Conagra saw positive results for last year, with fourth quarter net sales increasing by 25.8%, while organic net sales increased 21.5%, with double-digit growth in each of the Company’s three retail segments. The growth was supported by strong e-commerce performance, significant consumer trial, and solid repeat sales. For the full fiscal year, net sales increased 15.9% to USD11.1 bn.
Gross profit increased 30.3% to USD923m in the quarter, and adjusted gross profit increased 31.1% to USD929m. The increases were primarily driven by the increased sales volume. For the full fiscal year, gross profit increased 15.7% to USD3.07bn. Adjusted gross profit increased 14.3% to USD3.11bn primarily driven by the inclusion of Pinnacle’s gross profit, organic net sales growth, supply chain realized productivity, cost synergies associated with the Pinnacle Foods acquisition, and the inclusion of the 53rd week. These benefits were partially offset by higher input costs, a reduction in profit associated with the Sold Businesses, pandemic-related costs, and the impact of foreign exchange, according to a company statement.
Net sales for the Refrigerated & Frozen segment increased 23.3% to USD1.4bn in the quarter reflecting a 7.2% increase due to the impact of the 53rd week, an 8.4% decrease from the unfavorable impact of foreign exchange, and a 19.8% increase in organic net sales.
On an organic net sales basis, volume increased 18.0% and price/mix increased 1.8%. During the quarter, the ...