Net sales dropped 2.3% year-over-year to $2.91 billion in the May quarter. The top line also fell short of Wall Street’s expectations. Organic net sales declined 2.4%, hurt by the negative impact of unfavorable price/mix and a decline in volumes.
As a result, net income, adjusted for special items, edged down to $0.61 per share in Q4 from $0.62 per share in the year-ago quarter. On an unadjusted basis, the company reported a net loss of $567.3 million or $1.18 per share, compared to a profit of $37.5 million or $0.08 per share in the same period of 2023.
Sean Connolly, chief executive officer of Conagra Brands, said, “Our investments in our brands continued to yield results, and again drove volume improvement in our Domestic Retail business. Progress was most notable in our key Frozen and Snacks domains, where we also saw market share gains.”
