Corporate Profiles - 2021 - 70

COMPANY OVERVIEW
Conagra Brands, Inc.
C
onagra Brands,
Inc.,
benefited
from the COVID-19 pandemic.
Approximately 80% of the company's
sales comes from retail, and when restaurants
throughout the United States closed in March
2020, Conagra Brands had the opportunity to
reach many new customers. The opportunity did
not go to waste.
In 2021, the management team focused on
maintaining the gains made in market share
and household penetration during the previous
year.
During the pandemic,
Conagra Brands
gained the equivalent of more than four years'
worth of incremental new buyers, said Sean M.
Connolly, president and chief executive officer.
Nearly half of the new buyers were millennials
and Generation Z, he said.
" Younger groups are engaging more and
more with our staples segment as they learn
how to cook at home, " Mr. Connolly said, adding
young adults increasingly are moving from
urban areas to smaller cities and suburbs where
fewer options for eating away from home exist.
Conagra Brands' portfolio has performed
well during the pandemic, as reflected in the
company's fiscal 2021 results. Net income for
the year ended May 30 was $1.3 billion, equal
Management seeking to maintain share and household penetration gains
Chicago,
to $2.67 per share on the common stock, and
an increase of 55% over the previous year
when the company earned $840 million, or
$1.72 per share.
Sales for the year rose 1% to $11.2 billion.
" We delivered strong growth for the full fiscal
year, including a 5.1% increase in organic
net sales; adjusted operating profit of nearly $2
billion, up 7.4% versus fiscal '20; and operating
margin of 17.5% for the year, an increase
of more than 100 basis points versus fiscal '20;
an adjusted EBITDA increase of 6.5%; and adjusted
EPS growth of 15.8% for the year, " said
David S. Marberger, chief financial officer.
Mr. Connolly said Conagra Brands sees opportunity
ahead in fiscal 2022.
" We have a unique opportunity in fiscal '22
to leverage our current momentum and maximize
long-term value-creation potential, " he
sad. " New behaviors and habits created during
the pandemic resulted in an elevated and sustained
level of at-home eating. Shoppers are
engaging or reengaging with our products now
more than ever, creating a larger, high-quality
consumer base.
" To sustain this engagement, we plan to
continue making investments in the physical
and mental availability for our products. This
includes building additional capacity to fulfill
consumer demand making further strategic ecommerce
investments, pursuing efficient and
thoughtful marketing campaigns, and introducing
a robust fiscal '22 innovation slate. "
While Conagra Brands has been active in reshaping
its portfolio over the last several years,
it was quiet in 2021, only selling its Egg Beaters
liquid egg business to Post Holdings, Inc.,
St. Louis.
The company also added to its management
team with the hiring of Chaly Jo Moyen as chief
strategy officer and president of Foodservice &
International. In the newly-created role, Ms.
Moyen will be responsible for Conagra's strategic
initiatives. She also will be responsible
for Conagra's International business segment,
bringing the company's brands to consumers
outside of the United States, as well as its
Foodservice division. CP
Chief executive officer -
Sean M. Connolly
Conagra Brands, Inc.
net income
(fiscal years ended in May)
Conagra Brands, Inc.
net sales
(fiscal years ended in May)
Conagra Brands share price
per share
$678
2019
$840
2020
$1,299
2021
$9,538
2019
$11,054
2020
$11,185
2021
$30
$33
$36
$39
$42
Oct.
2020
Dec.
Feb.
2021
Apr.
June
Aug.
70 \ October 2021
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Corporate Profiles - 2021

Table of Contents for the Digital Edition of Corporate Profiles - 2021

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