Conagra Brands’ dollar sales and profits were up for the most recent quarter, even though volume sales declined.
In the quarter ending Aug. 28, net sales stood at $2.9 billion, a 9.5% increase, even though volume was down 4.6%. The company attributed this to a 14.3% increase in price/mix. Adjusted gross profit was $720 million, a 7% increase.
For the Grocery & Snacks segment, organic net sales increased 10.5% to $1.2 billion, even though volume declined 6.1% due to “inflation-driven pricing actions,” according to a company release. In Refrigerated & Frozen, sales increased 9.6% to $1.2 billion, even though volume was down 2.5%.
“"The strength of our brands and continued execution of the Conagra Way playbook resulted in strong sales and adjusted operating profit during the first quarter,” CEO Sean Connolly said in the release. “We continued to deliver improved service and productivity as we navigate ongoing inflationary pressures and industry-wide supply chain challenges.”
