Conagra Brands posts bigger-than-expected drop in quarterly sales on weak demand

(Reuters) – Conagra Brands (NYSE:) posted a bigger-than-expected drop in first-quarter sales on Wednesday as budget-conscious consumers prioritized shopping for lower-priced alternatives over the company’s higher-priced pantry staples.

The company’s quarterly net sales fell 3.8% to $2.79 billion. Analysts had expected a decline of 2.1% to $2.84 billion, according to data compiled by LSEG.