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A-Brands

Conagra Profit Beats On Higher Ready Meal, Frozen Vegetables Demand

Conagra Brands Inc on Thursday reported better-than-expected profit and sales, as coronavirus-induced at-home eating trends boosted demand for its frozen vegetables and ready-to-eat meals.

Organic net sales, which exclude impacts from mergers & acquisitions and currency fluctuations, rose 15% in the first quarter, much higher than the 10%-13% range it had previously anticipated.

The maker of Chef Boyardee pastas and Slim Jim beef jerky also raised its quarterly cash dividend by 29% and issued a forecast for second quarter organic growth in the range of 6%-8%.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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