33 cents per share, from $309.5 million, or 64 cents per share, a year earlier.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,930.22 1.67%
ethereum
Ethereum (ETH) $ 1,887.47 2.15%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.31 5.58%
bnb
BNB (BNB) $ 601.24 0.51%
solana
Solana (SOL) $ 129.11 4.45%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.707768 5.59%
dogecoin
Dogecoin (DOGE) $ 0.168419 4.25%
tron
TRON (TRX) $ 0.214382 4.13%
staked-ether
Lido Staked Ether (STETH) $ 1,885.75 2.08%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,733.17 1.47%
pi-network
Pi Network (PI) $ 1.46 0.63%
leo-token
LEO Token (LEO) $ 9.76 0.22%
chainlink
Chainlink (LINK) $ 13.54 3.49%
the-open-network
Toncoin (TON) $ 3.37 14.94%
usds
USDS (USDS) $ 1.00 0.02%
stellar
Stellar (XLM) $ 0.264113 5.52%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,257.52 2.30%
hedera-hashgraph
Hedera (HBAR) $ 0.187368 2.95%
avalanche-2
Avalanche (AVAX) $ 18.55 0.37%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 0.15%
sui
Sui (SUI) $ 2.24 4.36%
litecoin
Litecoin (LTC) $ 89.33 4.57%
bitcoin-cash
Bitcoin Cash (BCH) $ 326.57 3.91%
mantra-dao
MANTRA (OM) $ 6.58 0.29%
polkadot
Polkadot (DOT) $ 4.24 3.76%
ethena-usde
Ethena USDe (USDE) $ 0.999718 0.04%
weth
WETH (WETH) $ 1,887.02 2.07%
bitget-token
Bitget Token (BGB) $ 4.38 0.75%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.40%
hyperliquid
Hyperliquid (HYPE) $ 13.45 7.45%
whitebit
WhiteBIT Coin (WBT) $ 28.63 0.58%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,005.08 2.12%
monero
Monero (XMR) $ 209.75 0.52%
uniswap
Uniswap (UNI) $ 6.04 1.25%
susds
sUSDS (SUSDS) $ 1.04 0.03%
dai
Dai (DAI) $ 0.999957 0.01%
aptos
Aptos (APT) $ 5.21 1.99%
near
NEAR Protocol (NEAR) $ 2.54 3.97%
pepe
Pepe (PEPE) $ 0.000007 4.93%
okb
OKB (OKB) $ 45.84 1.46%
internet-computer
Internet Computer (ICP) $ 5.63 2.17%
mantle
Mantle (MNT) $ 0.810382 9.08%
ondo-finance
Ondo (ONDO) $ 0.828453 5.56%
ethereum-classic
Ethereum Classic (ETC) $ 17.32 3.82%
gatechain-token
Gate (GT) $ 21.05 1.52%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,882.21 1.77%
aave
Aave (AAVE) $ 165.46 4.92%
tokenize-xchange
Tokenize Xchange (TKX) $ 30.00 1.90%