Conagra Earnings Beat on Strength in Grocery Sales

Conagra Brands  (CAG) – Get Report shares fell, even after the owner of iconic food brands like Hunt’s and Vlasic reported stronger-than-expected earnings for its latest quarter, as consumers continued to gorge at grocery stores amid the coronavirus pandemic.

Sales at the Chicago foods major appreciated in all areas except food service, which has suffered from the shutdowns of and capacity constraints at restaurants and institutional cafeterias.

In the fiscal 2021 first quarter ended Aug. 30, net income totaled $329 million, or 67 cents a share, up 89% from $173.8 million, or 36 cents, in the year-earlier period.

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