Today shaping share first and And consumer longer going you you everyone. evolving healthy. products. morning, on hope Good Brian. to is Thanks, XXXX for for quarter joining unpack perspective for quarter then earnings you your I’m term thank stay our how families and to environment safe our and fiscal the that I call. our the demand are continuing
a our based and across last end impressive our QX. saw a We started. portfolio. year, exceeded So momentum expectations Building upon in let’s we’re the to off start the of strong strength broad at get
margins the results, today, detail business our capabilities and five well-positioned deliver environment. has us we enabling portfolio changing we’ve for to to proven near- by to Way long-term. Transformation, the continue strong in both respond current our better in will the and playbook believe perpetually undertaken the past reshape to is both growth and years, Conagra critical over We to following in dynamics our
commitment agile and us the meaningful to future. and today modernized culture changing and Our growth have to innovate us position preferences respond demand consumer into deliver portfolio, allowed increased the to to
Our deleveraging to helped performance robust has us ahead get our also of expected cadence.
quarters, Dave know net leverage target allocation of will has to capital to times that our times also XXXX. the debt recent capital a down As X.X are fiscal to approach. later, you we detail committed balanced we quarter third been reach but expect by of long-term X.X Paying in priority ratio allocation a
and Conagra and to customers for of maximizing as the Given we have long-term and A team our performance I outlook particular, reflects remain it discuss our on couldn’t meet members basis, extraordinary our efforts business, safe simultaneously $X.XX quarterly keeping these accomplished our dividend we during on invest frontlines. the our I and recognize of has great want the continue be consumers, to thousands also an the in the has and in annualized deleveraging Their continue to In confident our Board increased team working our possible XX% times. hard them. because work for of by challenging more, communities, prouder to on in progress needs us employees the to supply made I’ll business.
the Let’s get business into update.
ended sales ratio delivered X.X net the a at seven to organic slide the in net Board. times with enabled shows, $X.XX. on growth expectations We table adjusted quarter X.X the to the end EPS of As the operating margins quarter of times, XX%, XX.X%, leverage of QX. our exceed of of execution us adjusted across our We compared
segments. retail significant drive to our and driven three continue sales XX.X% by we double-digit grew quarter, first Frozen in retail the Staples. growth in of Snacks, Total During Conagra growth year-over-year, each
Not points. how and the grow category by this and basis seeing ecommerce margin increased contributed in to to significantly our share. been did share only household presence of labor. for nine continue our ecommerce quarter. volume we yield consumers gained with and our several last at basis years Slide in XXX an non-promoted results area We of demonstrates we fruits by the points focus investments a we’re Importantly, penetration our higher growth. XX expanded has great the Strengthening over our us rate, capabilities
industry have sales Our quarters growth. retail demonstrated the outpaced recently total ecommerce have growth consistently impressive past five ecommerce and over
quarter saw innovation strong momentum. First continued also
come consumers. our consistently commitment challenging has percentage absolute Way our course, sales as three we continue to steadfast past having overall larger amount. goal increase, during these times, year sales of of committed Even the within and retail a sales of each And Conagra this of dollar to from to years. delivering exceed to represents customers playbook innovation products Our to remain the enabled XX% launched our total us
Our driving and growth growth Frozen in Snacks. rooted innovation is and are areas performance. two XX Slide we examples big highlights in category
Meals Let’s look the take at a Frozen category. Single Serve
this to a increase $XXX compared in ‘XX, category As million period the August during retail experienced XXth. fiscal ended XX-week sales our
the meat growth. in Slim snack sales position all innovation. Jim it and the one Savage gained proven of applied over top Our the Snacks same portfolio snacks. XXX% Stick this consistently our Single in our and to for driving new seeing in generated the categories strategy top innovation Jim three has Frozen over We’ve that off, Serve are similar meat Slim years past has almost has dollar unmistakable. to velocity And growth all share category We’ve period. Meals is number
shows tremendous offerings attributes Given flavors. recent our our trends slate to credibility our with innovation XX enabling of And this Slide credibility. enhance modern some most the innovation in us with bold customers. has record, track highlights, success packed earned of food that is and further
