Conagra Brands Q1 2020 net sales grew 30.3%Christian Fernsby ▼ | September 27, 2019
Conagra Brands reported results for the first quarter of fiscal year 2020, which ended on August 25, 2019.
Conagra Brands The Legacy Conagra frozen and snacks businesses continued their strong momentum
Topics: Conagra Brands
Diluted earnings per share from continuing operations (EPS) was $0.36 in the quarter; adjusted EPS of $0.43 benefitted from double-digit growth in adjusted net income.
The Legacy Conagra frozen and snacks businesses continued their strong momentum in the quarter with retail sales growth (as measured by IRI) of 2.5% and 7.2%, respectively.
For Legacy Conagra, the combined results of the Refrigerated and Frozen and Grocery and Snacks segments over-delivered planned organic net sales growth in the quarter.
The Legacy Conagra Foodservice and International businesses experienced softer-than-planned organic net sales growth in the quarter behind discrete events that are expected to be overcome in the balance of the year.
Legacy Pinnacle's retail sales decline (as measured by IRI) of 4.6% was in-line with expectations as the Company continued to execute its value-over-volume strategy within the Legacy Pinnacle portfolio.
The Pinnacle integration and synergy realization remained on-track in the quarter, with approximately $40 million of cost synergies realized in the quarter, bringing total cost synergy realization to $71 million from the closing of the acquisition through the first quarter. ■