ConAgra cut its outlook for the year with inflation outpacing the price hikes put into place by the major food producer.
FILE - A bag of Birds Eye sweet peas is displayed Thursday, March 25, 2021, in a New York supermarket. Inflation is pressuring ConAgra Brands' performance and the food company is lowering its fiscal full-year adjusted earnings outlook as it contends with higher-than-anticipated cost pressures. ConAgra, whose brands include Birds Eye, Slim Jim and Reddi-wip, also said Thursday, April 7, 2022, that it will need to make additional price increases to deal with the current environment.
“We experienced higher-than-expected cost pressures as the third quarter progressed and expect those pressures to continue into the fourth quarter, particularly in certain frozen, refrigerated, and snacks businesses," said CEO Sean Connolly. “In response, we have taken steps to implement additional inflation-driven pricing actions.”
Higher prices being rolled out by ConAgra will not become evident until the first fiscal quarter of 2023, Connolly said, and company shares slipped 1% at the opening bell.
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