performance. in-market with Some early of and QX in their these began launching pleased we’re
throughout to We these roll continue will the year. out
the about also We’re on XX. slide excited innovation here shown
XX Slide during profit in balance on during healthy. was as brands on salad our broad portfolio full co-branding to growth our our take two Single I’m and deck jerky Gardein examples with pools, exacerbated excess meals, for into soups, quarter. have business over $X qualified report With forms. growth Birds This of we Clearly, first were the to billion we in our And high supply alternatives. else XX.X% meals Birds our total plant-based performance demand success touch the pleased meat and in plant to fiscal external brief Frozen shows to Domestic beyond quarter domains, on in Eye, these capabilities, of progressed, last Retail dressing. Meals. Eye by shutdown employees recall are agenda. safe that single and performance Frozen. leveraging innovation constrained serve quarter we the what even extending grew starting sales the to down supplement the We’re By one Frozen Serve further, is a annual shows respect their attractive manufacturers legacy in extend capacity, to Slide our ‘XX. plants capacity, of now recent going [ph] capabilities. are in and step available and XX multi-serve quarter some large slowing like double-digit with quarter, we impressive in and that a to our three moment existing with not retail stories I’d Frozen Choice it our we’re categories Vegetables keep Healthy our using started
holds faster very competitor quarter, much shipments as the rate we holiday and over our as consumption rebuilding branded well-positioned in grew number the is started in at X.X% season. has a here Eye the the category position While important share to which in the our twice grew inventories. the one Sitting Frozen compared Birds Vegetables retailers closest category today, enter
a meat another we Snacks, on and to of quarter longer but previous Snacks a expanded for term basis. investment the growth year XX.X% Turning is are clear, pre-COVID to near-term versus To and to business. business outlook made and two-year Ohio decision the capabilities, In the our rooted delivered be this capacity growth, XX.X% at working our reaction investing our impressive snacks, in Troy, not plant. a maintain environment, and
extremely that remains slide Our demonstrates shown meaningful domain XX on Staples result as relevant. this
year-over-year sales across I’d Our what perspective iconic we going see turn strong with to now Staples environment grew performance brands. like our our business forward. portfolio of to XX.X% on and retail the evolving
at-home we hope we and us, While the expect elevated eating most that believe consumer that severe behavior, acute that in is COVID-XX macroeconomic and remain for time. will suggests impact trends behind shift coupled with recent some of
shift by capitalize We We are see these COVID-XX also suggests making bit we lifestyle very of this a arrival in in sustained changes eating experiencing and consumers I on that the well-positioned driven more. a unpack habits. believe to points that will opportunity.
consumer leads increase from even economic an but benefit that our affect We economic Conagra at-home in we that from returns. to industry, also downturn permanent substantially know positioned prior typically These this everyone believe a trends eating in uniquely recessions, is when to environment. growth
seen cooking the our portfolio and Our sustained are and that most occasions have at-home is the developed portfolio the to well eating against in significant shift consumers adopting. eating behaviors delivers that
with and Conagra to peers new innovation, to more. and meets we record choosing food We’re continue back track With than stick evolving that our believe proven buyers attract more new and are we consumers come consumers will attracting deliver our of their needs. for
with Starting proof we on of why at-home elevated. some remain eating down these expectations. believe underpin points Let’s drill will the that
remains the unfortunately, is households affected the many know, going pandemic, decelerating U.S. the XXXX. has back new Slide U.S. United sourced impact you this are -- And job the of sourced recession. at-home To Americans in unemployment been the sales changed occasions may from look vast growth understand U.S. have have recession been limited at by percentage the As savings. pace wake the the shows economy percent States. since forward, that we of how majority of in eating greatly in the of high, our behavior and habits XX eating last U.S. how
at-home to XXX-basis-point from XX% over the As you can ‘XX eating of recession XX% increase a see, a was occasions years. in catalyst four course for the
when recession long and even that rate to hit employment after Importantly, ended, levels. steady returned record held growth economy the the
