ConAgra cuts outlook as inflation outpaces its price hikes
ABC News
ConAgra is cutting its outlook for the year with inflation outpacing the price hikes put into place by the major food producer
ConAgra cut its outlook for the year with inflation outpacing the price hikes put into place by the major food producer.
The cost of goods increased 10.1%. during the quarter and on Thursday, the Chicago company said it expects full-year gross inflation to be approximately 16% compared with its previous guidance of 14%.
Another round of prices will be needed, the maker of Birds Eye, Slim Jim and Reddi-wip said Thursday.
“We experienced higher-than-expected cost pressures as the third quarter progressed and expect those pressures to continue into the fourth quarter, particularly in certain frozen, refrigerated, and snacks businesses," said CEO Sean Connolly. “In response, we have taken steps to implement additional inflation-driven pricing actions.”
