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Conagra’s Frozen and Refrigerated Sales Rise 3% to $1.3 Billion in Q2

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Conagra Brands’ second quarter net sales for the period that ended on November 28, 2021, increased 2.1%, the Chicago-headquartered company reported on January 6. Total receipts amounted to $3.1 billion, of which frozen and refrigerated products accounted for $1.3 billion – up 3%.

Conagra’s extensive retail frozen food portfolio consists of household brand names that include Birds Eye, Healthy Choice, Gardein, Marie Callender’s, Banquet, Fontera and Hungry Man.

In Q2, the company gained share in categories such as frozen single serve meals, whipped topping and frozen desserts.

Conagra is also a major player in the grocery and snacks segment, where second quarter sales fell 1.4% to $1.3 billion. On the foodservice front, receipts rose 14.9% to $246 million, while international segment sales increased 5% to $262 million.

“Our business delivered another quarter of strong net sales growth as we continued to experience elevated levels of demand,” said CEO Sean Connolly. I am proud of our team for continuing to demonstrate great agility in navigating the dynamic external landscape with a ‘refuse to lose’ attitude and dedication to executing our playbook every day. Our focus on strategic innovation and our intentional approach to investment helped us maintain brand momentum in the second quarter and continue capturing share across each of our domains – frozen, snacks, and staples.

“Looking ahead, we expect to continue experiencing cost pressures above original expectations in the second half of fiscal 2022. However, we believe the sustained elevated consumer demand coupled with the mitigating actions we have successfully executed, and will continue executing, put us on track to overcome these near-term challenges, improve margins in the back half of the fiscal year, and deliver on our profit plan.”

CEO Sean Connolly