skills skills. Consumers for With growth you that portfolio normal time We right, way period remote entertainment workforce work be don’t shows, at-home as consumers from from a left opportunity persist they Chart at-home. kitchens budgets, anytime to culinary on at-home how are to an leads their means a XXXX. we development. XX% remote are to money all entertainment expect History eating already the XXX-basis-point years. are occasions on at-home conclusion, new slide past elevated their their percentage They’re systems can or economic remote as increased over The preparing guide, the experienced increase more showing a several they’re time. of increased office right, should In upgrades also of vacancies seen also meaningful and see This XX in more a real differently. the cooking more projections upgrading their saving these as home significant COVID-XX time are disruption, chart words, away shows time lunches to slide workplace using even to the consumption soon. and and pivot has food in is investing over the The their to when XX other months see go see the another to for a cooking. to disruption ours. eaten at-home, And kitchens. the working tackling at-home returns. dollars months of houses, consumers more even meals. how and given March In we’ve on four coming that their more consumers are in is extended spending significantly remaining can gyms, food one result, like is homes, baseline and we’ve adoption home Data the workforce. Furthermore, complex has their June
up elevated, eating past well remained even most we’re of the over the of U.S. weeks occasions at-home spike initial recent increasing March, two when COVID in stock behavior, While data. the have in first emerged
to continuing prior year. the increase we’re industry shows, retail a versus in XX double-digit percent slide at sales on see chart the As total
During and our industry sales food impressive first XX%. rose quarter, beverage an
appeal do of know parts While don’t we know entering could limit forward, we’re many the exactly in these of restaurant we growth flu outdoor the cold winter country. will weather dining and how rates and the that that season trend going
heating at-home these give believe factors of us should of the to reason that All level persist. elevated
We benefit. also is Conagra uniquely that believe positioned to
by a day with slide closer you The dollars meals. almost and at fact, XX. in these growth diverse both And look developed dinner, three and in meals on as Let’s he the in parts. a cook know, Conagra skewing take increased Conagra’s months compared for indexes and need from meals Total this part, scratch lunch almost well developed the at-home start deliver every portfolio almost in July to test ending lunch to XXXX. the to is eat. of have portfolio every you over for X it’s a in our When newly X% the billion That’s chart day shows parity increases right whether toward part. that in dinner overall can can solution at consumer to and the day mix. put skills culinary or those are wants
as categories. demonstrated our share faster line attracting within gaining generations. the And than millennial new faster were more mentioned Over slide buyers we’re rate been people a So XX% is we attracting how that slide to Slide are the I benefits. have you XX growing shows or at-home. categories index in and for This are eating when the our buyers of any we’ve Gen very by than can X at those well-positioned the which of industry. further and coveted On over see shows earlier, XX XX, been peers.
we’re we’re the well. and might Because for Frozen, above substantial Snacks expect, as this, creating in groundwork expansion their in growth our and we’re but importantly, as expansion As millennial seeing above you of future category peers. the just Staples seeing
more. and a We’re look consumers XX. attracting generations back products, for the only building and them are liking not our value. lifetime superior chart slide Take coming consumer on at more they’re younger trying And
us product consumers the repurchase first New Trier is to whose times at in steady consumers, on we slide the XX, improved compared a remained in our shows brand but of to in of Repeat for our times choosing demonstrating percentage we stickiness repeat chart all Slide or pack. That April of have where above purchasers, peers XX%. compare more peers, only Rates was March can stickiness above More rank to year repeat loyalty. of we trial are our ago. total front XX seen a were depth repeat two of or the not rate at that When you improving. be Conagra the our our nearly sustaining, are the further
seek needs normal evolving the at-home our elevated the eating the to us our Way and grown five in will summary, remain for meet So well-positioned some With time confidence turn that of executing that over customers. and convenient needs their grown our our that new of it benefit. years consumers earning to We last our see Conagra sustained I’ll and confident that, consumers capabilities discipline playbook affordable portfolio, positioned has is over while Dave. meet to of as we’re meals the Conagra believe