will our in. and and and in right call. On on lot businesses second There the we frozen happy unpack Thanks, so Pinnacle plans we for Brian. conference perspective fiscal you Business. quarter snacks is will morning XXXX holidays. for Thank call, consumption our earnings provide and growth, driving cover, to jump our our initial let’s and everyone particularly Good today’s joining
to during we second In terms on quarter our ConAgra momentum built continued Brands grocery gain key and frozen, refrigerated of we and share businesses. recent the and legacy the in as Business, snacks
our fiscal margin for year, ConAgra and Given our Brands. our the sales are and to-date reaffirming we performance expectations guidance for legacy XXXX
which over results is since progressing the In the we of the owned Later on we’ll weeks, Business, addition about share team business, acquisition what challenges time hard In short Pinnacle been including our that portfolio. in learned ConAgra seamlessly. our Pinnacle integration, the in several on to plans to Brands we’ve call, past the Foods. completed initial the some we’ve working our legacy driving of facing the address more is
we that that address underway. right we the already to have Importantly, believe playbook these work and issues is
update While opportunities more comprehensive today’s say we our regarding a April at we XX, our XXXX preliminary, plan hope Day can where and to much will have provide Pinnacle outlook. We will Investor on Pinnacle Chicago be about in progress, you comments on attend.
And late affected are sales hurricanes. Overall, of in QX, some QX not impact with slid largely expectations. is by line shipment early holidays. the around the our results consumption efforts From and have quarter. by the to of level, the quarter legacy and we a high to on for Turning focused driven Brands were the from our which the Also, we innovation. The unusual growth last year's expectations. continued exceeded for Frozen where margin our building ConAgra brand optics Snacks into we deliver importantly,
Consumer the takeaway driver continued domestic demonstrate successful to is can the impact on consumption the growth. trends. consistent form X, of strategy of our Slide retail You key of accelerating segments the see of our execution in
calendar of for retail year-over-year worth a we basis. and every year last strong sales on Treats deliberate in consistent growth, noting that positive to innovation businesses Snacks month Sweet Our brand month particularly posted invest driving that building is September as as Frozen except two actions growth in XXXX slate, hurricanes. consumption year's the deliver strong we year-over-year and well It's our and improvement in
strength can sales on fundamentals To to TPDs the territory what you we fiscal quarter's brands, we see a the back proper this a strong like you sales context base XXXX. our on gain As momentum Slide place for X, fertile of two and performance, growth and based basis. remain continued in drive velocities, year in remind would step take to of and to provide tied to continue quick took on
basis from demand XXX As to saw fiscal 'XX, an sales uptick QX by of the due net QX recall which last we year's you in hurricanes, points. approximately may increased
QX at don't in growth isolation. rate So this year's look
we can see organic a you XX two net As sales on points. growth grown look on have basis, if the Slide basis at X, year
will results our with segment and Frozen. turn to We starting Refrigerated now
the the to Our reflects segment where in and results driving decline with tale innovation the have is two of things tell marketplace. we playbook bring of not. exception we have The overall based we refrigerated growth. XX our fact have The of to a the here on Reddi-wip, where basis Frozen, points applied all that with yet up
shows final of attention, the did on still the results. products way ConAgra shelf of same appear in the legacy Refrigerated one the in the pieces largely they today our As receive XXs, and portfolio the to it
April. innovations Refrigerated these and Day spread of XXXX, However, exciting to we Investor exciting in debut innovations our coming international at slate in Egg there's Beaters will a
So successful We've in talked in prior implementation the lot Frozen. about of stay playbook tuned. a our quarters
see XX, that you success continues. on As Slide can
this category been The and via growth are benefiting our leading the that This is premiumizing brands of result but is We're moving increasing reinvigorating And the our up selling and that and average has growth chart our of prices margins. and the improved renovation both and view, to and sales to down. penetration, customers Frozen promotions accelerating. continue approach in modernizing page and whole our our rigorous are category. innovation through and be We fastest moving only single-serve we're demonstrates growing strong not our retail absolute terms distribution, are billion meals growing are in growth on $X.X this total sales.
