Conagra Brands reported the results for the third quarter of fiscal year 2023, which ended on February 26, 2023. All comparisons are against the prior-year fiscal period, unless otherwise noted.
Figures show that third quarter net sales increased 5.9%, while organic net sales increased 6.1%. Meanwhile, operating margin increased 355 basis points in the quarter to 15.9% and adjusted operating margin increased 321 basis points to 16.9%.
Conagra Brands is updating its fiscal 2023 guidance to reflect the organic net sales growth of 7% to 7.5% compared to fiscal 2022, its adjusted operating margin between 15.5% and 15.6%, and the adjusted EPS between USD2.70 and USD2.75, representing growth of 14% to 17% compared to fiscal 2022.
“We delivered another quarter of strong results reflecting the ongoing strength of our brands and successful execution of the Conagra Way playbook. Our top-line posted solid growth as we demonstrated strong pricing execution with modest elasticities,” said Sean Connolly, president and chief executive officer of Conagra Brands. “Additionally, our productivity and service level improvement allowed us to continue to make meaningful progress on our adjusted gross margin and adjusted operating margin recovery, despite more impactful supply chain disruptions than anticipated. In response to our continued business momentum and ongoing operating dynamics, we are raising our fiscal 2023 EPS guidance and narrowing our ranges for organic net sales growth and adjusted operating margin. We remain committed to executing on our strategic business priorities including generating value for our shareholders.”
Find out more at: https://www.conagrabrands.com/