Conagra CEO notes 'hunkering down' behavior in grocery shoppers

Jul 14, 2023 · Conagra Brands CEO Sean Connolly on Thursday revealed a 'likely temporary' behavior shift the company has observed from shoppers: 'hunkering down' over 'trading down.'

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Oct 6, 2023 · All this is collectively weighing on food volume at CPG food manufacturers, including Conagra. During the quarter ending August 27, organic net sales dipped 0.3% . …

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Is ConAgra 'hunkering down'?

During Conagra’s fourth-quarter earnings call, CEO Sean Connolly noted that some consumers were "hunkering down" and "buying fewer items overall," a move they had done rather than engaging in "trading down" to a less-expensive brand. He did so while he described some headwinds that the food giant expected for the beginning of its fiscal 2024 year. ...

How much will Conagra Brands earn In fiscal 2024?

Earnings per share will land somewhere in the $2.70-2.75 range, it also predicted. Conagra Brands expects fiscal 2024 to mark a "transition toward a more normalized operating environment," Connolly told analysts and investors. CONAGRA BRANDS INC. Loading... ...

Why are consumers 'hunkering down' instead of 'trading down?

On an earnings call this week Sean Connolly, chief executive officer of grocery giant Conagra Brands, said consumers were "hunkering down" instead of "trading down" because they had begun to buy fewer items as opposed to switching to cheaper alternatives. "The question is, why now, given the steadiness we have seen from the consumer for two years?" ...

Is ConAgra a good stock to buy?

Conagra also provided a full-year earnings outlook that was below Wall Street expectations. Conagra’s CAG, +0.57% stock initially fell after the results were released and was down as much as 0.4% in intraday trading, but it reversed course to be up 0.8% in midday trading. ...

How did ConAgra perform in the fourth quarter?

CONAGRA BRANDS INC. Loading... The Chicago-based food giant reported an over 2% year-over-year jump in net sales for the fourth quarter, reaching $2.97 billion. Its quarterly net income, meanwhile, was $37.5 million, a decline from the $158.9 million it reported in the same period last year. ...