(Reuters) -Conagra Brands beat Wall Street estimates for first-quarter sales on Wednesday, helped by resilient demand for its pantry staples such as Slim Jim meat snacks and Act II popcorn, even as inflation weighed on consumer spending. Shares of the company, which reaffirmed its annual forecasts, rose 3% in premarket trading following the results. Consumers […]
Business
Conagra beats quarterly sales estimates on robust demand
Audio By Carbonatix
(Reuters) -Conagra Brands beat Wall Street estimates for first-quarter sales on Wednesday, helped by resilient demand for its pantry staples such as Slim Jim meat snacks and Act II popcorn, even as inflation weighed on consumer spending.
Shares of the company, which reaffirmed its annual forecasts, rose 3% in premarket trading following the results.
Consumers opting to cook at home due to rising living costs have helped boost sales for packaged foods companies such as Conagra.
However, tariff-led inflation and macroeconomic uncertainty have been posing a threat to the company’s sales, along with competition from cheaper private-label brands.
The company posted revenue of $2.63 billion for the quarter ended August 24, beating analysts’ average estimate of $2.62 billion, according to data compiled by LSEG.
(Reporting by Anshi Sancheti and Neil J Kanatt in Bengaluru; Editing by Shreya Biswas)