to penetration, see to In quarter top on you is can products, the build. X.X we’ve most we our on which households continues of year increasing also a X.X ago. benefited million As the more recent attracted the from left, million which added alone, household
age growth While cohorts, millennial, X Gen from coming we our to see all including younger-generations. over-index and does Boomers, growth
been modern Younger brands frozen our for but re-imagine We’ve the portfolio. into contemporary clamouring attributes are to consumers direction. value frozen have large manufacturers iconic foods, our in incorporated to millennials that move food slow
is Gen capture way. growth an As once Slide how our us the XX a capturing consumers. again emphasizes strength of allowing outsized to share right result, the we’re and millennials brands growth X among of the
but a $XXX our not single category positive weeks, chart million the left time, been serve frozen our our results, it’s same million with consistently product our promotions, At meals of single the the on serve have As per meals shows, last meals. single frozen able and impact the also to price on serve is that growth are is XX fewer only category given approach having we coming quality the our unit in us. in up $XXX the driving requiring overall. In from increase improvements,
demonstrates efforts doing both building This the innovation in care in their the category to sales legacy serve of are single fastest and distribution. of shelve of hungry and Results point gain share. Our helping is space and category. growth the their meals retailers our us for about that proven we’re in because allocating terms the retail brand to our ConAgra growth driving approach and products, Retailers our value more total industry, our clear, be frozen Frozen more we’re growing what could not more. in
continue to opportunity, and from of demographic after its capitalize portfolio space a of on this years we especially frozen expect the see tailwinds. to position acquisition runway in is long-term Foods brands. of ConAgra Importantly, tremendous in frozen Pinnacle to and the strong benefit
reminder this grocery behavior hurricane, our last typically and to major impacted shelf was stocking sides place benefited in segment pantry which by storm. as particularly from takes and around year’s the segment, meals that heavily the snacks stable Turning our businesses, a
X.X% during businesses, the quarter. net If you just grew organic we snacks look sales the at by
billion also growth nearly innovation growth and this and architecture on that business, see multiple We NACS, gave as Convenient optimizing growth new known for snacks large you a we’re quarter. and including sweet opportunity we have the tremendous which playbook, Association focus new on in product we some reflects sales treats retail and retailers. X.X% reminder, with National to by Store configurations. of includes a focused. to but snacks that treats in Slide the XX flavors Show, our As varieties ConAgra we second introduced, the important on-trend delivering approach accelerating $X price our of and By sweet applying to our shows is At business strong continue. the
innovations as to continue to in in expect we strong the hit and received we quarter on well new momentum the delivered were XXXX. products Our build the market these
So, legacy we business, we momentum of the our and acquisition have the Pinnacle. feel with that good opportunity to ConAgra overtime build the in about momentum now
Pinnacle. talk let’s So,
its days Our going our capabilities of and frozen where in Pinnacle of clear business. portfolio, spent months, glad of XX We portfolios the we've to and on presented business the and including need on spend past combine our going in most to lies bring opportunity deep executional snacks, We the closed together started second since to ahead. addition transparent need they expand source business brings where Pinnacle’s be over successfully weeks our complementary I'm We've take going the We a the have reporting see the its now. And than speak importantly of be. Pinnacle iconic categories, results We've to sharing key going to by originally legacy two to faster today We few close we've the fiscal brands results. XX all targets opportunities the minutes excited includes action. the Pinnacle taken several year I'm that standalone we've brands. frankly, I'm quarter remain to we business versus the I'm about foods presence data the Pinnacle the aren't what about understanding to of weak transaction of now the weakness Pinnacle, expected. strategic most we’re eight a the scanner also reins. landing seen days learned. and the and
takeaways. are key Here the
the back the them. do shareholders. First, they for its in has business, capabilities consumers the deliver to customers Pinnacle are team and to right Pinnacle's we fix and ConAgra on put fixable near-term brands but track and exist issues and are
weeks of Pinnacle initial transaction. brands excited in to any we in our Second, initial doubt post these don't I as the are as close to to opportunity have the revealed the ever there our family portfolio. has synergy want be for third, target exceed our work And
leadership Pinnacle in what Its key its brand; historically referred contributed Pinnacles the relies sustained Duncan Birds to steady strong since these XX strength time. history. business and eye, Let's execution at recent among leadership on in IPO Hines years heavily look on and as shows XXXX. innovation to growth back flawless stalled brands over that others. growth This three Wishbone Slide on its
suffered were year past this, this losses Given Pinnacles gains Duncan share of and this vast challenges. for Wishbone reversed, Hines sales the previous majority and distribution and current accounts have Birdseye, all weakness
So virtue Simply a experience, innovation can to up what that and and my emerge short. came execution brand. And respect happened? appears leadership the case sometimes put, led to when with be cycle that happens, Pinnacles in
