Slideshow: The innovative summer at Conagra Brands
Conagra Brands introduced over 50 new products under its many shelf-stable and frozen brands, thereby broadening its product line.
The business is seen leveraging popular tastes among customers, such as frozen dinners with restaurant-style inspiration and fire-roasted veggies. Following a quantitative approach that enabled the company to restructure its numerous businesses, the introductions to the company’s various brands follow.
According to Burke Raine, president of Conagra Brands’ frozen and refrigerated division, “our team places a high premium on innovating to meet consumer needs.” “Our newest food offers excellent taste, quality, and value with trendy recipes and timely formats. We can’t wait for these new products to become staples in households.
Sean M. Connolly, president and CEO of Conagra Brands, Inc., observed that consumers seem to be changing their behaviors despite a common theme in the food and beverage industry over the past few years being the resilience of the US consumer.
During a conference call on July 13 to discuss fiscal 2023 results, Mr. Connolly stated, “… food companies are starting to wrap pricing in the year-ago period, and dollar sales are coming down as expected, but the rate of improvement in volume recovery is lagging.” This implies that there have been changes in consumer behavior in addition to the elasticity effects that were initially seen when pricing actions were implemented.
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The company reports that for the fiscal year that concluded on May 28, gross profit increased by 15% to $3.3 billion, and adjusted gross profit increased by 16% to $3.3 billion as higher productivity and organic net sales more than offset the negative effects of rising cost of goods sold, unfavorable operating leverage, and higher supply chain operating costs. The adjusted gross margin rose by 226 basis points to 27.1%, while the gross margin increased by 198 basis points to 26.6%.