that of staying hope Thanks Brian. heartfelt time. I you behalf and safe Conagra start XXXX On expressing during everyone for thank my Brands, joining Good your fiscal unprecedented want morning and call. our third families this earnings quarter by you to are
and of that protect needs. ability all started. consumers’ we our the our covid-XX response impact two ended precautions third employees to to covid-XX safety going our and business, we’re underlying saw and before well quarter the to taking of and safely meet on assured address which our I’m impact reliably the as the Today in just as to health necessary trends that topics: its main Rest
to efforts site We’ll to covid-XX, please evolves. recent continue on to visit of most respond provide status updated the For situation our our the information conagrabrands.com. as
a of more taken in to ensure describe number operate we’ve moment, our detail a I’ll to As in supply chain well. continues steps
of proud and producing been disruption. incredibly our who delivering We’re teams have without
all we our we’ve situation, crisis. don’t rapidly the objectives significant progress lose operational progress these site I fact to want through our executing the navigate evolving on this of this against remain In made for XXXX. established to ability objectives While ways, many focused that is enhancing against fiscal we
I’m business, through the and objectives. remain squarely set and in to execute growth bend the Recall growth integration, on innovation at all that consumption the we Boyardee, Pinnacle in outset trends drive in of Hunt’s trend the third and quarter, Gardein. synergy tomatoes proud drive with legacy these strong XXXX, in fiscal snacks, frozen we on out to and improve and track deleveraging, of capture Chef say
results From a line in at expectations financial standpoint, the the third with are provided quarter CAGNY. we
than food previously put industry in offset we in of more share retail categories key December started pivoted to our in consumption which As several trends service in January pressure softness and gains. which on described,
in in As in time, that in XX. important were covid-XX prior consumption that change few expected, mind there widespread It’s to very third behavior. February At ended trends notably, February reported impact. recovered on U.S. quarter to our cases and, no keep the
fiscal rapidly recent and eating we as From up consumers shifted to weeks. of of As second quarter unprecedented impact has date, food we’ve know, that in have fourth on at home. to experienced our more the all week covid-XX stocked the changed significantly
positioned and Given this serve to Conagra time the we quality in, our disruption during of of brands the participate categories demand. well extraordinary and consumers is
home. food they is customers ensure access safe at to hard our that to to work consumers with have coordination team at the Our stay close in need
total operate the point, effectively. expect and to full however, and supply to chain the guidance this exceed our the I that continues for metrics end-to-end impact you prior sales of magnitude year we still is can covid-XX company duration tell uncertain; profit At assuming
provide the you moment, will covid-XX the more impact of like to quarter. highlights we first would the a in through detail We third on walk of but
for During was margin quarter, while Organic adjusted expectations was diluted decreased performance our provided and sales our XX.X% the growth that net adjusted at EPS the continuing with was in from the operating we third operations line X.X% updated CAGNY. $X.XX quarter. our
more and at happened. greater bounce anticipated. improving and noted we in softness time, to we you back, saw At category than that’s recent our CAGNY, was January we As was expected that data what told that the we exactly
in can you well of weeks due consumption growth of Clearly Conagra the X, normal a four in the before see first sales on total February the were on final week to QX. retail expected disruption into Slide we the rebound to As sustained already even trends. and rate seen current had covid-XX, and returned track
the fourth and see in weeks but this to continued deliver we return Not ended what synergies, quarter X.X% during the reaffirmed saw is which the quarter, consumption four deleveraging. XX our we did in February to of fiscal only X, we growth on week in integration, and ended March growth,
on our SAP and total progressing increasing On million in reducing million has this quarter. of QX, We debt process Pinnacle of we on been during the $XXX our and debt further QX by $XX over net have end position paying converting through integration, $XXX plants the legacy plan. progress we made captured to synergies, million, multi-year through down incremental been to
Slide X the our important demonstrates success in continued category. frozen
frozen brands the legacy Conagra brands. quarter strong total Conagra maintained and As portfolio, graphics both we across our during demonstrate, for both growth
driven presentation, in legacy frozen by the both legacy and total Pinnacle. will discuss growth Conagra later we has Conagra’s As been
category. of outsized gaining accelerated have also shows an the but Conagra’s frozen XX of Slide sales, quarter we did and we performance did of meals so within the of yet share another shelf Not share rate. at only
were basis. snacks third Our up Total solid growth X.X% the on two-year X.X% reported quarter. and during snacks segment quarter the a in
businesses, by and led X.X% seeds our and which Our snacks of growth respectively. delivered results X.X% meat were
As gain Slide in share continued XX we snack QX. of shows, our categories to many in
and improve was in to Chef key Hunt’s tomatoes for fiscal trends XXXX Another Boyardee. objective
As you that’s XX, we’ve done. see Slide can just on what
five-week period grew impact our X.X% Chef as of It’s and XX, X.X% outlined that to dollar Hunt’s on also trends covid-XX. same and growth the XX. these Boyardee Boyardee Chef Hunt’s both fourth prior in worth brands ended tomatoes sales respectively, and over gained Over noting retail sales first share February Slide and period continued quarter, week fiscal the the tomatoes into of that for of
a a as were outlined on December trend on a basis. shows get Conagra bent legacy one-year the that in we two-year number Recall of to needed milestone and we actions track. XX for a XXXX, Slide back on Pinnacle both Pinnacle that
not has did the until second see occurred. those We half expect also here to the impact is of fiscal XXXX, exactly indicated see actions can that of you what which we as
