Packaged Foods company Conagra Brands Inc. (NYSE: CAG) on Thursday said its fourth-quarter profit decreased from last year despite a modest increase in net sales.
At $2.97 billion, fourth-quarter net sales were up 2.2% year-over-year. The growth was driven by a 9.9% improvement in price/mix, which was partially offset by a 7.7% decrease in volume.
May-quarter net income, adjusted for special items, decreased 5% year-over-year to $0.62 per share. On an unadjusted basis, the company reported a net profit of $37.5 million or $0.08 per share, compared to $158.9 million or $0.33 per share in the prior-year quarter.
“Looking ahead, we anticipate transitioning toward a more normalized operating environment in fiscal 2024 – with easing inflationary pressures and improved supply chain operations – and remain committed to our long-term financial algorithm,” said Sean Connolly, chief executive officer of Conagra Brands.