Conagra Brands Faces Chilling Sales Slump in Frozen Food Market
Originally Published 2 years ago — by Yahoo Finance
Conagra Brands, the leading frozen food company, saw its stock hit its lowest level since March 2020 as consumers shift away from convenience items and towards "hands-on food prep" to stretch their budgets. While Conagra beat earnings expectations in Q1, sales of refrigerated and frozen items dropped 4.6% compared to the previous year. Other frozen food companies, such as Kraft Heinz and J.M. Smucker, are also experiencing declines. Despite the current consumer shift, Conagra remains optimistic about the long-term growth prospects of frozen food, citing continued innovation and expansion in the space.