able where how Slide we label started bend from in shows the the big stabilize missteps the several the brands been brand. we’ve Way Pinnacle playbook. XX to execution to with trend We legacy which quickly change three issues, implementing a came addressed Wishbone, the Conagra by including
we more normal in saw As to retail before returning a levels. spike an sales immediate result,
little negatively launched to in fiscal our a now innovation momentum, of to come. to performing Eye, brand, Bird’s remove Bird’s sales first we as took which playbook XXXX Eye more and biggest growth the lower impacted our contributing as the Notably, required longer SKUs which is innovation half the builds distribution. us is with
Duncan made work there’s that With to progress to a reframing done. more as on Hines, respect treat be brand sweet we’ve great the but recognize
we trim as innovation on-trend more introducing lower on focused We’re SKUs. performing
ongoing While of it brand playbook. implementation take the to the this in Conagra Way will to we’re time confident return growth,
from legacy brand Another very is Conagra that Pinnacle is the at Gardein, has accelerating Way rates. strong benefited which
capacity came we online expand earlier Gardein’s investments manufacturing have As which year. this a significant reminder, to made fiscal
shows, options sausages, meatless and growth more the is attributed slide name to the few. than and to for As a meatless chicken, brand’s includes burgers just seafood
you clear track fiscal we third that objectives XXXX with operational As see, the it’s all quarter. our remained through can on
quarter reaffirming shortlist be to we of significant. time spending turn discussing underway year of of Typically out would balance will guidance this is year. and the the and the the but current let’s this close and year, impact Now initiatives our call unprecedented be the the our covid-XX on to
health that top well me meet our safety safely Let ability by and our to are start of as as responsibly and employees priorities our the now right needs. customer saying consumer and
of channels, is to With impact to respect difficult retail magnitude the QX the spans surge What we multiple know results, date is significant demand our including ecommerce. to predict. is the and retail
by that is impact segment our offset segments. than retail demand more food While in increased our facing is headwinds, service
customer is and portfolio, Having enabling array Given this meet demands. all positioned at-home capabilities our under wide of a depth are us demand one brands and these and to we of to roof consumption. for meet the increased well consumer breadth
the able continuity we’ve are our our a have to plan food and market demand been proud I’m surge extraordinary other the address teams consumers able able all our efforts and disruption of to the access very because business as that were retail the we this supported activate that business, across to of each Importantly, began. this of during as soon way pursuit time. ensuring company in strong
prioritize legacy supplying some are they otherwise to integration to the our track. SAP require Pinnacle now, temporarily but decided implementation customers have We on with plants’ delay plans food
prioritize covid-XX will our as to We business consider and needs the unfolds. continue situation
exceptional Conagra minute a in more team like the to particular team. to supply the take bit of work our to I’d a talk chain highlight and about
has been above efforts. sharply of like entire While Officer, This far and chain in XX%. to is increased, team has Chain Biegger supply demand the a Supply the we remarkable for place our Dave our the see, order Chief have testament and their rate so people. and thank in This commitment I’d remained has incredible our to systems fulfillment QX to
Our disruption in supplies so experienced far we’ve minimal quarter. and remain packaging ingredients sufficient the of and
utilization, manufacturing All of of our levels America are at distribution and remains our operational. North and fully high facilities running open network
level current critical and plants they order operate proud need the of among sales, customers, supply compliance our full ensure equipment and resources we’re along customer collaboration with in need. us with remarkable consumers supply to That CDC regulations job have the around. Great able to I’m and and chain the guidance. is locations teams. management, food of all are collaboration, doing to we the enabling they with work with Our
of our is specific we’ve what want Although seen to possible you of the experience the The Slide so a chart give to guidance not sense due we shows the market XX situation, far. do in uncertainty date. on to QX providing
few that has past material can been increase there demand in a see the weeks. You
While all all others, some states temperature categories more seeing increases. are benefiting are than categories and
significant as showing ecommerce channel we to share. chart is the compete. delivery, our measured has note outpacing to to outperform The most in this ecommerce uptick It’s the in only reflected and sales, has for as in data. including channels, we’re and our share categories gain competition that in important sales, demand addition execution business, a in gaining well the enabled also In which Conagra data retail in measured up surged pick-up to retail are broadly business not across Similar is of our which and channel data.
year. progress the good of the during quarter made we Overall, third
with remained results Our of our our with XXXX were track and quarterly expectation objectives. all in on line we operational updated fiscal
to on health teams forward, able prioritizing executing safety, well not playbook. effectively Way and the Conagra will are ensure consumers access are we unprecedented to lose Going adapting time, is focus clearly and they need, while this an our the and food operating
remain brand long-term our Our innovation building pieces processes success. to critical and
company full today full year now prior We’re guidance and to we profit sales that updating note metrics. total our year to expect guidance for our exceed
customers important in-store they disruption during the shelf Beyond it’s fiscal and working timing look as promotions that this demand. they with we as XXXX, time note to are also of reevaluate to surging minimize of resets
we long-term our that for view situation generating particular the in evolving, as while portfolio and is a new dynamic believe we sharp at-home did anticipate occasions among this accessing. in frozen overall the Finally, consumers our eating leading not still is increase trial business. We opportunity
it With to that, I’ll turn Dave. over