UPDATE 1-Conagra quarterly sales beat on at-home eating boom

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April 8 (Reuters) - Conagra Brands Inc reported better-than-expected quarterly sales on Thursday, as customers cooking more at home due to the COVID-19 pandemic stocked up their pantries with the packaged food company's products.

Conagra's business has been benefiting from rising at-home consumption during the health crisis as lockdowns and other social-distancing restrictions push people to cook more at home.

The restrictions have especially lifted demand for packaged foods with long shelf lives, such as Chef Boyardee Pastas and Birds Eye Frozen vegetables.

Conagra's sales of groceries and snacks rose 10.8% in the third quarter, while sales of frozen foods jumped 11.7%.

Net sales rose 8.5% to $2.77 billion in the quarter ended Feb. 28, beating analysts' estimates of $2.72 billion, according to Refinitiv IBES data. (Reporting by Nivedita Balu in Bengaluru; Editing by Aditya Soni)

04/08/2021 11:43

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