show to subpar more SKU inflation, better activity to new it price infused and products with compounding over-extended over sustain into the Hines low and demand brand the execution. plenty innovation regards as same the years, you'd pool, from innovation was disappointed for stalled, particularly execution, to entered When to proliferation. distribution. And try delve margins in past of a competitive and behind insufficient further Birdseye, results to transportation power, has was acute customers. was there inefficient in missteps then, products, pricing ROI With the which because items gross brand quality SKU led then insufficient clearly like trends. ultimately customers its side of missed and the the this trade Wishbone performance in cost primarily of to innovation Pinnacle two and growth, brand lost offsets was promotion; and subpar While productivity virtue jumpstart some improving major These major high more Duncan the while operational volume, with market, competition. over situation was consumer led and product cycle up Instead shared the recall. strength favored even highly make high Since expect undermined effect reduced competition; each unenviable the
post promotions at Pinnacle is at Given portfolio million it's we Pinnacle’s unfortunately estimate extremely low which is have roughly year-end close out decisions these points below Pinnacle $XX dynamics, year $X internal close target. the adjusted about margin, is of this will approximately all as under-deliver targets. targets. million deeper gross XXX our ’XX go pretty driven saw we now will X% the by year will Approximately internal calendar this to business billion, ROI. that Dave miss roughly exit its ’XX $XXX estimate some land On now standalone we or calendar below of sales, would basis on At shortly. closed XX%, Pinnacle which
lower As you of back year of that the Pinnacle’s gross front mind half. think year, performance in the half in about the fiscal was this balance keep than historically, calendar margin the
improving recent growth. to our Despite we disappointing focus and these the in on are sales results near-term that restore shelves mean good Pinnacle So highly remain be will clearly, grade quality, the SKUs as to and fundamentals velocities us been declines high pruned. growth. of have before returns products today they non-investment from. build putting business on which a are base distribution, fixing being to And going we’re the base gives are Most
shutting with reverse these be me innovation can deals, fixed. team, Working desperately collaboratively returning off taking needed. Pinnacle’s weak to focus and be and where Let we the areas trends, current is are inefficient clear, projects action Pinnacle challenges identifying will trade down
devised plan. also have We an action
continue First will things flawlessly first, the we business. to integrate
and and not integrations focus track Our will we on technology on people, processes are important today, work. that lose
approach and our renovation and margin eye with insights for will Pinnacle's Pinnacle brands. volume modernizes and SKUs, we on better premiumizes ROI. redesigning Second, value low portfolio, an and weak we innovation to will leverage that cutting programs volume on third, And capabilities and trade our implement over Pinnacle proven the base rebuild through innovation
was it convincingly. has overnight. will and to desired it happen to Pinnacle's innovation communicated to brands And it much as do its won’t of year. We we year the plans performance, level trade and return these result, aligned calendar of will pre-close. the iconic XXXX But fiscal customers a
footing XXXX built Fortunately, embedded and in initiatives. was work this on week same the Pinnacle’s
As most our the into stop. But show well customers we XXXX. I ready new word stopping won’t can to mentioned, we absolutely of that be initiatives until responsibly are calendar
material As a underlying result, improvement XXXX. half second I the until in ConAgra's Pinnacle’s of don’t expect fiscal trends the
the more first on on our opportunity let we the Now we’re brand me that you a see a have we sense execution side actions of here short, spend of the In moment initially taking than expectations, synergies. house, transaction estimated.
get to had see of areas are Now just cost upside. granular on to that in we’ve a more more chance by comments. pre-close, couldn’t Dave go deeper and we deliver his this not during track we’re we pleased. But synergies get real transparency about talk fiscal in we only full quite where XXXX, million $XXX will
hit synergies for Dave XXXX fiscal fiscal weakness on chemical from over transaction. in from more original starting current guidance lower year pace we a fact, this drove and our deliver accretion we In EPS cost that to on that expect means are in a minute, XXXX, EPS
committed we announced, leverage as a grade Finally, well that previously the we rating. to credit targets investment as solid remain
business sum legacy pinnacle in to course do. So means work some calendar the for deterioration up have the over year the now, XXXX hard of we Pinnacle to
let acquisition my including provides the one of acquisition brands ability me for The this credentials. unwavering. our frozen and compelling. pinnacle wellness for growth the iconic innovation snacks. of short, increases our In health near-term And businesses reiterate However, missteps. this greater right in with intact. to has due not the us these sustainable self-inflicted is we to is One, and challenges. to expectations It Two, capabilities customers transaction assessment offers largely been attractive challenges our three, address the remain remains our and confidence investors transaction and deliver absolute profitable have implication face strategic executional with that And timing subpar categories, logic scale us in with of and success.
off searching frozen business, foot opportunities reliable our momentum take ensure continue our upon top will to not condiments legacy businesses in gas will enhancers seize and the line competitive. snacks, to roll contributor drive out our in innovation Refrigerated and and accelerated and to and we in ahead, build Looking we the ConAgra are the
executing remain as the Day to just discussed, Pinnacle we our and we With squarely a that, in playbook Dave. on across growth. Investor drivers our I'll over forward update on it comprehensive Chicago. mobilized XXth already on to turn And also our April focused margin apply outlook We to look fuel during portfolio. progress We to have sharing to aggressively our