Conagra Brands, Inc. (NYSE: CAG) announced financial results for the fourth quarter and full year results. Fourth quarter net sales increased 25.8% as organic net sales rose 21.5%, this includes double digit growth in all three retail segments. Strong e-commerce growth, consumer trial and solid repeat sales fueled the increase in sales. For fiscal 2020, net sales increased 15.9% while organic net sales increased by 5.6%. Q4 earnings per share increased 57.7% to USD 0.41 as adjusted EPS increased over two fold to USD 0.75.
Sean Connolly, president and chief executive officer of Conagra Brands, commented, “I am very pleased with how our Company has responded to the COVID-19 pandemic. The team’s dedication to supporting our customers, consumers, employees, and communities during the fourth quarter is a true reflection of the Conagra Way in action. We have effectively responded to elevated demand, continued to make good progress on improving the overall business, kept our synergy capture on-track, and begun to launch our fiscal 2021 innovation slate. Not only did we invest to support demand during the quarter, we did it while significantly reducing our leverage.”
He continued, “Our business clearly benefited from increased at-home eating in the fourth quarter, as the elevated retail demand outweighed the reduced foodservice demand. In retail, many consumers tried our modernized products for the first time and then returned for more. While we are optimistic about the long-term implications of recent consumer behavior shifts, given COVID-19 uncertainties, we are only providing guidance for the first quarter of fiscal 2021. We intend to provide an update on our fiscal 2021 outlook next quarter.”
Written by financial buzz.
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