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Conagra sales miss estimates; shares drop

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(Reuters) – Conagra Brands Inc’s <CAG.N> quarterly sales fell short of analysts’ estimates on Thursday, as the packaged foods company was hurt by weak demand for groceries and snacks, especially in its Hunt’s and Chef Boyardee businesses.

However, net income attributable to the company rose to $126.5 million (99.6 million pounds), or 26 cents per share, in the fourth quarter ended May 26, from $69.6 million, or 18 cents per share, a year earlier.

Net sales rose 32.9% to $2.61 billion from $1.97 billion, but missed expectations of $2.66 billion, according to IBES data from Refinitiv.

The company’s shares fell 7% in premarket trading.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

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